JOHANNESBURG (miningweekly.com) – West Africa-focused African Aura Mining plans to deliver a definitive feasibility study for its New Liberty gold project, in Cameroon, during the first half of next year.
The TSX Venture Exchange and Aim-listed company told shareholders in a statement on Tuesday that it would start with a 4 000-m resource definition drilling programme at satellite prospects near New Liberty during this year.
These prospects, including the Silver Hills, Weaju and Ndablama prospects, were expected to provide further near-surface ounces that could be trucked to the New Liberty project.
Further, a resource drilling programme at the company’s Knout iron-ore project, in Cameroon, would start during the second quarter of this year
African Aura would also now start with drilling for a prefeasibility study at its 38,5%-owned Putu iron-ore project, in Liberia, which it was planning to have completed by 2012.
A definitive feasibility study would be delivered about 18 months thereafter, it stated.
In April, African Aura undertook a £11,3-million capital raising to ensure that its gold and iron-ore projects in Cameroon and Liberia were fully funded over the next year.
“The outlook for the company is very promising, despite the difficult trading conditions in the financial markets. The company is now well positioned in its chosen commodities, gold and iron-ore, to pursue strategies that will maximise the value of the company,” president and CEO Luis da Silva commented.