Executive Summary

African Aura Mining (LON:AAAM) is a mineral mining company that is located in Liberia and that has interests in gold and iron ore projects. The company is listed on the AIM of the London Stock Exchange, and on the Toronto Stock Exchange. In addition to its 59% stake in Stellar Diamonds (LON:STEL), the company owns assets including the New Liberty gold project and Putu iron ore project.  Its joint venture partner, Severstal Resources, is exploring and operating the Putu mine, and African Aura has also recently signed a contract with New Resolution Geophysics to undertake an airborne geophysical survey of Southern Cameroon. 

Company History

  • The Company was created through the merger of Mano River Resources and African Aura Resources in October 2009
  • New Liberty 25 year renewable 456km2 mining licence issued in July 2009

Business Model

African Aura's strategy is to be a 'first mover' within highly prospective and under explored geological provinces, in pursuit of the next generation of gold and iron ore mines in emerging sub-Saharan Africa. It is the significant experience of working in Africa and the ability to identify and assess the non-geological risks inherent with investing in emerging countries that distinguishes the Company as a pioneer. Once opportunities have been identified the Company employs satellite borne and geological remote sensing datasets in order to select the highest priority areas to explore. This strategy allows our teams to have the highest chance of discovering those deposits which crop-out at surface. Historically these deposits are discovered fastest, for the lowest exploration cost and are the first to become mines.

Operations

In addition to the flagship New Liberty Gold and Putu Iron Ore projects, African Aura has assembled a portfolio of projects in Liberia and Cameroon with over 20 deposits discovered by its exploration teams to date. These discoveries create a pipeline of opportunities for the Company; being at varying stages of exploration from reconnaissance sampling through to resource definition drilling. [1]

Gold:

  • New Liberty Gold Project :  Liberia: 1.4Moz gold resource at over 3 g/t to -300m, targeting 100,000oz pa production, with a number of satellite projects. 3 drill rigs operating; 10,000m confirmation drilling to complete in 1Q2010. Deliver scoping study 3Q2010 to provide capital expenditure estimates. Definitive Feasibility Study to be finalised 2Q2011. First of multiple deposits within 25 year…

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