African Aura Mining commissions survey for Cameroon targets
African Aura Mining (LON:AAAM) announced today they would be commissioning an airborne physical survey across southern Cameroon in order to define priority targets across its iron and gold projects.
African Aura is a TSX-V (AUR) and AIM listed exploration to production company focused on gold and iron ore in sub-Saharan Africa. It has three principal early stage iron ore projects in Cameroon, namely Nkout, the adjacent Ngoa and Akon Hills.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.
The Company revealed today they would soon be carrying out an airborne geophysical survey of the Nkout, Ngoa and Akon iron ore prospects, as well as gold projects at Ntem and Batouri in southern Cameroon. They will be working with New Resolution Geophysics of South Africa, who will carry out the 14,000 line km airborne survey, due to begin on the 26th February 2010, with lines being flown on average at 100m spacing. Luis da Silva, President & CEO of African Aura commented:
"With the advantage of being an early entrant into Cameroon, African Aura has assembled an excellent portfolio of iron ore projects in a globally significant emerging iron ore province. The projects are strategically well located situated close to the proposed rail route between the 2.5 Bt Mbalam iron ore deposit, being developed by ASX-listed Sundance Resources to the east, and the proposed deep water port at Kribi on the Atlantic coast. During 2008 and 2009, African Aura undertook first pass reconnaissance sampling and mapping across its iron ore projects, which yielded encouraging iron ore grades at surface. The newly commissioned airborne geophysical survey will prioritise the targets for a drill programme planned to commence later in 2010 following interpretation of the survey data."
In other news, African Aura released a report earlier this week (Feb 22nd) noting the admission to AIM of diamond production and development company, Stellar Diamonds, 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. Prior to joining AIM, African Aura had a 58.5% interest in the diamond company, and following admission, African Aura now have a 31.8% interest in Stellar. Luis da Silva 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".
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After this news item proved unexpectedly popular with users (including various follow-up questions), we have arranged to do an interview with the CEO of African Aura Mining over the next couple of weeks.
We have agreed to cover 10 questions and thought that it would be interesting to throw those questions out to our userbase, so if you have particular burning questions that you would like to put to management, please let us know. You can either post them here or email them to admin @ stockopedia.co.uk.
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Questions I would like asked:
In reply to Steve Brown (post #2)
Thanks, Steve. Other questions raised so far by email include:
Keep the questions (or comments on other questions) coming here or by email - the more, the merrier. We will then choose the most interesting 10.