ProfileAmara Mining ("Amara" or "the Company"), previously Cluff Gold plc, was formed in November 2003. The Company floated on the London Stock Exchange's AIM in December 2004 under the ticker "CLF" and on the Toronto Stock Exchange in February 2009 under the ticker "CFG". In October 2012 the Company changed its name to Amara Mining plc and its tickers changed to AMA on AIM and AMZ on the TSX.
Cash Flow Generation
Amara generates cash flow from its producing asset, Kalsaka in Burkina Faso. The acquisition of the neighbouring Sega project, which is expected to begin production in Q3 2013, will significantly increase the oxide minelife at Kalsaka to deliver near term production. The production guidance for Kalsaka/Sega is 50-60,000 ounces of gold in 2013.
A Strong Growth Pipeline
Amara aims to become a mid-tier producer through the development of its wholly-owned Baomahun project in Sierra Leone, which is expected to contribute an additional 135,000 ounces of gold per annum from H2 2015. The current resource base, as estimated at 19 November 2012, consists of 2.24 million ounces (38.4Mt at 1.82g/t) in the Indicated category and 0.54 million ounces in the Inferred category (6.6Mt at 2.52g/t). There is further exploration potential at Baomahun, including the opportunity for underground mining as the head grade of the deposit has been shown to increase at depth.
The Company also controls the Yaoure gold project in Côte d’Ivoire and is investigating the project's significant sulphide resource potential. The current resource base, as estimated 25 March 2013, consists of 0.3 million Indicated ounces (8.0Mt at 1.31g/t) and 1.7 million Inferred ounces (34.6Mt at 1.52g/t), representing a significant increase on its previous Mineral Resources of 0.2 million Measured and Indicated ounces (4.9Mt at 1.6g/t). The existing mine infrastructure at Yaoure, a nearby hydroelectric dam capable of supplying low cost power for a sizeable milling operation and abundant available water, make Yaoure a prime location for a CIL/CIP operation.
The Right People
Amara believes that people are the most important part of any business. With John McGloin's appointment as Executive Chairman on 28 May 2012, the executive management team's skillset was enhanced. John's background in geology and the capital markets, Peter Spivey’s experience in building and operating African mines and Pete Gardner’s corporate finance knowledge gives Amara a unique advantage. The management team is supported by highly experienced operational teams across our assets.