African Aura Mining Inc. announce an update for its iron ore project at Nkout, southern Cameroon. 

• A 33 hole drilling programme has been completed at Nkout totalling over 4,200m 
• Excellent Davis Tube Recovery ("DTR") results from Nkout with an average Fe (total) concentrate grade of 70% using a grind size of P90 of less than 100µ 
• No deleterious materials present with the final concentrate low in silica, phosphorous and alumina 
• Mass recovery of 42% 
• Oxidised cap material grading between 40-62% Fe (total) with metallurgical testwork underway 
• An additional target at the adjacent Ngoa was drilled, 10 shallow holes for 550m completed 
• Maiden resource statement is anticipated by early February 2011 

Luis da Silva, Chief Executive of African Aura, commented: "This is a major step forward in establishing Nkout as a significant regional iron ore project. The progress made in less than twelve months is significant and this will culminate with a maiden resource statement in the coming weeks. After demonstrating the underlying value in the company with the delivery of the gold PEA which supports the current market capitalisation of the Company, Nkout will further demonstrate the under-valuation of African Aura and making the rationale for the proposed demerger more compelling." 

The Company recently completed a 4,200m core drill programme on the Nkout property in southern Cameroon. The drilling has confirmed the occurrence of an east-west trending and concordant magnetite bearing banded iron formation ("BIF") that was discovered after the completion of regional grab sampling and aerial and ground magnetic surveys within the Djoum license area that is 100% owned by African Aura. 

Drilling has focused on the Nkout Centre target that makes up approximately 3km of a regional magnetic anomaly that extends for some 18km within the Djoum license area. The drill programme that has been completed was designed to target the magnetite BIF and overlying oxidized cap material with 11 inclined drillholes intercepting on average a 200m thick BIF unit and 22 vertical drillholes targeting the weathered BIF and intercepting up to 60m in thickness. All assays have now been received for the exploration programme and SRK Consulting (UK) Limited ("SRK") are currently in the process of undertaking the inaugural Mineral Resource Estimation ("MRE") for the Nkout Centre project. The results of the MRE are expected to be announced in early February 2011. 

The magnetite BIF averages approximately 40% Fe (total) with SRK selecting 86 representative samples for DTR testwork. The Davis Tube results are highly encouraging and show that when using a grind size of P90 of less than 100µ, that a very high grade concentrate averaging 70% Fe, 0.17% Al2O3, 2.2% SIO2 and 0.01% P is attained at a mass recovery of 42.2%. The Davis Tube results also show that 87% of the Fe within the BIF relates to a magnetite mineral phase. 

The oxidized cap material shows elevated Fe grade that ranges from 40% Fe (total) to 61.8% Fe (total) and is a result of the natural enrichment of the BIF after Silica dissolution, this being a typical weathering profile of Fe deposits in Central and West Africa. SRK has selected a composite sample of the key mineralization domain within the oxidized cap that is currently undergoing testwork at the SGS laboratory in Truro, UK, to test the amenability to upgrade through standard gravity circuits into a saleable concentrate. The results of the testwork are expected to available for integration into the results of MRE.

 

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