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Filing of Preliminary Economic Assessment for Sega Gold Project

Date : 11/30/2012 @ 5:30PM
Source : Marketwired
Stock : America Mineral Fields (AMZ)
Quote : 0.21  0.0 (0.00%) @ 11:35AM
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Filing of Preliminary Economic Assessment for Sega Gold Project

America Mineral Fields (TSX:AMZ)
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Amara Mining plc (formerly Cluff Gold plc), (AIM:AMA)(TSX:AMZ) the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce the filing of its National Instrument 43-101-compliant technical report detailing the results of the Preliminary Economic Assessment ("PEA") for its Sega Gold Project ("Sega") in Burkina Faso. This follows the news release dated 16 October 2012 announcing the details of the PEA.

A copy of the PEA may be obtained via www.sedar.com and on Amara's website at http://www.amaramining.com/Investor-Relations/NI43-101-Reports. A copy of the news release may also be obtained via SEDAR and on Amara's website.

The previously announced highlights of the Sega PEA are as follows:


--  An internal rate of return of 48%, with a post-tax net present value of
    US$49.5 million using a gold price of US$1,500 per ounce and a discount
    rate of 10% 
--  Contained gold of 162,825 ounces over the 21 month initial mine life 
--  Cash cost per ounce produced excluding royalties of US$821 per ounce 
--  Mining licence expected to be received in Q1 2013 and mining at Sega
    anticipated to commence in H1 2013 

This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, risks related to international operations, timing of receipt of mining licence, the actual results of current exploration and drilling activities, the reduction of the net smelter returns royalty on Sega, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Richard Quarmby is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release and reviewed and approved the information contained within this announcement. Mr Quarmby is the Group Project Manager.

The delineation of the Sega resources were executed under the supervision of Pascal Marquis, SVP Exploration for Orezone Gold Corporation, who is a "Qualified Person" as defined by National Instrument 43-101 and who has reviewed and approved the relevant technical information in this release.

Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager.

Contacts: Amara Mining plc John McGloin Chairman +44 (0)20 7398 1420 Amara Mining plc Peter Spivey Chief Executive Officer +44 (0)20 7398 1420 Amara Mining plc Pete Gardner Finance Director +44 (0)20 7398 1420 Amara Mining plc Katharine Sutton Head of Investor Relations +44 (0)20 7398 1420 www.amaramining.com Canaccord Genuity Limited (Nominated Adviser & Broker, London) Rob Collins +44 (0)20 7523 8350 Canaccord Genuity Limited (Nominated Adviser & Broker, London) Sebastian Jones +44 (0)20 7523 8350 Canaccord Genuity Limited (Nominated Adviser & Broker, London) Joe Weaving +44 (0)20 7523 8350 Pelham Bell Pottinger (Financial Public Relations) Charlie Vivian +44 (0)20 7861 3232 Pelham Bell Pottinger (Financial Public Relations) Lorna Spears +44 (0)20 7861 3232



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