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amara mining plc (CLUGF) Details

Amara Mining plc is involved in the acquisition, exploration, development, and operation of gold mines and deposits in West Africa. It has interests in the Yaoure, Kalsaka/Sega, and Baomahun properties. The company was formerly known as Cluff Gold plc and changed its name to Amara Mining plc in October 2012. Amara Mining plc was founded in 2003 and is headquartered in London, the United Kingdom.

533 Employees
Last Reported Date: 04/14/14
Founded in 2003

amara mining plc (CLUGF) Top Compensated Officers

Executive Chairman, Chief Executive Officer a...
Total Annual Compensation: $342.0K
Chief Finance Officer, Finance Director and D...
Total Annual Compensation: $290.0K
Compensation as of Fiscal Year 2013.

amara mining plc (CLUGF) Key Developments

Amara Mining plc Announces an Updated NI 43-101 Compliant Mineral Resource Estimate for its 100% Owned Yaoure Gold Project in Côte D'ivoire

Amara Mining plc announced an updated NI 43-101 compliant Mineral Resource estimate for its 100% owned Yaoure Gold Project in Côte d'Ivoire. Increased ounces at a higher grade in the economic pit shells to be used for mine design. 4.5 million ounces at 1.5g/t in the US$950 per ounce pit shell (Indicated: 50.0Mt at 1.45g/t for 2,337koz; Inferred: 44.9Mt at 1.50g/t for 2,160koz) representing an increase of 269,000 ounces at a 5% higher grade. 3.5 million ounces at 1.6g/t in the $800 per ounce pit shell (Indicated: 35.5Mt at 1.56g/t for 1,783koz; Inferred: 31.4Mt at 1.67g/t for 1,688koz) representing an increase of 191,000 at a 14% higher grade. 248% increase in Indicated ounces with 43% of 6.3 million ounces contained within the $1,500 per ounce pit-shell now within the Indicated category (Indicated: 62.0Mt at 1.36g/t for 2,717koz; Inferred: 86.6Mt at 1.30g/t for 3,610koz). In-fill drilling programme has confirmed the continuity of high grade mineralised zones in both the CMA and Yaoure Central zone, reflected in the improving grade of the overall deposit. Increased Ounces in Economic Pit Designs: The Mineral Resource estimate announced is based upon the initial drill results from the 2014 drill campaign; 70 diamond drill holes and 35 reverse circulation holes comprising 26,686 metres of drilling conducted up to conducted up to late July 2014, with results received to 08 August 2014. The objective of the 2014 drill campaign is to improve the geological understanding of mineralisation controls and gold distribution. This is expected to facilitate the promotion of the Mineral Resource classification from the Inferred category to the Indicated category through closer spaced drilling, increasing confidence in the deposit. Confirmed Continuity of High Grade CMA Zone: The CMA zone represents the highest, most continuous mineralisation seen at Yaoure. The potential exists to selectively mine this higher grade area at the start of Yaoure's mine life, which may positively impact upfront capital costs. The recent infill drilling programme has further refined Amara's model of the CMA zone. At a 0.5g/t cut-off grade, the CMA zone contains Indicated Mineral Resources of 0.9 million ounces of gold at a grade of 2.29g/t and Inferred Mineral Resources of 0.5 million ounces of gold at a grade of 1.73g/t for a total of 1.4 million ounces at 2.06g/t. CMA's head grade is anticipated to be higher than reported due to the effect of dilution within the block model. Mineral Resource Estimate: The Mineral Resource estimate is reported above a 0.5g/t cut-off and constrained within an open pit shell derived using a long term gold price of $1,500/oz reaching a maximum nominal depth of -120 elevation or approximately 320 metres deep. The project is robust at higher cut-off grades as demonstrated in the table below. Importantly, the resource is robust at lower gold prices with 71% of the contained gold within the $1,500/oz pit shell included within the $950/oz pit shell.

Amara Mining plc Announces Diamond Drill and Reverse Circulation Results from its 2014 Drilling Programme at Yaoure Gold Project in Côte D'ivoire

Amara Mining plc announced encouraging diamond drill (DD) and reverse circulation (RC) results from its 2014 drilling programme at its Yaoure Gold Project in Côte d'Ivoire. The focus on the DD programme in late July and the majority of August transferred to the CMA zone, with 22 of the latest 37 DD holes and a further 11 RC holes testing the CMA zone. These results will be used to calculate the second Mineral Resource update, as these holes targeted the current Inferred resources in the CMA zone with the aim of upgrading them to the Indicated category. It is expected that a significant proportion of Yaoure's resources in both the CMA and Yaoure Central zones will be converted to the Indicated category, further increasing Amara's understanding of Yaoure. The results from both the RC and DD drilling continue to confirm the CMA zone's strong continuity and high grade nature, with good correlation between the latest RC and DD holes and previous DD holes within 50 metres. The results of a further 15 DD holes have been received testing the Yaoure Central zone. These holes continue to confirm the presence of high grade areas. At the start of September the focus of the drilling programme largely transferred back to the Yaoure Central zone and work is underway on the calculation of the first Mineral Resource update. The drilling programme will continue at Yaoure until early October 2014 to provide further data for the second Mineral Resource update, which is expected in fourth quarter of 2014.

Amara Mining plc Announces Unaudited Consolidated Earnings and Operating Results for the Six Months Ended June 30, 2014

Amara Mining plc announced unaudited consolidated earnings and operating results for the six months ended June 30, 2014. For the six months, the company reported loss before taxation was $3.89 million against $4.48 million a year ago. Loss from continuing operations attributable to equity holders of the parent company was $3.89 million against $4.48 million a year ago. Loss attributable to owners of the parent was $10.06 million against $15.65 million a year ago. Basic and diluted loss per share from continuing operations was 1.45 cents against 2.66 cents a year ago. Basic and diluted loss per share was 3.75 cents against 9.31 cents a year ago. Net cash flow from operating activities was $8.23 million against $0.921 million a year ago. Purchase of property, plant and equipment was $1.36 million against $5.4 million a year ago. Purchase of intangible assets- deferred exploration was $6.26 million against $15.8 million a year ago. LBITDA was $2.1 million against $1.2 million a year ago. Revenue was $40.19 million. The company reported revenue of $19.06 million and LBITDA of $3.86 million for the second quarter of 2014. The company reported ore mined was 356 kt, waste mined 1,806 kt, total tonnage mined was 2,162 kt, ore processed was 350 kt, average ore head grade of 1.34 g/t, gold production of 14,767 oz, gold sold was 15,169 oz for the second quarter of 2014. The company reported ore mined was 714 kt, waste mined 4,148 kt, total tonnage mined was 4,862 kt, ore processed was 754 kt, average ore head grade of 1.27 g/t, gold production of 31,030 oz, gold sold was 37,057 oz for the first half of 2014.


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