Aureus Mining raises $15.3 million

Aureus Mining Incorporated has entered into an Agency Agreement and a Subscription Agreement in connection with the issue of 56 000 000 new common shares for approximately 10.1 million.

The company reported that they have raised $15.3 million through International  Finance Corporation subscription and brokered financing at 18 pence per share. The funds raised will be used to finance a new mine plan for New Liberty project in Liberia with the aim to increase life of mine cash flow and accelerate cash generation in early years.
 Aureus Mining new plan includes production of 28 000 additional ounces of gold, which is expected to be produced in the first year through mining of an additional starter pit to bring the total Year 1 target production to 122 000 ounces of gold.

The Companys post tax project of net present value of cash flows is anticipated to increase to  $328 million following the start of production. 

Aureus Mining new mine plan is more aligned to the current gold price environment and de-risks the New Liberty project by increasing operational flexibility through the provision of a larger stockpile and more working faces.

Currently mining operations have commenced with the first blast of 25 000 tons of waste rock successfully completed in January 2015. The first gold is expected by the end of May 2015. Further plant optimisation and final commissioning is expected to occur in June 2015, leading to steady state production during July 2015.

Aureus Mining is a gold development and exploration company with operations in Liberia and Cameroon.