Yaounde, Cameroon Africa. (Cameroon News) – African Aura has announced the decision to divide it iron and gold assets under separate entities.

African Aura Minerals has announced the decision setting up the schedule for the division of its iron and gold assets into different companies.

The group is essentially focusing its mining and exploration operations in projects that operate out of Liberia and Cameroon.

African Aura Inc Mining Explorations Operations in Cameroon, Africa

The gold assets will be brought under a new company which would be called Aureus Mining Inc with a shareholder meeting scheduled for 5 April to take voting on the proposal. If the shareholders’ vote for the proposal then the scheme is slated to take off by 13 April. Tax clearance will however need to be procured from Canada.

The gold assets comprise of the New Liberty gold deposit in western Liberia, which has a resource of 1.51 million ounces of gold at a grade of 3.78 g/tonne.

Aureus , in addition to taking control over the gold assets will also be offered the ownership of the group’s 22.1% stake in AIM-quoted Stellar Diamonds and will be provided 40% of African Aura’s cash when the scheme are properly started off.

Shareholders are supposed to be given one new share in African Aura and one share in Aureus for every share that they have in African Aura. This would mean that an investor who has ten shares in African Aura presently would be given ten shares each of African Aura and the new entity Aureus.

African Aura, which is quoted on AIM and the TSX Venture Exchange, will alter its name to Afferro Mining and focus solely on iron. Its assets will comprise of a 38.5% stake in the Putu Project in Liberia and 100% of the Nkout Project in Cameroon.

Aureus will quote to join AIM and the TSX Venture Exchange.