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Aureus Mining on track for New Liberty gold resource update in Q4 2011

Last updated: 07:27 08 Nov 2011 GMT, First published: 08:27 08 Nov 2011 GMT

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Liberia focused gold explorer Aureus Mining (LON:AUE, TSE:AUE) has now received all results for its feasibility drilling programme at the New Liberty gold project within its 100 percent owned Bea Mountain mining licence, and an updated NI 43-101 resource estimate of the New Liberty deposit is expected in the current fourth quarter.

Assay results have now been received for the final 80 holes of the 190-hole programme totalling 28,397 metres. The latest batch returned multiple high-grade intercepts which include highlights of 13.7 grams gold per tonne over 5 metres, 8.2 g/t over 14 metres, 7.6 g/t over 8 metres and 7.3 g/t over 9 metres.

The feasibility drilling programme was designed to estimate the number of ounces that could potentially fall within an open pit covering a strike length of 1.75 kilometres and a depth of 200 metres.

These are the approximate dimensions of the open pit design as defined within the Preliminary Economic Assessment (PEA), based on the previous resource estimate, and filed in December 2010. The principal objectives of the drill programme were to fill in the gaps within the known mineralised ore body as well as outline potential strike and depth extensions to the previous resource estimate.

Resource consultants Australian Mining Consultants will produce the NI 43-101 resource estimate update for New Liberty in the fourth quarter.

The New Liberty deposit is still open in the east with the easternmost hole returning 14 metres grading 3.5 g/t gold. A further 15-hole (2,459 metres) programme of diamond drilling has recently been completed and covers a potential eastern extension of 400 metres, with results pending.

Chief executive David Reading said: “The fast turnaround of these results has been achieved through efficient assay processing and consistent and sustained drilling throughout the rainy season in Liberia. We have now doubled the drill intercepts within the deposit and we are on track to announce a resource update. We look forward to releasing a maiden reserve and a summary of the main results of the DFS (definitive feasibility study) early in 2012."

At present, New Liberty has an estimated indicated mineral resource of 751,000 ounces of gold grading 4.17 grams per tonne and an estimated inferred mineral resource of 762,000 ounces of gold grading 3.4 grams per tonne.

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