🕐27.10.09 - 10:54 Uhr
Proposed Merger between Stellar Diamonds Limited and West African Diamonds Limited
27 October 2009
TSX-V: AUR
AIM: AAAM
Proposed Merger between Stellar Diamonds Limited and West African
Diamonds Limited
African Aura Mining Inc.
("African Aura" or the "Company") the TSX
Venture Exchange ("TSX-V") and AIM listed exploration to production
company focused on gold and iron ore in sub-Saharan Africa, announces
that heads of agreement have been reached between the Companys 58.54%
owned subsidiary Stellar Diamonds Limited ("Stellar") and AIM listed
West African Diamonds Limited ("WAD) to undertake a combination of
business interests that, if successful will constitute a reverse
takeover of WAD by Stellar.
It is the intention of the Boards of Stellar
and WAD to readmit the shares of the combined entity to be called
Stellar Diamonds Ltd on to the AIM market.
Further details on the proposed business combination will be released in
due course.
About Stellar Diamonds Limited (www.stellar-diamonds.com)
Stellar holds a portfolio of production and development stage projects
in the countries of Sierra Leona and Guinea, West Africa.
Production
commenced from the Mandala alluvial diamond operation in Guinea in late
April 2009 and to date some 37,000 carats have been produced, with
initial revenues now exceeding $1million.
In Sierra Leone, Stellar holds
two key properties, the Kono Project (49% ownership in Joint Venture
with Petra Diamonds Limited holding 51%) and the Tongo Project (100%
ownership).
Both these projects are host to high grade kimberlite dyke
systems that demonstrate economic potential.
The strategy of Stellar is
to achieve growth through production and targeted consolidation within
the African diamond sector.
About African Aura Mining Inc.
African Aura is an established West African exploration and development
company with a primary listing on the TSX-V (AUR) and a secondary
listing on Londons AIM (AAAM).
African Aura is focused on the
development of world-class iron ore and gold 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 Auras assets include the New Liberty gold deposit and the Putu
iron ore project, both in Liberia.
Putu is being explored and operated
by the Companys Joint Venture partner, Severstal Resources (the mining
division of OAO Severstal).
Severstal Resources is one of the largest
mining companies in Russia with EBITDA in 2008 of US$859 million.
For
further information on the Company you are invited to visit its website
at www.african-aura.com, or SEDARs website at www.sedar.com, or contact
one of the following:
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 8370 7971
Evolution Securities Limited
Simon Edwards / Chris Sim / Neil Elliot
Tel: +44 (0) 20 7071 4300
Pelham Public Relations
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
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Associated File: http://www.african-aura.com/i/pdf/2009News/27-10-09
Final AAM NR07_09 WAD.pdf
66 KB in size, approx.
13 seconds to download at 56.6Kbps
________________________________
Copyright (c) 2009 AFRICAN AURA MINING INC.
(AAZ) All rights reserved.
For more information visit our website at http://www.african-aura.com/
or send email to
.
Message sent on Tue Oct 27, 2009 at 2:29:32 AM Pacific Time
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