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Stellar Diamonds Update

Dienstag, 27.10.2009 08:05

27 October 2009
 
TSX-V: AUR
AIM: AAAM
 
NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US
NEWS WIRE SERVICES.
 
African Aura Mining Inc
 
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 Company's
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 African exploration and development
company listed on the TSX-V (AUR) and London's AIM Market (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 African.
 
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). 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 SEDAR's
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) 77 837 07971
 
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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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.