(Ecofin Agency) - Aureus Mining Inc., gold producing company listed on the Toronto and London stocks and highly active in West Africa will see its Liberian assets portfolio increased from 1,402 km2 to 1,683 km2, following the acquisition of the three exploration licences from Sarama Resources Ltd.

The deal which includes the acquisition of three licences adjacent to Aureus’ New Liberty gold mine was made with Sarama Resources, the company stated on November 3 adding that the transaction was subjected to a number of conditions.

Under the terms of this agreement, Aureus is to take 100% interest in the licences covering a total area of 281 km2 for a total consideration of 2.6 million Aureus shares, having a nominal value of about $900,000 based on the closing price of Aureus shares on AIM, and exchange rates on November 2, 2015.

Moreover, Sarama Resources will retain an uncapped 1% net smelter return royalty on gold produced from the Cape Mount permit, considered as a significant exploration asset and property of Sarama Resources Liberia Ltd.

The permit contains a 15 km-long gold formation that revealed upon drilling grades of 3.9g/t over 7.5 m of gold from 9.3 m and 2.3g/t over 5 m from 28 m.

Aureus Mining Inc already holds 100% interest in the New Liberty project which contained 8.5 Mt of proven and probable mineral reserves with a grade of 3.4 g/t containing 924,000 ounces of gold.