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Amara Mining PLC: SIX MILLION OUNCE MINERAL RESOURCE AT YAOURE


Amara Mining PLC: SIX MILLION OUNCE MINERAL RESOURCE AT YAOURE

LONDON, UNITED KINGDOM -- (Marketwired) -- 12/13/13 -- *T

TSX:AMZ

13 December 2013 AIM:AMA

Amara Mining plc

("Amara" or "the Company" or "the Group")

SIX MILLION OUNCE MINERAL RESOURCE AT YAOURE GOLD PROJECT

Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce an updated NI 43-101 compliant Mineral Resource estimate for its 100% owned Yaoure Gold Project ("Yaoure") in Cote d'Ivoire.

HIGHLIGHTS

* Inferred Mineral Resource of 5.5 million ounces (133Mt at

1.29g/t) representing an increase of 3.3 million ounces 1,2

* Indicated Mineral Resource of 0.8 million ounces (20Mt at

1.20g/t) representing an increase of 0.3 million ounces 1,3

* Mineral Resource remains robust at a lower gold price and

includes 0.4 million ounces of oxide material (9.4Mt at 1.33g/t)

potentially amenable to low cost heap leach processing 1

* 71% increase in Amara's global Mineral Resources to 3.7 million

ounces Measured and Indicated and 6.4 million ounces Inferred

* Minimal discovery cost of US$3.50/oz4 versus average industry

discovery cost in Africa of US$16/oz 5

* Metallurgical testwork has confirmed the simple, non-refractory

nature of the gold mineralisation and its amenability to a range of

processing options - results received in Q3 2013 also demonstrate

robust recoveries for low grade samples

* Location of Yaoure is highly advantageous due to close proximity

to Kossou dam, which offers cheap hydro-electric power ("HEP") and

abundant water, excellent roads and accommodation

* Preliminary Economic Assessment ("PEA") is anticipated to be

completed in Q1 2014, focused on a large scale, long life

carbon-in-leach ("CIL") or flotation scenario and a short-term heap

leach opportunity

Notes

1. Using a 0.5g/t cut-off and a US$1,500 pit shell. At a 0.8g/t

cut-off, the Yaoure Mineral Resource contains 0.6 million ounces

Indicated (13.2Mt at 1.48g/t) and 4.6 million ounces Inferred

(85.7Mt at 1.65g/t)

2. Previously 2.2 million ounces Inferred using a 0.5g/t cut-off

or 1.7 million ounces Inferred at a 0.8g/t cut-off

3. Previously 0.5 million ounces Indicated using a 0.5g/t cut-off

or 0.3 million ounces Indicated at a 0.8g/t cut-off

4. Based on total Yaoure exploration expenditure of US$22m between

Q4 2011 and H1 2013 (2011: US$1.6m, 2012: US$14.0m, 2013:

US$6.4m)

5. Source: MinEx Consulting, July 2012

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

http://www.rns-pdf.londonstockexchange.com/rns/4472V_1-2013-12-12.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END


 
 
 
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