Pat: I have been a member of the Inner Circle for some time. I always appreciate your insight. Can I have your opinion on Aureus Mining? I know you have opinions on companies operating in dodgy jurisdictions. Thanks.
Aureus Mining, $0.53, symbol AUE on Toronto (Shares outstanding: 221.4 million; Market cap: $117.3 million; www.aureus-mining.com), is focused on bringing its New Liberty gold project in Liberia into production.
The deposit holds proven reserves of 910,000 ounces of gold. Further exploration could expand those reserves.
The company completed a definitive feasibility study that verified the positive economics of building a mine, and it has started construction. Aureus expects the project to have an eight-year life with annual output of 120,000 ounces.
To help fund the mine, Aureus raised $80 million U.S. in a share issue in November 2012. It has also arranged a $108-million U.S. loan through two banks.
The company’s major risk lies in the mine’s location, in Liberia.
Liberia lies on the coast of West Africa, sharing borders with Côte d’Ivoire, Guinea and Sierra Leone. It is sparsely populated, with a total population of 4 million, mostly in the capital city of Monrovia. Liberia was founded in 1847 by emancipated slaves…
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