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EPIC AUE

Aureus plans for expansion drive - shares could well have more to go for

David Reading, chief executive officer of West Africa focused gold play Aureus Mining (AUE), is celebrating the first gold pour from its flagship New Liberty project in Liberia not only with the receipt of narrowly in-the-money share options but by charting a production ramp up which he hopes will take production from an initial 50,000 to 60,000 oz. this year to a targeted 112,000 oz. in 2016. According to Reading, likely capital spending is ‘on track for $172 million (£115.2 million)’, while ‘recent estimates suggested cash costs could be just under $800 an ounce,’ against a present gold price of $1,192.75c an ounce.

ARTICLE ARTICLE NEWSFLOW
EPIC AUE

Licence extension boon for Aureus - share price rally to accelerate?

David Reading, chief executive officer of West Africa-focused gold play Aureus Mining (AUE), describes as ‘very significant’ the award by the Liberian authorities of a 21-km. extension to the company’s Bea Mountain mining licence to include the promising Leopard Rock target. With its flagship New Liberty gold project set to start producing by the end of May or the beginning of June, the mining licence extension, which brings in Leopard Rock along a 13-km. gold-bearing corridor, comes hard on the heels of a pronouncement from the World Health Organisation that Liberia is now free from the deadly ebola virus.

ARTICLE
EPIC AUE

Aureus poised for production … and a rerating?

West Africa-focused Aureus Mining (AUE) says it is on track to start producing gold from its one million-plus-oz. New Liberty project in Liberia by the end of next month. The company, steered by well-regarded chief executive officer and former European Goldfields boss David Reading, declares it expects first gold from New Liberty, which will be previously strife-torn Liberia’s first gold mine, by the end of May and anticipates delivering 119,000 oz. of gold a year for six out of New Liberty’s eight years of expected production.

ARTICLE
EPIC AUE

Aureus welcomes oil price slide

West African gold play Aureus Mining (AUE) reckons the latest fall in oil prices could shave some $30 (£20) off estimated all-in cash costs at its flagship New Liberty gold project in Liberia, where the AIM-quoted company expects the first gold pour in May, with fill capacity to be reached in July. That would take costs to $820 an ounce for New Liberty, if oil’s present weakness persists, against a current gold price of $1,276.95c an ounce and would provide a helpful boost to returns from the project, which Aureus expects to produce at a rate of 119,000 oz. a year by open pit mining for the first six years of an anticipated mine life of eight years.

ARTICLE
EPIC AUE

Aureus on track amid ebola epidemic

West African gold hopeful Aureus Mining (AUE) expects to have its flagship 900,000-oz. New Liberty project in Liberia producing gold in or shortly after March next year and is confident of announcing a new resource next month for Ndablama, 40 km away, its second project in the country’s Bea Mountain licence area. Liberia is at the centre of the deadly ebola epidemic, gold at $1,248.80c an ounce remains at present stubbornly out of investment fashion and Aureus’s shares have virtually halved from their 41.25p 12-month peak to 21.25p now, but David Reading, the company’s chief executive officer, strikes a determinedly upbeat note.

ARTICLE
EPIC AUE

Production in sight for Aureus Mining

Swimming against the tide could pay off for West Africa-focused Aureus Mining (AUE), as it prepares to take its one million oz.-plus New Liberty gold project in Liberia’s Bea Mountain area into production early next year. It will also test likely prospects elsewhere in the country, such as nearby Ndablama, which chief executive officer David Reading hints could be in the same league. The AIM-quoted company claims New Liberty will be virtually the only new mine to open in West Africa at that time and should be able to produce 100,000 oz. of gold in its first year, rising to an annual 120,000oz. for at least six years, with foreshadowed all-in cash costs of $850/oz, against a current price of $1,315.80/oz.

ARTICLE
EPIC AUE

Aureus mining: speculative buy on West African prospects

Aureus Mining (AUE) is heading for a lively 2014. First, the AIM-quoted company plans bring New Liberty, the West African state of Liberia’s first gold mine of modern times, to full production next year. Second, it has scored some decidedly pleasing drilling results at Ndablama, a gold project only 40 km. away. Chief executive officer David Reading suggests Ndablama could ‘potentially be a lot bigger than New Liberty.’

ARTICLE ARTICLE
EPIC AUE

Aureus Mining - more aggressive presentation

AIM and Canada-listed Aureus Mining (AUE) has announced the results of an optimised feasibility study as it seeks to progress its New Liberty gold project into Liberia’s first commercial gold mine.

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  • 2013-05-20 10:06:01
ARTICLE
EPIC AUE

Aureus Mining Q3 Results: Still a sell?

Aureus Mining (AUE) was a poorly timed recommendation from my 12 years at t1ps.com and I recommended selling and reinvesting in more attractive gold plays at the start of this month with the shares at 57.25p. Following results for the company’s third quarter (to 30th September) released today, the shares now trade at 50p. Does this change my view?

ARTICLE
EPIC AUE

Aureus Mining Flushed Out - $80 million fund raise underway

Yesterday I warned here that AIM listed gold mine developer Aureus Mining (AUE) was going to have to raise stacks of cash. The deluge of upbeat RNS announcements told you as much. And I advised selling at 57.5p. This was met with stacks of Bulletin Board abuse from folks insistent that I did not know what I was talking about. I suggest scores on doors after 24 hours: TW 1 BB Morons Nil. As today the company has ‘fessed up saying it plans to raise $80 million via issuing new shares. For a company capitalised at £60 million ($95 million) that is a huge ask and there seem to be all sorts of risks here. I would almost be tempted to go short here. If I own the stock I would sell. Here is why.

ARTICLE
EPIC AUE

Aureus Mining – A winner or a loser in the gold stakes?

AIM listed Aureus Mining (AUE) is a gold development and exploration company, currently mainly focused on progressing its New Liberty project – which it is targeting to become the first commercial gold mine in Liberia. I apologise for having timed my recommendation poorly here – recommending the shares at 84.5p in August 2011 on t1ps.com, during my 12 year stint there. Now trading at 57.25p, I review the investment case based on the informed view of where the best place to currently be in the gold sector is…

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