Amara Mining plc: Results of Preliminary Economic Assessment and Exploration Update for the Sega Gold Project

LONDON, Oct. 16, 2012 - Amara (AIM:AMA) (TSX:AMZ) ("Amara" or "the Company") (formerly Cluff Gold plc), the dual AIM and TSX-listed West African focused gold mining company, announces the results of the Preliminary Economic Assessment ("PEA") and an exploration update for its Sega Gold Project ("Sega") in Burkina Faso. A technical report supporting the results of the PEA will be filed on SEDAR within 45 days.

The PEA has confirmed the potential viability of mining oxide and transitional material at Sega, located 20km north of Kalsaka, and transporting it to Amara's existing heap leach operation at the Kalsaka Gold Mine ("Kalsaka") for processing. Maintaining cash flow is a key priority for the Company and, with Sega's resources located 20km north of Kalsaka, production is expected to continue in Burkina Faso to help fund Amara's development pipeline (Baomahun and Yaoure) and ensure that the Company maintains its status as a gold producer.


Highlights of the PEA:

- An internal rate of return ("IRR") of 48%, with a post-tax net present value ("NPV") of US$49.5 million using a gold price of US$1,500 per ounce and a discount rate of 10%

- Contained gold of 162,825 ounces over the 21 month initial mine life

- Cash cost per ounce produced excluding royalties of US$821 per ounce

- Mining licence expected to be received in Q1 2013 and mining at Sega anticipated to commence in H1 2013


Highlights of the exploration programme:

- Drill results to date confirm potential for substantial upside to current Sega resources

- Significant intercepts at the Touli prospect on the Sega licence area include:
-- 26m at 3.05g/t from 8m in hole SRB0232
-- 26m at 2.14g/t from 24m in hole SRC0119
-- 18m at 3.49g/t from 18m in hole SRB0290

- Exploration continuing at Kalsaka, with encouraging results received at the Rondo, Zoungwa and ZR prospects


Peter Spivey, Chief Executive Officer of Amara, commented:

"The delivery of the Sega PEA is a key step in ensuring that cash flow is maintained at our producing mine Kalsaka. The resources at Sega, which are located within trucking distance of our existing plant, will significantly increase Kalsaka's mine life with limited capital investment required. In addition, the exploration results received from the Kalsaka-Sega complex have confirmed that there is significant upside resource potential. Amara is committed to its strategy of using its cashflow to develop its growth assets, providing flexibility to the Company as it grows into a mid-tier producer."

The PEA has been prepared by Richard Quarmby, Group Project Manager of Amara. It has also benefited from the input of three independent contractors: SENET, SRK and Digby Wells Environmental.


Management Conference Call

The management team of Amara will host a conference call for analysts and investors at 9:30am UK time today. Dial-in details are as follows:

Dial in number: +44 20 3427 1919
Participant PIN Code: 3172840

A second conference call will be hosted at 9:30am EDT/2:30pm UK time today for North American analysts and investors. Dial-in details are as follows:

USA +1 212 444 0412
Other parts of the world +44 20 3450 9987
Participant PIN Code: 9425939


Mine Plan

Amara prepared a mine plan based on the mineral resources delineated at Sega to date. Open pit optimisations were calculated assuming a gold price of US$1,300 per ounce. The PEA was based on the following parameters:

Gold price: US$1,500 per ounce
Diesel fuel price: US$1.54 per litre
Metallurgical recovery: 87% for oxide material / 70% for transitional material
Mining dilution: 5% at zero grade
Mining recovery: 95%

A gold price of US$1,500 per ounce was used to reflect the Company's short term gold price forecast. Sega is a brownfield extension of an existing plant and as its initial life of mine is 21 months, it would not be appropriate to employ a more conservative, long term gold price forecast as the project's resources will be exhausted before this point.

The PEA has confirmed that Amara will have access to material at Sega that is of a higher grade than the remaining reserves at Kalsaka. The following mined tonnages were estimated to be contained in the engineered open pit design:

Tonnes of gold bearing material: 2.5Mt
Head grade: 2.0g/t
Ounces: 162,825 contained gold
Tonnes of waste: 17.3Mt
Strip ratio: 6.8:1

The weighted average resource grade of the oxide and transitional material at Sega is similar to the Kalsaka reserves. However the Company's geological model shows that the grade of the material processed from Sega will be higher than that at Kalsaka due to the high grade core of the mineralisation, which can be selectively mined.


Processing

Detailed metallurgical testwork was undertaken by Orezone(i) prior to the acquisition of the project by Amara on 23 May 2012. It was conducted to a suitable standard for inclusion in a PEA and has been corroborated by Amara's internal testwork. The results indicate that the material is non-refractory and suggest an overall metallurgical recovery of 87% for oxide material and 70% for transitional material using a 12.5mm crush size and agglomeration using 0.45kg/t of cyanide and 10kg/t cement. This compares well to the Kalsaka material and therefore gives Amara confidence in its cost estimates.

Throughput of the Kalsaka processing plant is expected to be maintained at 1.6Mtpa.


Capital Costs and Infrastructure

Capital costs associated with the commencement of production from Sega are expected to be US$9.5 million. The capex required to bring Sega online is limited as the Sega material will be processed in the existing plant at Kalsaka and there is good existing infrastructure in place.

                                                                   US$ million
Crushing Plant at Sega                                                    2.38
Sega mining capital including haul road construction                      2.25
Sega infrastructure costs                                                 0.32
Pre-project PEA and Environmental and Social Impact Assessment (ESIA)     0.99
Other taxes                                                               0.65
Execution of Resettlement Action Plan (RAP)                               2.00
Contingency                                                               0.86
Total                                                                     9.45

Operating Costs

The following operating costs are robust as they were estimated based on Amara's existing cost structures at Kalsaka and incorporated into the financial analysis:

Life of Mine Operating Costs                            US$/oz      US$/t*
Mining**                                                  376        2.59
Haulage from the crushed ore stockpile to Kalsaka         106        5.72
Processing                                                226       12.18
G&A                                                       114        6.14
Total                                                     821           -

*mining costs are given as US$/t mined. All other costs are given as US$/t processed
**includes haulage to the central Sega crushing facility

Material from Sega, which is located 20km north of Kalsaka, will be trucked to the existing Kalsaka plant. Trucking costs are estimated to be US$5.72 per tonne hauled (US$0.286 per tonne hauled per kilometre). Due to the higher grade of the Sega material, cash costs per Sega ounce are expected to be lower than the cash costs of Kalsaka ounces despite these additional transport costs.


Project Economics and Financial Analysis

Amara has produced a cash flow model for Sega based upon the geological, metallurgical and engineering work completed to date. The base case was developed using a short-term gold price of US$1,500 per ounce and includes applicable royalties, which currently include a 5% government royalty and a net smelter royalty of 1%, which is held by Royal Gold Inc. This latter royalty will be reduced from 3% to 1% in return for an upfront payment of US$2 million, which is not included in the initial capex of US$9.5 million.

Sega is expected to produce total post-tax cash flow of US$59.1 million and calculated sensitivities show the robust nature of the projected economics to operating assumptions.


NPV Sensitivity (post-tax) (US$000)

Gold price    Undiscounted cashflow       10%
1,300              37,810              30,704
1,400              48,452              40,087
1,500              59,094              49,471
1,600              69,736              58,774
1,700              80,377              68,061
1,800              91,019              77,347

Next Steps

Amara will lodge the necessary documents with the Burkina Faso Government in late October 2012, as agreed, to allow them adequate time to review the technical details in order to grant an environmental licence and a mining licence and enable the trucking of ore to commence in H1 2013. Full details of the PEA in the form of a National Instrument 43-101 technical report will also be filed on SEDAR within the next 45 days.

The Company has received verbal authorisation from the Government to begin the infrastructure work associated with Sega in advance of the final mining licence being granted, which is testament to the Government's desire to see production commence at the project. This work includes a dedicated haul road between Sega and Kalsaka, the installation of crushing facilities at Sega and an upgrade to the power and transmission plants. Construction is due to commence before the end of the year.

Following a visit to Sega, Digby Wells Environmental was appointed to conduct an Environmental and Social Impact Assessment ("ESIA") in April 2012. With the help of local consultants including BECOREM in Burkina Faso, Digby Wells Environmental has made significant progress towards completing the specialist studies and also in sensitising the project's stakeholders to the potential effects. A draft ESIA report, including a provisional resettlement action plan, is expected to be issued at the end of October 2012. Work is underway on physically demarcating the affected areas and once this is completed, Amara will undertake a public consultation on the ESIA.


Exploration Update

Exploration at the Kalsaka-Sega complex is a primary focus for Amara. Drilling results received to date give confidence that there is further upside potential to Sega's current resources, with particularly encouraging intercepts logged at the Touli prospect. This upside potential is expected to ensure that production continues uninterrupted at the Kalsaka-Sega complex as the Company continues to develop its portfolio of growth assets.

At 30 September 2012, 18,881 metres of RC drilling and 16,583 metres of RAB drilling have been conducted by the Company on the 313km2 Sega licence area since the project was acquired. In addition in Q1, before Sega was transferred to Amara, Orezone Gold Corporation ("Orezone") conducted a 10,000 metre drilling programme on the Sega license area. The drilling covered 11 targets and the most significant intercepts recorded were at the Touli, Sampella, Bangassila, Tiba3Sud and KNW prospects. Further RC drilling was then conducted at Touli, Sampella and Bangassilla.


Significant intercepts from Touli include:

- 23m at 1.35g/t from surface in hole SRC0017
- 26m at 2.14g/t from 24m in hole SRC0119
- 26m at 3.05g/t from 8m in hole SRB0232
- 18m at 3.49g/t from 18m in hole SRB0290


Significant intercepts from the other prospects include:

- 5m at 3.48g/t from 96m in hole SRC0052 at Sampella
- 4m at 2.07g/t from 99m in hole SRC0083 at Bangassila

RAB drilling was also conducted at Touli as part of the exploration campaign, and 4,592m of RAB sterilization drilling was undertaken at Bakou and Gambo. Further RC drilling commenced at KNW in late Q3 and, together with drilling at Tiba3Sud, will be completed after the harvest in early November.


Significant intercepts from KNW include:

- 6m @ 2.22 g/t from 63m in hole SRC0144
- 11m @ 2.89 g/t from 25m in hole SRC0145

Please note that SRBs are RAB holes, and SRCs are RC holes. A significant intercept has a minimum width of 2m, a minimum grade of 0.4 g/t and a maximum internal dilution of 2m.

The full results of the 10,000 metre drilling programme conducted by Orezone are included in Appendix 1. The results of the RC drilling that Amara has conducted at Touli, Sampella, KNW and Bangassila are included in Appendix 2. The results of the RAB drilling conducted at Touli, Bakou and Gambo are included in Appendix 3.

In addition, exploration work is ongoing at Kalsaka, focusing on areas east of the existing K-zone pits along the K-zone shear structure. In-fill drilling at a line spacing of 50m has confirmed the continuity of mineralisation between the Rondo and Zoungwa prospects (known as the Z-R prospect) over a strike length of 900m. Amara believes there is further upside potential at Kalsaka, which the Company plans to mine once operations at Sega conclude. Resource estimations for these areas are expected to be completed during Q4 2012.


Mineral Resources at Sega(ii)

Indicated                       Tonnes     Grade    Contained Au
                                ('000t)     (g/t)     (Ounces)
Ox-LAT Contact                     17       1.52 	829
Oxide                           3,279       1.67 	175,630
Transitional                    1,594       1.58 	81,113
Total Oxide and Transitional    4,890       1.64 	257,572
Sulphide                        3,399       1.76 	192,794
Total Indicated                 8,289       1.69 	450,366

Inferred                        Tonnes     Grade    Contained Au
                                ('000t)     (g/t)     (Ounces)
Ox-LAT Contact                      9       1.75 	505
Oxide                             740       1.50 	35,764
Transitional                      422       1.47 	19,989
Total Oxide and Transitional    1,171       1.49 	56,258
Sulphide                        1,737       1.63 	91,086
Total Inferred                  2,908       1.58 	147,344

Note: Resources presented in the above table are accurate as at 11 January 2010 (see note (i) below) and have not changed as a result of the drilling programme described in this announcement. Mineral resources that are not mineral reserves do not have demonstrated economic viability.


Qualified Person

Richard Quarmby is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release and reviewed and approved the information contained within this announcement. Mr Quarmby is the Group Project Manager.

The delineation of the Sega resources and the 10,000 metre drilling programme were executed under the supervision of Pascal Marquis, SVP Exploration for Orezone, who is a Qualified Person as defined by National Instrument 43-101 and who has reviewed and approved the relevant technical information in this release. Orezone completed the 10,000 m reverse circulation drilling program and the rotary sample division of all the samples that were then handed over to Cluff who supervised the sample preparation and the analytical work reported here.

Peter Brown is a "Qualified Person" within the definition of National Instrument 43-101 and has verified the data disclosed in this release with regards to the exploration conducted at Sega for Amara, including sampling, analytical and test data underlying the information contained herein, and reviewed and approved the information contained within this announcement. Mr Brown (MIMMM) is the Group Exploration Manager.


About Amara Mining plc

Amara (formerly Cluff Gold) is a gold developer-producer with assets in West Africa. The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the recent acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Côte d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Côte d'Ivoire and Mali, Amara aims to further increase its production profile with its highly prospective exploration work across all assets.


This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.

All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, risks related to international operations, timing of receipt of mining licence, the actual results of current exploration and drilling activities, the reduction of the net smelter returns royalty on Sega, the results of the Baomahun feasibility study, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.

Non IFRS Measures - Cash cost per ounce is a financial measure used by many investors to compare mining companies on the basis of operating results and asset value. It is not a measure of financial performance, nor does it have a standardized meaning prescribed by IFRS, and it may not be comparable to similar measures presented by other companies. Investors are cautioned that cash cost per ounce should not be construed as an alternative to other financial measures determined in accordance with IFRS as an indicator of Amara's performance. This measure has been described and presented in this document in order to provide shareholders and potential investors with additional information regarding the Company's operational performance.

The mineral resources for Sega were estimated by Orezone in 2010. The 2010 resource estimate was updated from the resource estimate prepared by Met-Chem in February 2009 and included 12,471 m of new infill definition drilling, for a total of 104,752 m of core and reverse circulation drilling compiled up to December 2009. The resources are contained in thirteen separate block models, and for the most part are restricted to a vertical depth of 150 m.

The RC drilling programmes at Sega were undertaken by independent drilling contractors. All the Company's drill hole collar positions were pegged using a Garmin GPS unit and re-surveyed after drilling. The drill collars after survey were checked by an onsite geologist. Each 1.0m RC chipping passing through a cyclone is collected in a plastic bag and reduced in a multistage splitter to get a split of between 2kg and 4kg. Sampling was done under the supervision of the site geologist. Duplicate samples were collected at every 20th sample point and one blank inserted at every 20th point. Every fiftieth sample is a Certified Reference Material from Geostats. Samples were submitted to the in-house laboratory, dried, crushed and pulverised to 85-90% passing 106μm and analysed by bulk leach extractable gold assays for twelve hours.

The RAB drilling programme at Sega was undertaken by an independent drilling contractor. All the drill holes collar positions were pegged using a Garmin GPS unit and re-surveyed after drilling. The drill collars after survey were checked by an onsite geologist. Each 1.0m RAB chipping passing through a cyclone is collected in a plastic bag and 2m-composites are reduced in a multistage splitter to get a split of between 2kg and 4kg. Sampling was done under the supervision of the site geologist. Duplicate samples were collected at every 20th sample point and one blank inserted at every 20th point. Every fiftieth sample is a Certified Reference Material from Geostats. Samples were submitted to the in-house laboratory, dried, crushed and pulverised to 85-90% passing 106μm and analysed by bulk leach extractable gold assays for twelve hours.

RAB and RC check assays will also be submitted to external commercial laboratories in Burkina Faso as part of the Company's quality control procedures.



Appendix 1: Results of 10,000m drilling programme conducted by Orezone

Please note that SRBs are RAB holes, and SRCs are RC holes. A significant intercept has a minimum width of 2m, a minimum grade of 0.4 g/t and a maximum internal dilution of 2m.

Hole_ID 	From 	To 	Interval 	Au_ppm 	Prospect 	UTME 	UTMN
TBC1025 	20 	25 	5 	0.41 	Tiba2 	611824.442 	1482038.78
TBC1025 	28 	31 	3 	5.09 	Tiba2 	611824.442 	1482038.78
TBC1025 	67 	71 	4 	1.00 	Tiba2 	611824.442 	1482038.78
TBC1026 	16 	20 	4 	0.72 	Tiba2 	611833.807 	1482015.6
TBC1026 	58 	60 	2 	0.70 	Tiba2 	611833.807 	1482015.6
TBC1027 	1 	3 	2 	0.89 	Tiba2 	611867.43 	1482065.85
TBC1027 	31 	33 	2 	0.58 	Tiba2 	611867.43 	1482065.85
TBC1027 	36 	55 	19 	0.81 	Tiba2 	611867.43 	1482065.85
TBC1027 	76 	78 	2 	1.88 	Tiba2 	611867.43 	1482065.85
TBC1028 	4 	8 	4 	0.44 	Tiba2 	611876.795 	1482042.67
TBC1028 	10 	12 	2 	1.36 	Tiba2 	611876.795 	1482042.67
TBC1028 	24 	29 	5 	1.11 	Tiba2 	611876.795 	1482042.67
TBC1029 	9 	15 	6 	1.26 	Tiba2 	611886.16 	1482019.49
TBC1029 	23 	26 	3 	0.56 	Tiba2 	611886.16 	1482019.49
TBC1029 	30 	34 	4 	1.35 	Tiba2 	611886.16 	1482019.49
TBC1029 	44 	50 	6 	0.57 	Tiba2 	611886.16 	1482019.49
TBC1032 	4 	6 	2 	0.56 	Tiba2 	611930.646 	1482042.86
TBC1032 	44 	48 	4 	0.69 	Tiba2 	611930.646 	1482042.86
TBC1033 	54 	56 	2 	1.40 	Tiba2 	611959.024 	1482106.09
TBC1040 	54 	60 	6 	1.32 	Tiba3-Sud 	612517.499 	1482198.15
TBC1044 	30 	33 	3 	0.58 	Tiba3-Sud 	612811.68 	1482285.56
TBC1047 	12 	14 	2 	0.59 	Tiba3-Sud 	612869.306 	1482367.44
TBC1055 	18 	21 	3 	0.44 	Tiba3-Sud 	613039.618 	1482361.28
TBC1057 	10 	13 	3 	1.14 	Tiba3-Sud 	613014.669 	1482222.15
TBC1058 	38 	40 	2 	4.37 	Tiba3-Sud 	613034.369 	1482206.75
TBC1061 	38 	47 	9 	1.28 	Tiba3-Sud 	613028.752 	1482084.24
TBC1062 	16 	23 	7 	1.28 	Tiba3-Sud 	613009.051 	1482099.63
TBC1063 	5 	7 	2 	0.79 	Tiba3-Sud 	613003.586 	1482167.35
TBC1063 	52 	54 	2 	0.83 	Tiba3-Sud 	613003.586 	1482167.35
TBC1065 	27 	32 	5 	0.58 	Tiba3-Sud 	613138.538 	1482315.72
TBC1065 	49 	52 	3 	0.51 	Tiba3-Sud 	613138.538 	1482315.72
TBC1066 	5 	8 	3 	0.83 	Tiba3-Sud 	613118.838 	1482331.11
TBC1071 	53 	55 	2 	6.84 	Tiba3-Sud 	613130.391 	1482480.71
TBC1071 	62 	65 	3 	0.45 	Tiba3-Sud 	613130.391 	1482480.71
TBC1073 	3 	5 	2 	0.44 	Tiba3-Sud 	613199.049 	1482553.97
TBC1073 	6 	13 	7 	0.63 	Tiba3-Sud 	613199.049 	1482553.97
TBC1079 	10 	15 	5 	1.49 	Sampella 	616349.577 	1483247.81
TBC1080 	24 	30 	6 	0.94 	Sampella 	616410.378 	1483242.5
TBC1081 	52 	59 	7 	2.47 	Sampella 	616453.68 	1483267.5
TBC1082 	41 	43 	2 	6.65 	Sampella 	616504.481 	1483279.51
TBC1083 	31 	34 	3 	0.79 	Sampella 	616542.782 	1483313.17
TBC1088 	57 	59 	2 	1.17 	Déré 	614487.386 	1480989.26
TBC1091 	81 	83 	2 	0.70 	Déré 	614340.887 	1481069.18
TBC1094 	26 	29 	3 	6.21 	Touli 	612100 	1479300
TBC1094 	32 	36 	4 	0.79 	Touli 	612100 	1479300
TBC1094 	43 	50 	7 	1.22 	Touli 	612100 	1479300
TBC1094 	59 	62 	3 	1.33 	Touli 	612100 	1479300
TBC1095 	31 	34 	3 	2.78 	Touli 	612100 	1479250
TBC1095 	40 	44 	4 	0.70 	Touli 	612100 	1479250
TBC1095 	59 	67 	8 	1.32 	Touli 	612100 	1479250
TBC1097 	35 	37 	2 	0.74 	Kamense 	611017.627 	1479121.97
TBC1098 	20 	22 	2 	3.03 	KNW 	610638 	1478500
TBC1100 	11 	13 	2 	0.49 	KNW 	610508 	1478500
TBC1100 	16 	22 	6 	1.68 	KNW 	610508 	1478500
TBC1106 	2 	12 	10 	2.88 	KNW 	610631 	1478450
TBC1108 	11 	13 	2 	0.75 	KNW 	610600 	1478400
TBC1110 	20 	22 	2 	0.96 	KNW 	610525 	1478375
TBC1110 	26 	30 	4 	0.58 	KNW 	610525 	1478375
TBC1112 	24 	30 	6 	3.00 	KNW 	610625 	1478375
TBC1113 	57 	64 	7 	2.40 	KNW 	610645 	1478345
TBC1119 	7 	11 	4 	2.78 	KNW 	610240 	1478250
TBC1129 	26 	29 	3 	0.52 	KNW 	610533 	1477900
TBC1135 	4 	8 	4 	1.63 	KNW 	610538 	1477750
TBC1135 	12 	15 	3 	0.97 	KNW 	610538 	1477750
TBC1136 	14 	19 	5 	0.82 	KNW 	610569 	1477700
TBC1146 	29 	31 	2 	0.80 	KNW 	611018 	1477500
TBC1146 	35 	37 	2 	0.86 	KNW 	611018 	1477500
TBC1147 	24 	26 	2 	3.31 	KNW 	611044 	1477450
TBC1151 	1 	7 	6 	0.89 	KNW 	611044 	1477400
TBC1151 	31 	35 	4 	0.45 	KNW 	611044 	1477400
TBC1158 	7 	9 	2 	0.61 	KNW 	610942 	1477200
TBC1159 	31 	33 	2 	0.54 	KNW 	611003 	1477150
TBC1161 	7 	15 	8 	1.30 	KNW 	610911 	1477150
TBC1162 	12 	15 	3 	1.03 	KNW 	610886 	1477150
TBC1163 	14 	18 	4 	0.45 	KNW 	610919 	1477045
TBC1163 	24 	32 	8 	0.59 	KNW 	610919 	1477045
TBC1167 	5 	11 	6 	0.45 	KNW 	610880 	1477300
TBC1167 	35 	38 	3 	0.61 	KNW 	610880 	1477300
TBC1168 	22 	24 	2 	0.72 	KNW 	610905 	1477300
TBC1168 	28 	30 	2 	0.70 	KNW 	610905 	1477300
TBC1169 	22 	24 	2 	0.83 	KNW 	610899 	1477350
TBC1170 	16 	18 	2 	11.99 	KNW 	610874 	1477350
TBC1170 	27 	29 	2 	0.57 	KNW 	610874 	1477350
TBC1172 	2 	6 	4 	0.53 	KNW 	610893 	1477400
TBC1172 	13 	15 	2 	0.72 	KNW 	610893 	1477400
TBC1178 	1 	4 	3 	1.33 	KNW 	610500 	1478000
TBC1178 	15 	19 	4 	1.24 	KNW 	610500 	1478000
TBC1179 	21 	24 	3 	0.53 	KNW 	610531 	1478050
TBC1179 	30 	34 	4 	0.47 	KNW 	610531 	1478050
TBC1180 	4 	9 	5 	0.82 	KNW 	610510 	1478100
TBC1182 	27 	29 	2 	0.75 	KNW 	610556 	1478050
TBC1184 	14 	19 	5 	0.73 	KNW 	610500 	1478150
TBC1185 	19 	26 	7 	0.51 	KNW 	610292 	1478100
TBC1186 	16 	18 	2 	0.70 	KNW 	610212 	1478100
TBC1188 	13 	15 	2 	1.29 	KNW 	610235 	1478200
TBC1189 	46 	52 	6 	2.34 	G2SW 	606750 	1476520
TBC1203 	71 	79 	8 	7.75 	Bangassila 	606848.523 	1479949.06

Appendix 2: Results of the RC drilling conducted by Amara at the Touli, Sampella, KNW and Bangassila prospect

Please note that SRBs are RAB holes, and SRCs are RC holes. A significant intercept has a minimum width of 2m, a minimum grade of 0.4 g/t and a maximum internal dilution of 2m.

BHID 	FROM 	TO 	Interval 	AU 	Permit 	Prospect 	Dril_Type 	UTME 	UTMN
SRC0061 	51 	55 	4 	1.47 	TIBA 	Bangassila 	RC 	606732 	1479852
SRC0062 	14 	16 	2 	2.01 	TIBA 	Bangassila 	RC 	606777 	1479886
SRC0064 	1 	5 	4 	0.55 	TIBA 	Bangassila 	RC 	606791 	1479933
SRC0064 	50 	53 	3 	0.65 	TIBA 	Bangassila 	RC 	606791 	1479933
SRC0064 	56 	60 	4 	0.81 	TIBA 	Bangassila 	RC 	606791 	1479933
SRC0065 	15 	17 	2 	1.74 	TIBA 	Bangassila 	RC 	606808 	1479915
SRC0065 	27 	29 	2 	1.62 	TIBA 	Bangassila 	RC 	606808 	1479915
SRC0065 	37 	40 	3 	0.59 	TIBA 	Bangassila 	RC 	606808 	1479915
SRC0066 	38 	41 	3 	0.62 	TIBA 	Bangassila 	RC 	606839 	1479977
SRC0066 	58 	61 	3 	2.13 	TIBA 	Bangassila 	RC 	606839 	1479977
SRC0080 	72 	74 	2 	0.82 	TIBA 	Bangassila 	RC 	606750 	1479833
SRC0082 	89 	92 	3 	0.62 	TIBA 	Bangassila 	RC 	606795 	1479866
SRC0082 	114 	118 	4 	1.03 	TIBA 	Bangassila 	RC 	606795 	1479866
SRC0083 	99 	103 	4 	2.07 	TIBA 	Bangassila 	RC 	606842 	1479880
SRC0083 	110 	114 	4 	0.82 	TIBA 	Bangassila 	RC 	606842 	1479880
SRC0083 	121 	124 	3 	0.89 	TIBA 	Bangassila 	RC 	606842 	1479880
SRC0084 	79 	81 	2 	1.03 	TIBA 	Bangassila 	RC 	606826 	1479899
SRC0085 	64 	70 	6 	0.41 	TIBA 	Bangassila 	RC 	606772 	1479953
SRC0085 	72 	76 	4 	0.90 	TIBA 	Bangassila 	RC 	606772 	1479953
SRC0090 	105 	109 	4 	0.74 	TIBA 	Bangassila 	RC 	606865 	1479929
SRC0093 	126 	129 	3 	0.93 	TIBA 	Bangassila 	RC 	606668 	1479706
SRC0109 	28 	31 	3 	0.63 	TIBA 	Bangassila 	RC 	606812 	1479986
SRC0141 	54 	60 	6 	0.64 	TIBA 	KNW 	RC 	610526 	1478550
SRC0142 	30 	33 	3 	1.62 	TIBA 	KNW 	RC 	610506 	1478551
SRC0144 	52 	54 	2 	0.52 	TIBA 	KNW 	RC 	610662 	1478450
SRC0144 	63 	69 	6 	2.22 	TIBA 	KNW 	RC 	610662 	1478450
SRC0144 	72 	77 	5 	0.51 	TIBA 	KNW 	RC 	610662 	1478450
SRC0145 	25 	36 	11 	2.89 	TIBA 	KNW 	RC 	610645 	1478451
SRC0150 	35 	40 	5 	0.82 	TIBA 	KNW 	RC 	610913 	1477350
SRC0150 	67 	69 	2 	0.53 	TIBA 	KNW 	RC 	610913 	1477350
SRC0151 	11 	14 	3 	0.46 	TIBA 	KNW 	RC 	610889 	1477350
SRC0151 	16 	19 	3 	1.14 	TIBA 	KNW 	RC 	610889 	1477350
SRC0033 	82 	91 	9 	1.74 	TIBA 	Sampella 	RC 	616440 	1483290
SRC0046 	68 	71 	3 	0.70 	TIBA 	Sampella 	RC 	616384 	1483276
SRC0046 	75 	80 	5 	0.50 	TIBA 	Sampella 	RC 	616384 	1483276
SRC0052 	66 	68 	2 	0.70 	TIBA 	Sampella 	RC 	616338 	1483269
SRC0052 	96 	101 	5 	3.48 	TIBA 	Sampella 	RC 	616338 	1483269
SRC0008 	56 	60 	4 	1.02 	TIBA 	Touli 	RC 	611950 	1479242
SRC0010 	1 	7 	6 	0.92 	TIBA 	Touli 	RC 	612000 	1479332
SRC0010 	10 	15 	5 	0.86 	TIBA 	Touli 	RC 	612000 	1479332
SRC0010 	18 	23 	5 	3.16 	TIBA 	Touli 	RC 	612000 	1479332
SRC0014 	90 	92 	2 	0.47 	TIBA 	Touli 	RC 	612053 	1479287
SRC0014 	105 	109 	4 	0.99 	TIBA 	Touli 	RC 	612053 	1479287
SRC0015 	37 	42 	5 	0.73 	TIBA 	Touli 	RC 	612052 	1479240
SRC0015 	47 	50 	3 	0.51 	TIBA 	Touli 	RC 	612052 	1479240
SRC0016 	78 	85 	7 	0.71 	TIBA 	Touli 	RC 	612100 	1479332
SRC0016 	151 	153 	2 	0.87 	TIBA 	Touli 	RC 	612100 	1479332
SRC0017 	1 	24 	23 	1.35 	TIBA 	Touli 	RC 	612150 	1479332
SRC0017 	37 	39 	2 	0.75 	TIBA 	Touli 	RC 	612150 	1479332
SRC0017 	47 	60 	13 	1.20 	TIBA 	Touli 	RC 	612150 	1479332
SRC0017 	79 	84 	5 	1.45 	TIBA 	Touli 	RC 	612150 	1479332
SRC0017 	136 	141 	5 	0.51 	TIBA 	Touli 	RC 	612150 	1479332
SRC0017 	151 	154 	3 	0.45 	TIBA 	Touli 	RC 	612150 	1479332
SRC0018 	16 	21 	5 	0.53 	TIBA 	Touli 	RC 	612152 	1479286
SRC0018 	24 	26 	2 	1.29 	TIBA 	Touli 	RC 	612152 	1479286
SRC0019 	39 	41 	2 	0.54 	TIBA 	Touli 	RC 	612152 	1479241
SRC0032 	8 	13 	5 	0.91 	TIBA 	Touli 	RC 	612103 	1479287
SRC0032 	16 	19 	3 	5.87 	TIBA 	Touli 	RC 	612103 	1479287
SRC0032 	25 	39 	14 	0.81 	TIBA 	Touli 	RC 	612103 	1479287
SRC0103 	10 	18 	8 	0.80 	TIBA 	Touli 	RC 	611989 	1479367
SRC0103 	63 	71 	8 	1.28 	TIBA 	Touli 	RC 	611989 	1479367
SRC0104 	45 	48 	3 	1.72 	TIBA 	Touli 	RC 	611997 	1479399
SRC0104 	62 	70 	8 	0.91 	TIBA 	Touli 	RC 	611997 	1479399
SRC0105 	13 	15 	2 	0.57 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	22 	29 	7 	0.77 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	32 	44 	12 	0.49 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	48 	52 	4 	0.74 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	66 	71 	5 	0.66 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	93 	95 	2 	0.53 	TIBA 	Touli 	RC 	612150 	1479364
SRC0105 	100 	102 	2 	2.99 	TIBA 	Touli 	RC 	612150 	1479364
SRC0106 	56 	63 	7 	0.67 	TIBA 	Touli 	RC 	612150 	1479397
SRC0106 	74 	78 	4 	1.66 	TIBA 	Touli 	RC 	612150 	1479397
SRC0112 	90 	92 	2 	1.90 	TIBA 	Touli 	RC 	611996 	1479437
SRC0112 	106 	110 	4 	1.24 	TIBA 	Touli 	RC 	611996 	1479437
SRC0113 	69 	71 	2 	1.04 	TIBA 	Touli 	RC 	611944 	1479443
SRC0113 	76 	83 	7 	1.44 	TIBA 	Touli 	RC 	611944 	1479443
SRC0113 	100 	109 	9 	1.02 	TIBA 	Touli 	RC 	611944 	1479443
SRC0114 	8 	19 	11 	1.65 	TIBA 	Touli 	RC 	611946 	1479396
SRC0114 	33 	35 	2 	1.22 	TIBA 	Touli 	RC 	611946 	1479396
SRC0114 	52 	55 	3 	1.32 	TIBA 	Touli 	RC 	611946 	1479396
SRC0115 	57 	61 	4 	2.10 	TIBA 	Touli 	RC 	611898 	1479435
SRC0116 	12 	17 	5 	1.49 	TIBA 	Touli 	RC 	611900 	1479396
SRC0118 	47 	54 	7 	0.85 	TIBA 	Touli 	RC 	611275 	1479676
SRC0118 	57 	61 	4 	1.07 	TIBA 	Touli 	RC 	611275 	1479676
SRC0118 	71 	73 	2 	2.58 	TIBA 	Touli 	RC 	611275 	1479676
SRC0119 	12 	21 	9 	1.50 	TIBA 	Touli 	RC 	611274 	1479610
SRC0119 	24 	50 	26 	2.14 	TIBA 	Touli 	RC 	611274 	1479610
SRC0124 	64 	66 	2 	1.77 	TIBA 	Touli 	RC 	611471 	1479710
SRC0124 	90 	92 	2 	0.83 	TIBA 	Touli 	RC 	611471 	1479710
SRC0126 	15 	17 	2 	0.67 	TIBA 	Touli 	RC 	612203 	1479397
SRC0127 	86 	91 	5 	1.30 	TIBA 	Touli 	RC 	612198 	1479438
SRC0127 	121 	123 	2 	3.99 	TIBA 	Touli 	RC 	612198 	1479438
SRC0128 	16 	19 	3 	0.80 	TIBA 	Touli 	RC 	612249 	1479440
SRC0128 	34 	37 	3 	0.82 	TIBA 	Touli 	RC 	612249 	1479440
SRC0128 	58 	60 	2 	1.14 	TIBA 	Touli 	RC 	612249 	1479440
SRC0128 	63 	72 	9 	0.48 	TIBA 	Touli 	RC 	612249 	1479440
SRC0129 	27 	29 	2 	4.31 	TIBA 	Touli 	RC 	612246 	1479397
SRC0132 	111 	127 	16 	0.79 	TIBA 	Touli 	RC 	612150 	1479436
SRC0132 	134 	141 	7 	0.72 	TIBA 	Touli 	RC 	612150 	1479436
SRC0155 	127 	130 	3 	1.16 	TIBA 	Touli 	RC 	611669 	1479747
SRC0156 	36 	38 	2 	0.46 	TIBA 	Touli 	RC 	611463 	1479609
SRC0156 	69 	71 	2 	0.44 	TIBA 	Touli 	RC 	611463 	1479609
SRC0158 	44 	46 	2 	1.82 	TIBA 	Touli 	RC 	611369 	1479643

Appendix 3: Results of the RAB drilling conducted by Amara at the Touli, Bakou and Gambo prospects

Please note that SRBs are RAB holes, and SRCs are RC holes. A significant intercept has a minimum width of 2m, a minimum grade of 0.4 g/t and a maximum internal dilution of 2m.

BHID 	FROM 	TO 	Interval 	AU 	Permit 	Prospect 	Dril_Type 	UTME 	UTMN
SRB0003 	18 	20 	2 	0.43 	TIBA 	Bakou 	RAB 	609122 	1477446
SRB0005 	6 	8 	2 	1.24 	TIBA 	Bakou 	RAB 	609125 	1477413
SRB0007 	2 	8 	6 	1.95 	TIBA 	Bakou 	RAB 	609127 	1477383
SRB0008 	2 	6 	4 	0.69 	TIBA 	Bakou 	RAB 	609126 	1477361
SRB0008 	12 	14 	2 	0.66 	TIBA 	Bakou 	RAB 	609126 	1477361
SRB0010 	0 	2 	2 	3.72 	TIBA 	Bakou 	RAB 	609133 	1477321
SRB0011 	16 	18 	2 	0.44 	TIBA 	Bakou 	RAB 	609133 	1477299
SRB0029 	28 	34 	6 	1.20 	TIBA 	Bakou 	RAB 	609313 	1477471
SRB0036 	14 	16 	2 	1.42 	TIBA 	Bakou 	RAB 	609141 	1477438
SRB0040 	42 	50 	8 	0.90 	TIBA 	Bakou 	RAB 	609317 	1477366
SRB0043 	10 	12 	2 	0.93 	TIBA 	Bakou 	RAB 	609215 	1477349
SRB0046 	18 	20 	2 	0.60 	TIBA 	Bakou 	RAB 	609163 	1477341
SRB0048 	26 	28 	2 	0.96 	TIBA 	Bakou 	RAB 	609128 	1477337
SRB0051 	12 	16 	4 	0.60 	TIBA 	Bakou 	RAB 	609084 	1477327
SRB0054 	38 	40 	2 	0.58 	TIBA 	Bakou 	RAB 	609346 	1477268
SRB0054 	50 	54 	4 	0.64 	TIBA 	Bakou 	RAB 	609346 	1477268
SRB0055 	46 	48 	2 	0.47 	TIBA 	Bakou 	RAB 	609292 	1477255
SRB0058 	16 	18 	2 	1.03 	TIBA 	Bakou 	RAB 	609220 	1477246
SRB0059 	0 	2 	2 	0.69 	TIBA 	Bakou 	RAB 	609200 	1477245
SRB0061 	0 	2 	2 	0.44 	TIBA 	Bakou 	RAB 	609163 	1477241
SRB0063 	0 	2 	2 	0.44 	TIBA 	Bakou 	RAB 	609122 	1477236
SRB0064 	30 	32 	2 	0.55 	TIBA 	Bakou 	RAB 	609105 	1477231
SRB0073 	26 	30 	4 	1.97 	TIBA 	Bakou 	RAB 	609178 	1477144
SRB0074 	24 	26 	2 	0.96 	TIBA 	Bakou 	RAB 	609152 	1477138
SRB0075 	0 	2 	2 	0.61 	TIBA 	Bakou 	RAB 	609128 	1477137
SRB0087 	0 	2 	2 	0.43 	TIBA 	Bakou 	RAB 	609065 	1476937
SRB0089 	36 	38 	2 	2.77 	TIBA 	Bakou 	RAB 	609123 	1476944
SRB0091 	20 	22 	2 	0.60 	TIBA 	Bakou 	RAB 	609333 	1477060
SRB0107 	16 	18 	2 	0.54 	TIBA 	Bakou 	RAB 	609200 	1476950
SRB0152 	14 	16 	2 	1.13 	TIBA 	Gambo 	RAB 	607843 	1476077
SRB0155 	18 	20 	2 	0.55 	TIBA 	Gambo 	RAB 	607808 	1476169
SRB0122 	20 	22 	2 	0.92 	TIBA 	Touli 	RAB 	612500 	1479500
SRB0123 	24 	26 	2 	0.50 	TIBA 	Touli 	RAB 	612503 	1479460
SRB0158 	10 	12 	2 	0.92 	TIBA 	Touli 	RAB 	612300 	1479500
SRB0159 	32 	34 	2 	0.60 	TIBA 	Touli 	RAB 	612303 	1479465
SRB0159 	44 	48 	4 	2.16 	TIBA 	Touli 	RAB 	612303 	1479465
SRB0167 	32 	36 	4 	0.46 	TIBA 	Touli 	RAB 	612773 	1479047
SRB0182 	10 	12 	2 	0.55 	TIBA 	Touli 	RAB 	611910 	1479396
SRB0182 	26 	28 	2 	0.43 	TIBA 	Touli 	RAB 	611910 	1479396
SRB0183 	8 	16 	8 	0.51 	TIBA 	Touli 	RAB 	611915 	1479376
SRB0184 	44 	46 	2 	0.43 	TIBA 	Touli 	RAB 	611924 	1479321
SRB0209 	16 	18 	2 	0.44 	TIBA 	Touli 	RAB 	611381 	1479012
SRB0215 	4 	10 	6 	0.63 	TIBA 	Touli 	RAB 	611142 	1479176
SRB0230 	14 	16 	2 	1.15 	TIBA 	Touli 	RAB 	611275 	1479658
SRB0230 	30 	34 	4 	1.03 	TIBA 	Touli 	RAB 	611275 	1479658
SRB0230 	42 	51 	9 	2.88 	TIBA 	Touli 	RAB 	611275 	1479658
SRB0231 	38 	51 	13 	1.15 	TIBA 	Touli 	RAB 	611279 	1479631
SRB0232 	8 	34 	26 	3.05 	TIBA 	Touli 	RAB 	611286 	1479595
SRB0233 	16 	26 	10 	2.17 	TIBA 	Touli 	RAB 	611291 	1479561
SRB0271 	2 	4 	2 	0.61 	TIBA 	Touli 	RAB 	612050 	1479902
SRB0288 	44 	46 	2 	0.44 	TIBA 	Touli 	RAB 	611849 	1479820
SRB0289 	36 	50 	14 	1.16 	TIBA 	Touli 	RAB 	611850 	1479785
SRB0290 	8 	26 	18 	3.49 	TIBA 	Touli 	RAB 	611850 	1479750
SRB0290 	48 	51 	3 	0.81 	TIBA 	Touli 	RAB 	611850 	1479750
SRB0297 	2 	4 	2 	0.50 	TIBA 	Touli 	RAB 	611675 	1479982
SRB0298 	2 	4 	2 	0.41 	TIBA 	Touli 	RAB 	611674 	1479928
SRB0300 	18 	20 	2 	0.49 	TIBA 	Touli 	RAB 	611674 	1479828
SRB0301 	20 	24 	4 	2.16 	TIBA 	Touli 	RAB 	611675 	1479775
SRB0310 	52 	54 	2 	0.43 	TIBA 	Touli 	RAB 	611475 	1479751

(i) As per Orezone's press release titled Orezone Confirms Positive Metallurgical Results for Sega Gold Deposit, dated 11 April 2011

(ii) Mineral resources estimates effective as of January 11, 2010. Stated cut-off grade of 0.5g/t Au. Further details of Sega's mineral resources are contained in the technical report entitled: Technical Report on the Mineral Resource of the Sega Gold Project, dated January 11, 2010, filed by Orezone Gold Corporation and available on SEDAR. This technical report was reviewed by Peter Brown, a "Qualified Person" on behalf of Amara. To the best of Amara's knowledge, information and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources inaccurate or misleading.


NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE



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