Filing of Preliminary Economic Assessment for Sega Gold Project
November 30 2012 - 7:00AM
Marketwired
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