Positive Exploration Update
Aurum Mining PLC
08 January 2008
For immediate release 8 January 2008
AURUM MINING PLC
('Aurum' or 'the Company')
Excellent Gold and Copper grades revealed from first drill hole at Tokhtonysay
New exploration targets discovered
Aurum Mining plc (AIM: AUR), the Company formed to acquire gold and other
mineral extraction projects in the Former Soviet Union (FSU), is delighted to
announce excellent results from the initial hole drilled at the Tokhtonysay
exploration target and to announce the discovery of new and exciting exploration
targets within the Company's Andash licence area.
The initial drill hole at Tokhtonysay hit mineralisation from the surface to a
depth of 85m with a remarkable intersection from 15m to 72m of 1.48g/t of gold
and 1.41% copper, which includes 2.01g/t Au and 2.2% Cu from 15m to 41m. These
excellent gold and copper grades come from an exploration programme that began
in Tokhtonysay in September 2007 with the initial hole drilled vertically into a
previously identified IP anomaly.
This IP anomaly is 600m by 300m in size. Its characteristics are typical of
porphyry systems and are similar, though extending over a larger area, to Zone
1, which has a JORC Measured and Indicated resource of more than 17 million
tonnes, containing 624,000 ozs of gold and 72,000 tonnes of copper.
Tokhtonysay comprises seven outcropping mineralised zones, four of which are
situated within the Andash exploration licence area. The remaining three are
within the adjacent Korgontash licence area, which is held by Lero Gold
Corporation (TSX: LER.V).
Tokhtonysay is situated close to the Zone 1 mine, which is currently under
construction, and it therefore has the potential to significantly increase the
resource base, prolong the mine life and enhance the profitability of the Andash
asset.
Details of the high grade intersection from the initial drill hole at
Tokhtonysay are tabulated below:
Intersection
in meters
Sample ID from to length Au g/t Cu %
T36-13 15.0 16.0 1.0 0.33 0.3
T36-14 16.0 17.0 1.0 1.62 1.7
T36-15 17.0 18.0 1.0 1.63 2.7
T36-16 18.0 19.0 1.0 1.37 1.1
T36-17 19.0 20.0 1.0 1.55 2.5
T36-18 20.0 21.0 1.0 1.25 0.9
T36-19 21.0 22.0 1.0 6.31 5.4
T36-20 22.0 23.0 1.0 5.17 5.2
T36-21 23.0 24.0 1.0 4.55 1.0
T36-22 24.0 25.0 1.0 0.61 0.4
T36-23 25.0 26.0 1.0 1.32 2.3
T36-24 26.0 27.0 1.0 1.11 1.3
T36-25 27.0 28.0 1.0 2.28 3.0
T36-26 28.0 29.0 1.0 2.38 1.6
T36-27 29.0 30.0 1.0 1.65 1.7
T36-28 30.0 31.0 1.0 1.19 1.9
T36-29 31.0 32.0 1.0 2.33 2.1
T36-30 32.0 33.0 1.0 0.95 2.3
T36-31 33.0 34.0 1.0 3.67 4.5
T36-32 34.0 35.0 1.0 1.60 3.9
T36-33 35.0 36.0 1.0 3.86 3.0
T36-34 36.0 37.0 1.0 4.49 3.2
T36-35 37.0 38.0 1.0 1.06 3.7
T36-36 38.0 39.0 1.0 1.17 1.8
T36-37 39.0 40.0 1.0 0.65 1.2
T36-38 40.0 41.0 1.0 0.56 1.2
New exploration targets discovered
In addition to the drilling programme at Tokhtonysay, an extensive programme of
geophysics by independent consultants, as well as the re-interpretation of
historical geophysical data, were completed on the Andash licence, which is
subdivided into Zones 1, 2 & 3, and which also includes the Nakhodka,
Chonkyshtoo and Tokhtonysay exploration areas.
At Nakhodka, re-interpretation of historical IP data, allied to the new work
completed in 2007, resulted in the identification of a further polarized
anomaly. It is located 350m to the north from Zone 1 and at a depth of 20m to
40m. This anomaly is also evident 200m to the east at a depth of 20m to 50m,
where it continues to dip downwards to 100m to150m. It is similar to ore body
Zone 1 and may lead to the discovery of a 'blind' target with similar parameters
located within the contour of the designed open pit. It is intended to instigate
a drilling campaign to delineate the extent of mineralisation later this year.
In addition a 'compact' anomaly was discovered some 800m to the southeast of the
Nakhodka target. Again this is a 'blind' target, but is detected to a depth of
150m, over a width of 100m, and shows similar characteristics to the Zone 1 ore
body. It is intended to investigate this anomaly initially by one vertical drill
hole to a depth of 150m.
Commenting on these exploration results, Mark Jones, Aurum's Chief Executive,
said: 'The excellent drill hole result with high grades and good intersections,
has confirmed our supposition that the grades of gold and copper at Tokhtonysay
could be as good or better than those at Zone 1 where production is on track to
commence later this year. The Tokhtonysay prospect is close to the Zone 1 mine
and therefore brings the opportunity of extending the mine's life. We are also
very encouraged by the extensive programme of geophysical work throughout the
Andash licence area, which has created new exploration targets and further
enhanced the value of the Andash asset.'
Dr Philip Newall from Wardell Armstrong International has reviewed this
statement as a qualified person as defined by the AIM Rules and has authorised
its release.
For further information:
Aurum Mining plc Tel: 020 7478 9050
Mark Jones, Chief Executive
Chris Eadie, Chief Financial Officer
Arbuthnot Securities Tel: 020 7012 2000
John Prior
Buchanan Communications Tel: 020 7466 5000
Mark Court
Rebecca Skye Dietrich
Notes to editors
Aurum Mining, which joined the AIM market of the London Stock Exchange in May
2004, is a mining company focussed on gold opportunities in the Former Soviet
Union. Its principal asset is an exploration licence over the Andash gold and
copper project in the Kyrgyz Republic. A mining licence for Andash Zone 1 was
awarded by the Kyrgyz authorities in 2006. The feasibility study compiled by
Wardell Armstrong International, also in 2006, confirmed a measured and
indicated resource base of 19.2 million tonnes at 1.1 grams per tonne of gold
and 0.4% copper, which equates to 1.1 million ozs of gold and gold equivalent.
Initial production at Andash Zone 1 is expected in the second half of 2008. The
Andash project also includes Zone 2 and Zone 3 along with Tokhtonysay, Nakhodka
and three other additional exploration areas.
This information is provided by RNS
The company news service from the London Stock Exchange