Aureus Mining Inc.: Closing of US$16 Million Offering

TORONTO, ONTARIO--(Marketwired - Oct. 10, 2013) -

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Aureus Mining Inc. ("Aureus" or the "Company") (TSX:AUE) (AIM:AUE) is pleased to announce that it has closed its previously announced offering of 30,900,000 common shares ("Shares") at a price of £0.32 per Share to raise gross proceeds of approximately £9.9 million (approximately US$16.0 million) (the "Offering"). The Offering was completed by a syndicate of underwriters led by GMP Securities L.P., acting as Bookrunner, and including Clarus Securities Inc., RBC Europe Limited and Numis Securities Limited.

The net proceeds of the Offering will be used to advance focused exploration activities within the Company's Bea Mountain Mining Licence, involving follow up drilling campaigns at Weaju and Ndablama gold targets, and for general corporate purposes.

Following the completion of the Offering the Company's issued share capital consists of 252,340,668 common shares.

David Reading, Chief Executive Officer of Aureus, commented:

"With the financing for the construction of the New Liberty gold mine completed via the finalisation of an ECIC backed US$88 million project finance facility and US$12 million subordinated facility, we are pleased with the support of our shareholders to continue adding additional ounces to our advanced exploration assets. We are particularly excited by the prospects for Ndablama, where drilling will build on a maiden resource expected before the end of the year, and Weaju, where we hope to add satellite ounces for New Liberty. Our strategy remains to build Liberia's gold mining industry, and we remain confident that our continued success with the exploration campaign will generate the next gold mine after New Liberty."

This press release is for informational purpose only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States or any other jurisdiction in which such an offer or solicitation is unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. No public offering of securities will be made in the United States.

Forward-Looking Statements

Certain information in this news release relating to Aureus Mining is forward‐looking and related to anticipated events and strategies. When used in this context, words such as "will", "anticipate", "believe", "plan", "intend", "target" and "expect" or similar words suggest future outcomes. By their nature, such statements are subject to significant risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: risks normally incidental to exploration and development of mineral properties; uncertainties in the interpretation of results from drilling and test work; the possibility that future exploration, development or mining results will not be consistent with expectations; regulatory and government decisions; economic conditions; availability and cost of financing, including debt financing to fund the balance of New Liberty; estimates of capital and operating costs and start‐up costs; plans regarding construction activities; the proposed work budget for the work program at New Liberty; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk Factors" in the Company's Annual Information Form, a copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is available at www.aureus-mining.com. Readers are cautioned not to place undue reliance on forward‐looking statements as actual results could differ materially from the plans, expectations, estimates or intentions expressed in the forward looking statements. Forward‐looking information speaks only as of the date on which it is made and, except as may be required by applicable law, Aureus Mining disclaims any obligation to update or modify such forward‐looking information, either as a result of new information, future events or for any other reason.