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April 17, 2014

Aureus Mining appoints MonuRent to provide, maintain fleet for owner mining operation at the New Liberty Gold Project in Liberia

TORONTO--Aureus Mining Inc. will engage in owner mining at its New Liberty Gold Project, located within the Southern Block of the Company's 100% owned Bea Mountain Mining licence in Liberia. MonuRent (Liberia) Limited has been awarded a contract to provide and fully maintain a new mining fleet in support of the owner mining operations over the life of mine at New Liberty.

The Contract is for the provision of hire and maintenance of a new mining fleet. Following a detailed evaluation and adjudication process, Aureus has decided to perform owner mining operations at New Liberty utilising a leased new mining fleet that is fully maintained by MonuRent for the following reasons:

•MonuRent has provided a fleet over the past 18 months for the clearing, civils and earthworks at New Liberty during the construction and development phase under a separate contract – overall fleet availability to date is 92%;

•MonuRent guarantees a minimum fleet availability of 85% and assists with training of local operators;

•MonuRent has an established west African business and network infrastructure, meaning that it has the capacity and ability to maintain the mining fleet;

•MonuRent, in providing and maintaining the fleet, allows Aureus to focus on its core strengths and activities in respect of the mine planning and scheduling, removing the responsibility and obligation to purchase and maintain the fleet over the LOM;

•Some of the fleet required for the pre-strip operations is already at the New Liberty site; and

•Overall cost for owner mining scenario is less than the cost of a contract mining approach. Final detailed scheduling is now in progress for production planning.

The fleet rental model in mining is an established global concept and is used extensively in Australia, North and South America and south east Asia.

Aureus will be responsible for the open pit mining, geology, survey and planning and will provide the operators and other in-pit personnel to undertake the mining and pumping activities. Thinus Strydom, Aureus' General Manager, will be responsible for managing the mining operations, having performed this role previously at the Bisha, Loulo and Emperor mines. The majority of the mining team are already working at New Liberty and are currently in the planning phase for the pre-strip and the subsequent mining operations.

MonuRent is responsible for the purchase of the new fleet and the maintenance of the fleet over the LOM. MonuRent will utilise its established infrastructure in west Africa to service its existing Liberian business in Monrovia as well as its business at New Liberty. MonuRent carries an extensive parts and spares inventory across its business, which it will use to service this Contract. MonuRent will also provide training facilities for the fleet operators.

MonuRent is an international company with proven track record of heavy equipment solutions and services across West Africa. It was founded in 2010 with the vision of becoming the leading equipment rental and operational outsourcing business in Africa. MonuRent has a management team with extensive experience in contract mining and heavy vehicle fleet maintenance in civil, construction, operational and engineering industries. MonuRent's current fleet of equipment consists of over 350 units operating in Nigeria, Sierra Leone, Ghana, Liberia and Botswana.

Commenting on the appointment of MonuRent, David Reading, President and Chief Executive Officer of Aureus Mining, said:

"Utilising the services of MonuRent provides Aureus with a proven, cost effective and derisked operating model that will allow the Company to focus on the mine planning and scheduling, its core strengths and activities.

MonuRent has been involved in the New Liberty project throughout the construction and development stage, so is therefore well placed to build on the success to date in respect of the operational phase. We look forward to continuing to work with MonuRent and reaping the benefits of this fruitful relationship. Aureus remains on track for our first gold pour in Q1 2015."

MonuRent is west Africa's leading equipment and service provider. Established in 2010, MonuRent has extensive experience across the African continent, providing equipment rental and support services to its key client base, which includes several of Africa's leading resource companies in some of the most challenging environments on the continent. MonuRent is experienced in delivering tailored solutions for clients in remote locations, which includes equipment fleet rental, modular operator training, power solutions, modulated buildings, logistics and procurement services – this is all combined with technical support and management services to ensure clients can deliver on their operational goals. MonuRent's current fleet of equipment consists of over 350 units operating in Nigeria, Sierra Leone, Ghana, Liberia and Botswana. Working in partnership with key clients, MonuRent's value proposition includes significant industry expertise to assist during the evaluation, review and execution phases of project. Having been involved from the initial construction phases of the New Liberty project, MonuRent is delighted to be extending its partnership with Aureus on this landmark project.

The Company's assets include the New Liberty gold deposit in Liberia (the "New Liberty Gold Project," "New Liberty" or the "Project"), which has an estimated proven and probable mineral reserve of 8.5 Mt with 924,000 ounces of gold grading 3.4 g/t and an estimated measured and indicated mineral resource of 9,796 Kt with 1,143,000 ounces of gold grading 3.63 g/t and an estimated inferred mineral resource of 5,730 Kt with 593,000 ounces of gold grading 3.2 g/t. A Definitive Feasibility Study has been completed on the Project and construction has commenced with earthworks. The Project is expected to have an 8 year mine life and annual production of 119,000 ounces for the first 6 years of production. The Company has financed the Project's equity and debt funding requirement. The foregoing mineral reserve and mineral resource estimates and additional information in connection therewith are set out in the Company's technical report dated July 3, 2013 and entitled "New Liberty Gold Project, Liberia, West Africa, Updated Technical Report."

The New Liberty Gold Project is located within the Southern Block of the 100% owned Bea Mountain mining licence. This licence covers 457 km² and has a 25 year, renewable, mineral development agreement. The Northern Block of the Bea Mountain mining license also hosts additional gold projects of Ndablama, Gondoja and Weaju, which are the focus of exploration programs during 2013.

 

 

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