Exercise of Share Options (2940C)

TIDMAAAM

RNS Number : 2940C

African Aura Mining Inc.

03 March 2011

NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO US NEWS WIRE SERVICES.

03 March 2011

TSX-V: AUR

AIM: AAAM

African Aura Mining Inc.

Exercise of Share Options

3 March 2011, African Aura Mining Inc. ("African Aura" or the "Company") has applied for 159,375 new common shares in the Company ("Common Shares") to be admitted to trading on the London Stock Exchange's AIM market for listed securities ("Admission").

The new Common Shares are being issued pursuant to the exercise of options. Admission is expected to become effective on 8 March 2011. The new Common Shares will rank pari passu with the Company's existing Common Shares.

Following admission of the new Common Shares, the total issued share capital of the Company will be 86,252,592 Common Shares, all of which have voting rights.

The above figure (86,252,592) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, African Aura Mining Inc.

About African Aura Mining Inc.

African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions that are intended to be split into separate listed companies becoming effective, subject to shareholder, regulatory and other approvals in April 2011:

- The iron ore division includes its 38.5% interest in the 2.4Bt Putu iron ore project in Liberia, which is subject to a resource expansion drilling programme and moving through pre-feasibility managed by joint venture partner Severstal Resources (the mining division of London and Moscow listed OAO Severstal). In September 2010, Putu was granted a 25 year renewable Mineral Development Agreement by the Government of Liberia. The division also includes a 100% interest in the Nkout 1Bt iron ore project and surrounding iron targets in Cameroon which is subject to a resource expansion drilling programme.

- The gold assets, to be held in "Aureus Mining Inc." when listed independently, include the New Liberty gold deposit in western Liberia which has a resource of 1.51 million ounces of gold grading 3.78 g/t (comprising 5,599,000 tonnes grading 4.17 g/t in the indicated category and 7,040,000 tonnes grading 3.40 g/t in the inferred category) which is being advanced through a bankable feasibility study, and the proximal Ndablama, Weaju, Silver Hills and Gondoja gold projects all within the Company's Bea Mountain 25 year renewable Mineral Development Agreement.

In addition, the Company has a 22% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com). It is proposed that, following completion of the Arrangement, this holding will be held by Aureus Mining Inc.

The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following:

African Aura Mining Inc.

Luis da Silva, President & CEO

Tel: [phone]

Evolution Securities Limited

Rob Collins / Tim Redfern

Tel: [phone]

Pelham Bell Pottinger

Charles Vivian / James MacFarlane

Tel: [phone]

Forward-Looking Information

This press release contains certain forward-looking information. All information, other than information regarding historical fact, that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this press release includes, but may not be limited to: the future plans and objectives of African Aura, including the completion of the proposed Arrangement and the terms, timing and consequences relating thereto; the admission on and AIM of the Aureus Mining Shares to be received by African Aura shareholders in connection with the Arrangement and the timing related thereto; and the timing of the shareholders meeting to consider the Arrangement. The foregoing and other forward-looking information contained in this press release reflects the current expectations, assumptions or beliefs of African Aura based on information currently available to African Aura. With respect to the forward-looking information contained in this press release, African Aura has made assumptions regarding, among other things: general business, economic and mining industry conditions; the completion of the Arrangement, including the receipt of all necessary approvals to proceed therewith; the Company's ongoing exploration and development activities; and it has also been assumed that no material adverse change in the price of precious and/or base metals occurs and no significant events occur outside of African Aura's normal course of business.

Such forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including: delays in obtaining, or a failure to obtain, required regulatory approvals (including the approval of the AIM with respect to the listing and admission, respectively, of the Aureus Mining Shares to be received by African Aura's shareholders as part of the Arrangement); the Company's inability to complete the Arrangement or obtain a favourable confirmation from the Canada Revenue Agency regarding the tax consequences of the Arrangement; risks normally incidental to exploration and development of mineral properties; adverse changes in precious and/or base metal prices; and future unforeseen liabilities and other factors including, but not limited to, those listed under "Risk Factors" in the Circular and the Company's Annual Information Form dated April 30, 2010 available under the Company's profile on SEDAR at www.sedar.com.

Forward-looking information speak only as of the date on which it is made and, except as may be required by applicable law, African Aura 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Ends

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The company news service from the London Stock Exchange

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