Aureus Mining acquires Liberian exploration licences from Sarama Resources
AA – Aureus Mining Inc., (“Aureus” or the “Company”), the TSX and AIM listed West African Gold Producer, is pleased to announce that the Company has agreed to acquire three exploration licences from Sarama Resources Ltd. (“Sarama”). These licences are contiguous to the Company’s Bea Mountain Mining Licence and are located close to the New Liberty Gold Mine. Following the completion of the acquisition, Aureus will have 100% ownership of the licences and the Company’s total land portfolio will increase to 1,683 Km2 from 1,402Km2
- The Company’s total landholding will stand at 1,683 km2.
- Exploration work undertaken by Sarama defined a 15 kilometre long gold corridor highlighted by gold in soil anomalies and extensive artisanal mining, which on average are within a 15 kilometre radius of the New Liberty Gold Mine.
- Sarama completed airborne geophysics, ground geochemistry and reconnaissance drilling (15 holes for 1,600 metres) on the licences and expended a total of US$ 1.8 million.
- Gold mineralisation intersected by drilling includes intercepts of 3.9 g/t over 7.5m from 9.3m and 2.3 g/t over 5m from 28m.
- The Company is purchasing Sarama Investments Liberia Limited, a wholly owned subsidiary of Sarama Resources, for a total consideration of 2,600,000 Aureus common shares. Sarama will retain an uncapped 1% net smelter return royalty on gold produced from the Cape Mount Permit. The acquisition is subject to a number of conditions precedent, including receipt of all required governmental and regulatory approvals.
- The acquired gold corridor will be the focus of follow up exploration programmes once the Company achieves a cash flow positive position, with the objective of defining new gold deposits.
Commenting on the acquisition, David Reading, President and Chief Executive Officer of Aureus Mining, said:
“The acquisition of Sarama’s licences corresponds with Aureus’ strategy of building a long term and sustainable gold district in Liberia. This consolidates our ownership of quality ground, adding further exploration potential and allowing New Liberty to become the hub to accelerate our regional development. We look forward to continuing the exploration programme, which to date has produced some promising results.”
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