African Aura Mining Inc.
AIRBORNE SURVEY DEFINES MAJOR IRON ORE TARGET AT NKOUT IN CAMEROON
July 20, 2010, African Aura Mining Inc. (“African Aura” or the “Company”) the TSX-V (AUR) and AIM (AAAM) listed exploration to production company focused on iron ore and gold in sub-Saharan Africa announces the results of the recently completed airborne geophysical survey undertaken by New Resolution Geophysics across the Company’s Nkout, Ngoa and Akom iron ore projects in southern Cameroon.
Highlights:
· Nkout defined by a major geophysical anomaly covering at least 8km of strike length
· Further 12km of targets generated around Nkout, considered to be moderately magnetic
· Previous grab sampling at Nkout returned up to 68% Fe and averaged 55% Fe
· Phase one 4,200m 10 hole drilling programme to commence imminently
· Nkout deposit is strategically well located in an emerging iron ore province:
o 2.5 billion tonne Mbalam iron ore deposit (located 150km to the south east)
o Close to the proposed rail route to a port which will service the Mbalam deposit
African Aura has received the interpretation of the data from the recently completed ground and 14,000 line km high resolution airborne geophysical surveys (EM and gravity) covering the company’s Nkout, Ngoa and Akom iron ore projects in Southern Cameroon. The data for Nkout suggests the presence of an east-west striking antiform with two limbs approximately 100m thick and magnetic susceptibilities of around 2.0, which is considered consistent for a prospective banded iron formation.
Luis da Silva, President & CEO of African Aura commented:
“Until today this asset was not valued in our portfolio. The results from the airborne geophysical survey at Nkout and our surrounding projects in Southern Cameroon are nothing short of highly encouraging. They confirm our belief that we have discovered a potentially very significant iron ore asset in a rapidly emerging iron ore province in west Africa. Nkout is represented by an approximately 8km long priority geophysical signature, co-incident with a major hill. As previously announced reconnaissance sampling by African Aura at Nkout, returned a maximum grade of 68% Fe and an average of 57% Fe from 55 samples. A ten hole 4,200m phase one drilling programme is planned to commence imminently, in order to test the highest priority signatures to refine the geological model and progress the project towards a maiden iron resource still during 2010. We look forward to updating shareholders on progress in due course.”
African Aura’s Iron Ore Portfolio in Cameroon:
African Aura has three principal iron ore projects in Cameroon, namely the Nkout, Ngoa and Akom Hills and considers that their combined dimensions represent a potentially significant iron ore asset. The sub-region of southern Cameroon, Gabon and the Republic of Congo hosts a number of substantial iron deposits, which are currently under exploration and development including the 2.5 Bt Mbalam deposit, located approximately 150km southeast of Nkout, which is under development by Sundance Resources Limited. Further information on African Aura’s iron projects in Cameroon is summarised below and is available at www.african-aura.com/s/Nkout.asp.
Nkout Iron Ore Project, Southern Cameroon
The Nkout iron ore project is located on the 489km2 Djoum licence which is held by the Company’s 100% owned subsidiary Caminex SARL. The project was identified through interpretation of historic airborne magnetic and remote sensing data. Mapping undertaken to date has shown that Nkout comprises a 12km long, iron rich (Itabirite / BIF) discontinuous ridge hosted in Archaean age rocks on the Congo Craton. Reconnaissance sampling at Nkout has returned assays with a maximum grade of 68% Fe and an average of 57% Fe from 55 samples.
Oversight
The exploration results and further planned work in Cameroon have been reviewed and approved by Mark Biddulph. He holds a BSc Hons in Geology, and GIS from Rhodes University, and a GDE in Mining Engineering (Mineral Economics) from the University of Witwatersrand in South Africa. Mark is a Professional Natural Scientist under the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person under National Instrument 43-101.
About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu iron ore project in Liberia, which is moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of Moscow listed OAO Severstal). The division also includes a 100% interest in the Nkout iron ore project and surrounding iron targets in Cameroon.
- The gold division includes the multi million ounce potential New Liberty greenstone gold deposit, which is being advanced through a bankable feasibility study, and the proximal Weaju, Gondoja and Silver Hills projects, all in western Liberia.
In addition, the Company has a 30% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com).
The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value.
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