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2012 AUDITED FULL YEAR RESULTS


2012 AUDITED FULL YEAR RESULTS

LONDON -- (Marketwire) -- 03/27/13 -- *T

27 March 2013 AIM:AMA / TSX:AMZ

Amara Mining plc

("Amara" or "the Company")

2012 AUDITED FULL YEAR RESULTS

Amara Mining plc, the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce its audited results for the year ended 31December 2012.

HIGHLIGHTS:

Operational

* Robust operational results in 2012 - production of 53,544 ounces at Kalsaka despite challenging conditions (total Group production for 2012: 54,925 ounces)

* Rigorous control maintained on cash costs despite lower grades - US$961 per ounce produced at Kalsaka (excluding royalties)

* Resource update delivered for the Baomahun Gold Project in Sierra Leone and feasibility study on track for completion in H1 2013

* Preliminary Economic Assessment for Sega Gold Project delivered and trucking of material expected to commence in Q3 2013

* Resources at the Yaoure Gold Project increased to 1.7 million Inferred ounces (34.6Mt at 1.52g/t) - further upside potential and second resource update expected in H2 2013

* 2013 production guidance of 50,000-60,000 ounces maintained and production expected to strengthen in 2014 as Sega reaches steady state

Financial

* Cash flow from operations of US$23.5 million with good conversion to Group EBITDA (US$24.0 million)

* Record average realised gold price of US$1,667 per ounce sold

* Solid financial position - closing cash and liquid assets of US$36.2 million

* Adjusted EPS of 2.56c/share excluding exceptional items relating to exploration in Mali and regional exploration in Burkina Faso (Basic EPS: -0.22 c/share)

Corporate

* Strategic partnership formed with Samsung C&T Corporation to provide potential framework for the long-term funding of Baomahun, plus other development opportunities

* Board, management team and operational team strengthened, including appointment of John McGloin as Executive Chairman

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/9558A_1-2013-3-26.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END


 
 
 
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