Stellar Diamonds Update
February 22 2010 - 1:00AM
UK Regulatory
TIDMAAAM TIDMSTEL
RNS Number : 4583H
African Aura Mining Inc.
22 February 2010
22 February 2010
TSX-V: AUR
AIM: AAAM
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE
SERVICES.
African Aura Mining Inc
ADMISSION TO AIM OF STELLAR DIAMONDS PLC
February 22, 2010, African Aura Mining Inc. ("African Aura" or the "Company")
the TSX-V (AUR) and AIM (AAAM) listed exploration to production company focused
on gold and iron ore in sub-Saharan Africa, is pleased to note the following
announcement made by Stellar Diamonds plc ("Stellar") with regards to its
admission to the AIM market of the London Stock Exchange and the first day of
dealings in its ordinary shares under the ticker symbol STEL. Prior to the
transaction, African Aura held a 58.5% interest in Stellar and following
admission of the enlarged share capital African Aura will have a 31.8% interest
in Stellar.
Luis da Silva, CEO of African Aura commented:
"Today marks a significant milestone for both companies. We are delighted that
Stellar will be increasingly autonomous with a fresh cash injection of GBP5m to
deliver on its growth strategy. African Aura firmly believes Stellar has the
potential to become a leading diamond producer and explorer in Africa. For
African Aura the listing crystallises value and evidences our solid strategy to
create value for our shareholders".
About Stellar Diamonds
Stellar Diamonds plc is a newly listed diamond production and development
company that was formed from the merger of Stellar Diamonds Limited and West
African Diamonds plc. Stellar has a portfolio of projects in West Africa. Two
projects in Guinea are in production, Mandala and Bomboko, which provide robust
cash flow. At the time of the merger, Mandala had produced over 53,000 carats
and Bomboko had produced over 2,000 carats, with both projects currently
undergoing expansion programmes.
Stellar also owns rights over four high-grade kimberlites that are the focus of
further development. In Sierra Leone the Tongo and Kono projects comprise a
series of kimberlite dykes, with the Kono project having produced 4,200 carats
of diamonds through underground trial mining with Joint Venture partner Petra
Diamonds. In Guinea the Droujba kimberlite pipe and the Bouro kimberlite dykes
are located in proximity to the Mandala mine and demonstrate grades of up to
500cpht and 200cpht respectively.
RBC Capital Markets is the nominated adviser and broker to Stellar. On
Admission, Stellar has 96,581,432 ordinary shares in issue and a market
capitalisation of approximately GBP19 million.
Copies of the Admission Document are available on the African Aura website:
www.african-aura.com and on Stellar's website www.stellar-diamonds.com.
About African Aura Mining Inc.
African Aura is an established African exploration and development company
listed on the TSX-V (AUR) and London's AIM (AAAM). African Aura is focused on
the development of world-class gold and iron ore deposits in highly prospective,
under explored countries of sub-Saharan Africa. The Company has a highly
motivated and experienced team with a record of discovering mines and taking
projects through development and into production in Africa.
African Aura's assets include the New Liberty gold deposit and the Putu iron ore
project, both in Liberia. Putu is being explored and operated by the Company's
Joint Venture partner, Severstal Resources (the mining division of OAO
Severstal). A pioneer in Africa, African Aura has attracted some excellent
strategic partners and shareholders always with the objective of preserving or
enhancing shareholder value. For further information on the Company you are
invited to visit its website at www.african-aura.com, or SEDAR's website at
www.sedar.com, or contact the individuals below.
Enquiries:
African Aura Mining Inc.
Luis da Silva, President & CEO Tel:
+44 (0) 20 7299 4212
Stellar Diamonds Ltd.
Karl Smithson, CEO
Tel: +44 (0) 77 837 07971
Evolution Securities Limited
Simon Edwards / Chris Sim / Neil Elliot Tel:
+44 (0) 20 7071 4300
Pelham Bell Pottinger
Charles Vivian / James MacFarlane Tel:
+44 (0) 20 7337 1500
Forward-looking Statements
This press release includes certain forward-looking statements. All statements,
other than statements of historical fact, included herein, including without
limitation, statements regarding the future plans and objectives of African
Aura, are forward-looking statements that involve various known and unknown
risks and uncertainties as well as other factors. Such forward-looking
statements are subject to a number of risks and uncertainties that may cause
actual results or events to differ materially from current expectations,
including delays in obtaining or failure to obtain required regulatory
approvals. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those
anticipated in such statements. Any forward-looking statements speak only as of
the date hereof and, except as may be required by applicable law, African Aura
disclaim any obligation to update or modify such forward-looking statements,
either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of this release.
Ends
This information is provided by RNS
The company news service from the London Stock Exchange
END
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