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OTTAWA(Scrap Monster): Aureus Mining (LON:AUE, TSE:AUE, a Canada-based gold miner, secures the permit of Liberian Environmental Protection Agency (EPA) to begin construction at the Liberian New Liberty Project which is Liberia's first commercial gold mine.

Total mineral resource of 1.143 million ounces grading 3.6 grams per tonne with the potential to support production of 120,000 ounces a year for the first four years has been indicated in the New Liberty mine.

The mine covers a total license area of 546km² and is located within the Bea Mountain mining license. The permit and 25 year mining license enables the company to commence construction at the New Liberty mine.

A clear work programme has been defined by the company which should be carried out before the commencement of construction in the gold mine as per the feasibility study report of the company. The work plan includes optimising the plant, conducting metallurgical testing, preparing detailed engineering designs and the diversion of the creek.

The initial cost of development is expected to be in the region of US$140 million. And based on a US$1,400 an ounce gold price, it would provide a 37 per cent initial rate of return for Aureus. Total revenues are forecast at US$1.2 billion with pre-tax cash flows estimated at US$338 million.