|Aureus Mining Inc - AUE.t is engaged in the exploration and development of gold deposits in highly prospective and under-explored areas of Liberia and Cameroon. |
The company is advancing the flagship New Liberty gold mine in Liberia. The mine is expected to have an 8 year life and annual production of 119,000 ounces for the first 6 years.
COMMERCIAL PRODUCTION DECLARED: FEBRUARY PRODUCTION EXCEEDS 9,000 OUNCES Aureus Mining Inc. (“Aureus” or the “Company”), the TSX and AIM listed West African gold producer, is pleased to announce that Commercial Production has been declared at the New Liberty Gold Mine (“New Liberty” or “Mine”) in Liberia effective 1 March 2016. Gold Production at New Liberty exceeded 9,000 ounces during February 2016 .
- Commercial Production has been declared effective from 1 March 2016;
- Total gold production in excess of 9,000 ounces during February 2016;
- Year to date production is over 14,000 ounces of gold;
- Gold recovery levels increased to 90% by end February 2016; and
- Process Plant performance is now in line with original design specifications and management expectations.
Commercial production at New Liberty has been declared effective 1 March 2016, as the process plant is now operating in line with both design specifications and management expectations. Over the past 60 days of operations the process plant has achieved an average of 88% of design throughput capacity. During February 2016, plant throughput totalled 90,099 tonnes of ore milled, resulting in the recovery of over 9,000 ounces of gold, with operating recovery levels of 90% achieved by the end of February. The value of the gold produced prior to commercial production being declared will be deducted from the capitalized construction costs of New Liberty, rather than recorded as revenue.
Following the declaration of Commercial Production, the Company’s operations team will continue to focus on fine tuning the process plant to further improve its overall operational performance.
The New Liberty process plant has now processed 503,286 tonnes of ROM fresh ore and lower grade oxide material. Gold production achieved for the calendar year is currently over 14,000 ounces, with gold produced during February 2016 exceeding 9,000 ounces. To date there have been 25 shipments of gold doré from New Liberty for smelting and refining at the MKS PAMP refinery in Switzerland, resulting in sales of approximately 31,500 ounces of gold.
Further to the press release dated 18 February 2016, which provided details of the on-going process plant optimisation activities at New Liberty, overall plant performance levels have continued to increase towards design specifications.
Following the introduction of a fresh carbon supply into the Carbon in Leach (“CIL”) tanks of the process plant, overall gold recovery has continued to improve in February and is now at 90%, which is in line with overall plant operating specifications.
Mining operations at New Liberty continue to progress, with run of mine (“ROM”) stockpiles currently standing at 70,844 tonnes of fresh ore at a grade of 2.59 g/t and oxide and transitional stockpiles standing at 81,881 tonnes at a grade of 1.32 g/t.
The Company continues to work towards finalising an updated mine plan for the Project, and MonuRent, the New Liberty mining fleet provider, has purchased and shipped to Liberia five new 100-tonne capacity Komatsu HD785 rigid haul trucks and one PC1250 excavator. The new fleet equipment is scheduled to be delivered to New Liberty and mobilised ready for operations during April 2016.