Aureus Mining Inc.

TORONTO , July 3, 2012 /CNW/ – Aureus Mining Inc. (AUE.TO (AUE.L
(«Aureus Mining» or the «Company» is pleased to announce the
submission of an Environmental Impact Statement («EIS» for the New
Liberty Gold Project to the Environmental Protection Agency of Liberia
(«EPA». The New Liberty project is located within the Company’s 100%
owned Bea Mountain Mining license, in Cape Mount County of Northern
Liberia .

• The EIS is a comprehensive document of two volumes (1,490 pages, which
  incorporates environmental and social baseline studies and was
  conducted over a twelve month period. The EIS study also contains
  environmental and social impact assessments which incorporate feedback
  received from regular consultations with relevant stakeholders and
  affected communities. The EIS relates to the proposed development of an
  open pit gold mining project and associated infrastructure, which
  covers a footprint area of approximately 8km².

• The EIS and associated Environmental Impact Assessment («EIA», together
  the «ESIA», were prepared and undertaken by Golder Associates Ghana
  Limited and EarthCons Inc. of Liberia in consultation with Patrys
  Laubscher, the Company’s environmental officer.

• The filed EIS document is subject to review and scrutiny by a technical
  review committee formed by EPA, under the laws of Liberia . The review
  period will include public hearings involving local communities, other
  interested parties, the Company and its environmental consultants. All
  of this work will be undertaken within the 90 day approval period,
  after which the Project should be issued with an environmental permit,
  expected September 2012 , subject to the ESIA complying with all
  relevant regulatory requirements.

• The Company already holds a Class A mining license covering 457 km²
  which is valid for a twenty five year period. Once the environmental
  authorization has been granted, the Company will proceed to obtain all
  the other procedural authorisations related to construction, blasting,
  waste handling, water, emissions and all community affairs.

«The submission of the EIS is another key building block in developing
New Liberty, Liberia’s first commercial gold mine.  The project offers
considerable economic benefits to the Grand Cape Mount County in the
form of employment, local infrastructure redevelopment and mining
related business opportunities. With a fully permitted New Liberty Gold
Project and its definitive feasibility study also expected by the end
of Q3, Aureus will soon be in a very strong position to finance the
project and commence construction. »

The Company’s Qualified Person responsible for preparing the ESIA
document is Chris Fell who is the Regional Manager for West Africa of
Golders Associates Ghana Ltd. Mr Fell holds a BSc in Forestry from the
University of Stellenbosch and an Masters in Philosophy in Environment
and Development from the University of Cambridge.

The Company’s assets include the New Liberty gold deposit in Liberia
(the «New Liberty Gold Project», which has an estimated Reserve of
873,000 ounces of gold grading 3. 1 g/t and an estimated Measured and
Indicated Mineral Resource of 1,143,000 ounces of gold grading 3.6 g/t
and an estimated Inferred Mineral Resource of 593,000 ounces of gold
grading 3.2 g/t.  A technical update for the New Liberty gold project
was released in February 2012 , derisking and building on the robust
PEA, filed in December 2010.  The project is expected to have an eight
year mine life and annual production of 123,000 ounces for the first
four years.

The New Liberty Gold Project is located within the Bea Mountain mining
license which covers 457 km² and has a 25 year, renewable, mineral
development agreement.  The Bea Mountain mining license also hosts the
proximal gold targets of Ndablama, Gondoja and Weaju, which are the
focus of exploration programs during 2012.  The contiguous Archaen Gold
exploration licence is also a focus of exploration for 2012, with
Leopard Rock being the main target.

The Company also has gold assets within exploration properties in
Cameroon .

This press release contains certain forward-looking information.  All
information, other than information regarding historical fact, that
addresses activities, events or developments that Aureus Mining
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 Aureus Mining and their anticipated future
growth, mineral resource estimates and the anticipated exploration and
development activities of Aureus Mining.   The foregoing and any other
forward-looking information contained in this press release reflects
the current expectations, assumptions or beliefs of Aureus Mining based
on information currently available to Aureus Mining.   With respect to
the forward-looking information contained in this press release, Aureus
Mining has made assumptions regarding, among other things: general
business, economic and mining industry conditions; and it has also been
assumed that no material adverse change in the price of precious and/or
base metals occurs, no unusual geological or technical problems occur
and no significant events occur outside of the normal course of Aureus
Mining’s respective 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: risks normally
incidental to exploration and development of mineral properties;
uncertainties in the interpretation of results from drilling and test
work; the possibility that future exploration, development or mining
results will not be consistent with expectations; uncertainty of
mineral resources estimates; 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
Preliminary Prospectus of Aureus Mining Inc. dated April 20, 2011 , a
copy of which is available on SEDAR at www.sedar.com, and in the Aureus Mining Admission Document, a copy of which is
available at www.aureus-mining.com.

Any mineral resource figures referred to in this press release are
estimates and no assurances can be given that the indicated levels of
minerals will be produced.  Such estimates are expressions of judgment
based on knowledge, mining experience, analysis of drilling results and
industry practices.  Valid estimates made at a given time may
significantly change when new information becomes available.   While
Aureus Mining believes that the mineral resource estimates in respect
of their respective properties are well established, by their nature
mineral resource estimates are imprecise and depend, to a certain
extent, upon statistical inferences which may ultimately prove
unreliable.  If such mineral resource estimates are inaccurate or are
reduced in the future, this could have a material adverse impact on
Aureus Mining, as applicable.   Due to the uncertainty that may be
attached to inferred mineral resources, it cannot be assumed that all
or any part of an inferred mineral resource will be upgraded to an
indicated or measured mineral resource as a result of continued
exploration.

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