New Liberty Gold Project

completed

Aureus Mining Inc. is an AIM and TSX-listed Canadian junior mining exploration company engaged in the exploration and development of gold deposits in Liberia and Cameroon. The Company’s primary activity is the construction of its flagship project, the New Liberty Gold Mine in Liberia and ongoing exploration at its satellite deposits (Weaju, Gondoja, Ndablama and Leopard Rock) to the northwest of the New Liberty site. In Cameroon the Company holds exploration concessions totaling 168 square kilometers. The Company’s activities at these concessions consist of early exploration and the Company has completed to date systematic soil and stream sampling, 95 diamond drill holes, Induced Polarisation (IP) resistivity / radiometric surveys and 16 trenches. The Company has agreed to adhere to national standards as well as IFC’s Performance Standards in its Cameroon concession. The Company’s New Liberty Gold Mine project is located in a license area (457 square kilometers) in northwest Liberia, about 100 km from the capital, Monrovia in Grande Cape Mount County, 20 kilometers from the Sierra Leone border. The project involves the construction of an open pit gold mine. The license area also hosts several highly prospective deposits (Weaju, Gondoja, and Ndablama) as well as the Leopard Rock target on the contiguous Archean Gold license, which are all under exploration. The proposed IFC equity investment of up to GBP6.6 million will support the Company’s construction of the New Liberty gold mine and ongoing exploration program. The total initial project cost is estimated at US$136 million with US$77 million in deferred capex. This will be financed through a combination of equity and debt funding. The Company has received debt funding commitments of US$100 million from commercial banks. IFC will also receive warrants to subscribe to additional shares in the Company. The New Liberty Mine project will comprise an open pit mining operation extracting ore at a nominal rate of 1.1 million tonnes per annum. The open pit will comprise two adjacent and interconnecting pits. Mining will be based on conventional drill-and-blast, load-and-haul techniques with both ore and waste rock being blasted and then loaded into 100 t trucks with hydraulic excavators. It is envisaged that 50 percent of the ore will report directly to the crusher tip and 50 percent to the ore pad. The New Liberty plant design is based on an industry-standard arrangement consisting of two-stage crushing, ore stockpiling, milling and classification, gravity and carbon-in-leach, cyanide detoxification, arsenic precipitation, tailings disposal, acid wash, elution, electrowinning and gold room, carbon regeneration, reagent preparation, storage and dosing, oxygen, air and water systems. The project infrastructure consists of the processing plant, tailings storage facility (TSF), waste rock storage, accommodation camp, workshop facilities, office facilities, power supply and a small creek diversion. Construction of the project is currently underway by a reputable EPCM contractor, DRA Mineral Projects (DRA) (an established global company with HQ in South Africa and operations in Botswana, Mozambique, Zimbabwe, DR Congo, Australia, India, China, Canada and Brazil) and its completion is expected at the end of March 2015.The current Life of Mine (LoM) based on proven reserves is estimated to be eight years with an average gold production rate of approximately 110,000 ounces per year. It is possible that the LoM will be extended through further exploration within the New Liberty deposit. The project has resources of 15.5 million tonnes @ 3.5 g/t (1.72 Moz) including 8.5 million tonnes @ 3.4g/t for 924,000 contained ounces in reserves.