Receipt of Interim Order Approving Shareholder Mtg (0507C)

TIDMAAAM

RNS Number : 0507C

African Aura Mining Inc.

01 March 2011

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

March 01, 2011

TSX-V: AUR

AIM: AAAM

African Aura Mining Inc.

RECEIPT OF INTERIM ORDER APPROVING SHAREHOLDER MEETING

March 01, 2011, African Aura Mining Inc. ("African Aura" or the "Company"), the TSX-V (AUR) and AIM (AAAM) listed exploration and development company with divisions focused on iron ore and gold projects in sub-Saharan Africa, announces that, further to its press releases dated November 5, 2010 and February 28, 2011, it has obtained an interim order of the Supreme Court of British Columbia providing for, among other things, the calling and holding of a meeting of African Aura's shareholders (the "Meeting") to consider a restructuring of African Aura's assets (the "Arrangement").

Pursuant to the Arrangement, the interest of African Aura in its gold assets (including the New Liberty Gold Project in Liberia), approximately 22.1% of the outstanding ordinary shares of Stellar Diamonds plc and cash and cash equivalents equal to 40% of African Aura's total cash balance as at the effective time of the Arrangement (the "Effective Time") will be acquired by Aureus Mining Inc. ("Aureus Mining"). Pursuant to the Arrangement, each shareholder of African Aura will be entitled to receive one new common share of African Aura and one common share of Aureus Mining for each common share of African Aura held by such shareholder at the Effective Time. Upon completion of the Arrangement, African Aura will be renamed "Afferro Mining Inc." and will continue to hold its iron ore projects, which include the Putu Project in Liberia and the Nkout Project in Cameroon, and will retain the remainder of its cash and cash equivalents.

African Aura has scheduled the Meeting for April 5, 2011, at which shareholders of record on February 25, 2011 will consider, among other matters, the Arrangement. Meeting materials will be mailed shortly and are expected to be available on SEDAR (www.sedar.com) under African Aura's profile on or about March 4, 2011 and will be available on the Company's website (www.african-aura.com).

The completion of the Arrangement is conditional upon the satisfaction of certain conditions precedent, including shareholder approval, final approval of the Supreme Court of British Columbia and the Toronto Stock Exchange (the "TSX") having conditionally approved the listing thereon of the Aureus Mining common shares to be received by African Aura's shareholders pursuant to the Arrangement, subject only to compliance with the usual requirements of the TSX. Please see the Company's press release dated February 28, 2011 for further information in this regard. Application will also be made to the AIM market of the London Stock Exchange ("AIM") for the admission thereon of the Aureus Mining common shares, which admission will be subject to, among other things, Aureus Mining satisfying the admission requirements of AIM.

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 and Aureus Mining, including the completion of the proposed Arrangement and the terms, timing and consequences relating thereto; the listing of the common shares of Aureus Mining; and the timing of the Meeting and the mailing and availability of materials relating thereto. 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 satisfaction of all conditions precedent thereto, such as 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 TSX and AIM with respect to the listing and admission, respectively, of the Aureus Mining common 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 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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