On the Road to Production

UK office: Burleigh House, 355 Strand, London WC2R 0HS • Tel: +44 (0) 20 7010 7690
• Fax: +44 (0) 20 7010 7699 • Web: www.aureus-mining.com • Listing: TSX: AUE AIM: AUE
On the Road to Production
Aureus Mining Inc is exploring and developing gold
deposits in highly prospective and under-explored areas
of Liberia and Cameroon.
INVESTMENT OVERVIEW

A West African gold developer
constructing the first commercial
gold mine in Liberia, the New
Liberty Gold Project.

EXTENSIVE EXPLORATION
UPSIDE –multiple exploration
targets in 1470km2 license
portfolio in Liberia.

STRATEGY – To develop New
Liberty into a producing mine and
progress high grade exploration
targets, building towards a midtier producer.

Aureus has financed the New
Liberty Projects equity & debt
funding requirement & is fully
financed to production.

New Liberty, Reserve of 924 Koz
at 3.4 g/t. Updated Resource of
1.143 Moz at 3.6 g/t Measured
and Indicated and 0.593 Moz at
3.2 g/t Inferred.

Maiden resources at Ndablama
and Weaju gold targets exceed
600 Koz Au.

Total Resources at 2.37 Moz at
2.93 g/t.

Production targeted for Q1
2015 with an expected rate of
119 Koz /annum over the first
six years of the initial eight-year
life.



GROWTH – With a development
stage project in New Liberty,
Aureus has the engine to develop
its strong pipeline of projects in
West Africa.

ASSETS – High grade, simple
metallurgy with a number of
discoveries in a largely
underexplored gold province.
UPSIDE – Potential to significantly
increase resources at Ndablama.
The Company is uniquely
positioned and now has the
capacity to achieve its
principal objectives of building
Liberia’s first commercial gold
mine and expanding the
current resources through
aggressive drilling
programmes.
David Reading,
Chief Executive Officer
Share Price Since Inception
EXPERIENCE – Board of Directors
and management are
experienced in building large and
highly successful gold companies
in West Africa.
Analyst coverage
Jonathan Guy, RBC Capital Markets
(OUTPERFORM, TP: 60p)
Brock Salier, GMP Europe (BUY, TP: 55p)
Cailey Barker, Numis Securities Ltd (BUY,
TP 50p)
Nana Sangmuah, Clarus, (BUY, TP:46p)
Yuen Low, Shore Capital (BUY, TP: 47p)
Andrew Breichmanas, BMO
(MARKETPERFORM, TP: 29p)
Duncan Hughes, RFC Ambrian (BUY, TP:
47p)
Martin Potts, finnCap (BUY, TP: 81p)
Marc Elliott, Investec (BUY, TP: 45p)
Eugene King, Goldman Sachs
(Neutral/Neutral, 42p)
Board of Directors
David Reading (CEO)
David Netherway (Chairman)
Luis da Silva (NED)
David Beatty (NED)
Adrian Reynolds (NED)
Jean-Guy Martin (NED)
Issued capital
Shareholder
% holding
Board of Directors
0.4
Institutions
78
Private/Retail
Investors
21.6
Aureus Mining Inc.
Buchanan
Numis Securities Limited
GMP Securities Europe LLP
David Reading / Paul Thomson
Tel: +44 (0) 20 7010 7690
Email:
[email protected]
[email protected]
Bobby Morse / Gordon Poole
Tel: +44 (0) 20 7466 5000
Email:
[email protected]
[email protected]
(Nominated Adviser and Joint Broker)
James Prior / James Black
Tel: +44 (0) 20 7260 1000
Email:
[email protected]
[email protected]
(Joint Broker)
Richard Greenfield / Alexandra Carse
Tel: +44 (0) 20 7647 2800
Email:
[email protected]
[email protected]
THE NEW LIBERTY GOLD PROJECT
Basic Facts
The Orebody
Aggressive Exploration Campaign

New Liberty is Aureus’ flagship
project in Liberia (west Africa).

Reserve of 924 Koz at 3.4 g/t.
Shows a significantly de-risked and
robust project.


Aureus owns 100% of New
Liberty.

Construction underway at New
Liberty. Earthworks completed and
civil works in progress.
Reserve potential from upgrading
inferred resources and
underground potential.
A focused and aggressive
exploration programme is in
progress in the New Liberty area,
Ndablama and Weaju. These all fall
within the company’s Bea
Mountain 25-year renewable
Mineral Development Agreement.


Aureus is targeting production in
Q1 2015 with an annual rate of
119 Koz from New Liberty for the
first six years of an initial eight-year
life.
New Liberty has a resource base
of 1.143 Moz at 3.63 g/t
Measured and Indicated and
0.593 Moz at 3.2 g/t Inferred, at
cut-off grade of 1.0 g/t.
Ndablama: 40km from New
Liberty; Inferred resource of 451
Koz at 2.1g/t. Open down dip &
strike. Undergoing further
resource drilling.


New Liberty, which is part of the
Bea Mountain licence, is permitted
for 25 years and it is renewable.
Potential for resource upside with
deposit open at depth with
underground potential.
Weaju: 30km from New Liberty
and 10km from Ndablama;
Inferred resource of 178 Koz at
2.1 g/t.

Industry low operating & all in
sustaining cash cost modelled for
eight-year mine life.

Leopard Rock –Gondoja 13km gold
corridor well defined by soil
anomalies.

Simple metallurgy – over 93%
recovery through conventional
gravity and CIL processing.

Pressure shadow area and
Yambesei Shear Zone revealing
high potential for resources.
Undergoing further exploration.

Regional, target-generative
programmes underway across
prospective licence portfolio with in
excess of 50 gold occurrences
and gold geochemical anomalies
outlined to date.




Excellent infrastructure. The
project is easily accessible by road
– 100km from Liberia’s capital,
Monrovia.
New Liberty Gold Project Resource Model
Q1 2015
$100m
3.4 g/t
Expected date for first gold
pour
Project Debt Funding secured
December 2013
Gold grading for New Liberty
Reserve
www.aureus-mining.com