29th June 2007 - Broker Comments : PDF File Click Here


Web Site : http://www.aurummining.net



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The coming weeks should be exciting times at Aurum, apart from BFS news there is a rumour in the wind that a takeover offer could be coming.

AUR is at present very lowly valued compared to peers.

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I should quantify, BFS expected in December, just in case anyone takes "coming weeks" to be a couple, it should be taken as the coming 10 weeks.



If you want to see the present low valuation of AUR, the chart below is a good visual guide (taken from the Resource Investor aritcle :


"Aurums calculations, based on a share price of 120 pence and a reserve of 1.55 million ounces (the resource defined using the Soviet classification system) show that the market capitalisation per proven and probably reserve ounce stands at just $18 per ounce compared to an industry average close to $250/oz and Centerras capitalisation at over $600/oz."

This was the Oct 06 update from GE&CR :


Aurum Mining's preliminary results were inline with expectations. For the year to 31st March the company reported a loss after tax of 1.25 million pounds. Meanwhile, the current year has got off to an exciting start across the business. From an operational viewpoint, the local feasibility study for Andash Zone 1 has been submitted to the Kyrgyz authorities and drilling work has provided further details of the Zone 1 resource and the potential of Zones 2 and 3.

The work being undertaken by Aurum continues to reinforce the fact that the Andash asset is highly attractive in terms of the gold resources in Zone 1 of the licence area, the economics of gold recovery and the exploration potential of other regions within the licence area. The resources in Zone 1 have been endorsed by Wardell Armstrong International, a leading UK independent mining consultant, which confirmed a JORC resource estimate of 624,000 ozs of gold and 72,000 tonnes of copper.

The strategy in the short term is to begin production at the earliest opportunity at Zone 1, thereby providing the cash flow to finance further exploration work in the licence area. Aurum has completed some exploration drilling in Zones 2 and 3, which has confirmed extensive mineralisation. The company is now continuing to test the extent of the resource in these two zones.

Aurum is now entering what is clearly a very exciting phase indeed, with respect to the development of Andash. Completion of the full feasibility study is expected by December 2006. Confident that Aurum Mining will make the transition to a gold producer in 2008, we regard the shares in the company as an attractive play in this sector.

Andash has a resource of 1.15 million ounces of gold and gold equivalent which can be mined relatively easily through the open pit method. A formal feasibility study is now underway and will be completed before Christmas and will allow Aurum to seek project finance for Andash. At present we value Andash, on an unrisked basis, at 24 million pounds. In spite of the obvious political, geological and financial risks, we believe Aurum, at 92.5p, is significantly undervalued at 11.4 million pounds.

The Broker Forecast illustrates why at this stage, ahead of BFS due December, there are rumours of a bid or JV circulating around. There is a very good chance of upgrades to the total resource estimates as well, as Zone 2 and Zone 3 progress.

Latest Broker Forecasts :

Arbuthnot Securities 31-08-06 STRONG BUY

2007 PTP 0.59
2007 EPS 1.40

2008 PTP 16.75
2008 EPS 36.13

Bit of movement this afternoon.

Great news, full details on the link !!


http://www.investegate.co.uk/Article.aspx?id=200611160700391676M

Aurum Mining PLC
16 November 2006

AURUM MINING PLC
('Aurum' or 'the Company')

Extensive new Gold and Copper opportunity discovered
within the Andash exploration area

.....................

From uk-analyst.com

"Aurum Mining** (AUR) said that it had found extensive new gold and copper opportunity within its Andash exploration area in the Kyrgyz Republic. The company said that during the summer, a comprehensive programme of geophysical exploration, including dipole-dipole IP and a magnetic survey, was undertaken at the company's Tokhtonysay exploration target, which lies within the Andash exploration licence area. This programme was initiated as a result of exploration work completed last year where trenching across an outcrop intersected 33 metres of mineralisation at 1.4 gram per tonne of gold and 1.6% copper. The shares rose 5p to 99.5p. "

Aurum Mining PLC
17 November 2006

AURUM MINING PLC
('Aurum' or 'the Company')
Appointment of Chief Financial Officer

Aurum Mining plc (AIM: AUR), the company formed to acquire gold and other
mineral extraction projects in the Former Soviet Union (FSU) and whose principal asset is the Andash project in the Kyrgyz Republic, is pleased to announce the appointment of Christopher John Eadie as Chief Financial Officer. Mr Eadie, age 37, will join Aurum's Board of Directors with immediate effect.

Mr Eadie trained as a Chartered Accountant with PricewaterhouseCoopers and
qualified in 1997. For the past eight years, he has worked for Cable and
Wireless plc, where he held a wide variety of financial roles including five
years as a Manager in the Corporate Finance team. Most recently Mr Eadie worked
as Financial Controller on the integration of the acquired Energis business into Cable and Wireless' existing UK business.

Mr Eadie's experience is expected to be of particular value to the Company as it moves close to the project financing phase of the Andash project. To date,
Aurum's finance function has been overseen by Haresh Kanabar, the Company's
Business Development Director.

The Board of Aurum announces that the Company has granted options over 500,000
ordinary shares of 1p each to Mr Eadie at an exercise price of 99.5p per option.
Of these 500,000 options, 150,000 are exercisable with immediate effect. The
remaining options are exercisable subject to certain performance criteria which
the Board has agreed such that a further 150,000 shall be exercisable
immediately following the securing of financing for the Company's Andash
project, and 200,000 will be exercisable on the production of gold at Andash.
These options will lapse, to the extent not previously exercised, after a period of five years from their date of grant.

Commenting on Mr Eadie's appointment, Sean Finlay, Aurum's Chairman, said: 'I am delighted to announce Chris' appointment as Chief Financial Officer and to
welcome him to Aurum's Board. His broad financial experience will be of
significant value to Aurum and his appointment marks a further important step in the Company's development.'

Mr Eadie is a director of Chris Eadie Associates Ltd. No further disclosures are required to be made in relation to Mr Eadie under schedule 2 (g) of the AIM
rules.

And Full Feasability study due anytime now..



http://www.investegate.co.uk/Article.aspx?id=200611280700587984M

Aurum Mining PLC
28 November 2006
AURUM MINING PLC
('Aurum' or 'the Company')

Award of Mining Licence by Kyrgyz authorities

Aurum Mining plc (AIM: AUR), the company formed to acquire gold and other mineral extraction projects in the Former Soviet Union (FSU), is delighted to announce that it has been awarded a Mining Licence by the Kyrgyz authorities for the Andash licence area in the Kyrgyz Republic.

The award of the Mining Licence is an important endorsement of Aurum's approach to the construction and operation of the proposed mine at Andash Zone 1 and underlines the willingness of the Kyrgyz Republic to work with the Company.

The award of the Mining Licence follows the submission in June 2006 of a local feasibility study for Andash Zone 1, which covered the economic, mining, metallurgical, legal, environmental and social aspects of the project. This study confirmed the Zone 1 resource estimates previously included in the State Register of the State Commission of Resources of the Kyrgyz Republic, amounting to gold and gold equivalent of more than 1.5 million ozs.

The Mining Licence, which was awarded by the State Agency for Geology and Mineral Resources of the Kyrgyz Republic to Aurum's wholly owned subsidiary, the Andash Mining Company, is initially valid until 31 December 2017 but can be extended on the identification of additional resources in other zones of the Andash licence area.

It is expected that construction of the Andash Zone 1 mine will take place during 2007 and that commercial production will begin in 2008.

Aurum is also pleased to announce that completion is imminent of the full feasibility study to JORC standards being prepared by Wardell Armstrong International, an independent mining consultant with particular expertise in the FSU. Together, the full feasibility study and the Mining Licence will form the basis of detailed discussions for the project financing of the Andash mine, which will be an open pit operation with the potential for high production rates.

Mark Jones, Aurum Mining's Chief Executive, said: 'The receipt of this Mining Licence highlights the enthusiasm of the Kyrgyz authorities to work with Aurum Mining. We have worked hard to ensure that the proposed Andash Zone 1 mine meets the expectations of the Kyrgyz people and I am delighted that, in receiving the licence, we can report another important step in our transition from gold exploration to gold production.'

For further information:
Aurum Mining plc Tel: 020 7478 9050
Mark Jones, Chief Executive

Arbuthnot Securities Tel: 020 7012 2000
Graham Swindells

Buchanan Communications Tel: 020 7466 5000
Mark Court / Rebecca Skye Dietrich

Notes to editors
Aurum Mining joined the AIM market of the London Stock Exchange in May 2004 with the strategy of seeking, evaluating and acquiring gold and other mineral extraction projects in the Former Soviet Union (FSU). In January 2005 the Company completed its first acquisition, giving the Company an exploration licence over the Andash gold and copper project in the Kyrgyz Republic. Mining consultant Wardell Armstrong International has confirmed a JORC resource estimate of 1.49 million ozs of gold and gold equivalent in Andash Zone 1 in Measured and Indicated categories. The feasibility study for Zone 1 is scheduled for completion by the end of this year, allowing production to begin in 2008. The Andash project also includes the Zone 2 and Zone 3 along with Tokhtonysay and three other additional exploration areas.

Still ticking up, and still massively undervalued, even though the recent news has taken the risk levels down quite a bit.

Ho Hum.

Would not be surprised to see a bid come in.

Picking up again now, we are due more news in December :)

Small extract copied below from todays FT ref to AUR :

http://www.ft.com 6th Dec 2006


"....*Aurum Mining, the gold and copper explorer focused on the former Soviet Union, gained 5.1 per cent to 114p amid rumours it could be a takeover target for Celtic Resources, flat at 177p.".........

I said earlier I would not be surprised to see a bid come in, Aurum is presently valued at just 18$ per ounce (P&P), whereas the market average is 250$ an ounce. This was "justified" as Aurum is in a high risk area, and might not get their license. Well, they have their license now, and a FS is due this month and with financing they plan to be in production in 2008.

Therefore, given the present 18$ an ounce rating, I would expect an offer to come in, if someone can snap Aurum up for say 50$ an ounce, they will have a fantastic bargain, and that represents over 300% up from here, and yet would still be 4 times below the average rating.

Exciting times ahead, the FS when released (should be this month) will be interesting, and could lead to a real offer.

Yet more good news :

http://www.investegate.co.uk/Article.aspx?id=200612070927344242N

287K X trade on Friday, hopefully that is the end of a seller. There has been resistance at around the 117p level, so lets hope that cross trade has cleared them out.

Excellent news, again :)

http://www.investegate.co.uk/article.aspx?id=200612190701291880O

Aurum Mining PLC
19 December 2006


AURUM MINING PLC
('Aurum' or 'the Company')
Completion of Bankable Feasibility Study for Andash Zone 1

Impressive progress, and valued probably the cheapest on the market for their gold..............


http://www.investegate.co.uk/article.aspx?id=200612200700452855O


Aurum Mining PLC
20th December 2006
AURUM MINING PLC
('Aurum' or 'the Company')

Interim Results for the six month period ended 30 September 2006

Aurum Mining plc (AIM: AUR), the company formed to acquire gold and other mineral extraction projects in the Former Soviet Union (FSU) and whose principal asset is the Andash project in the Kyrgyz Republic, is pleased to announce its interim results for the six months ended 30 September 2006.

Highlights in the year to date

Award of Mining Licence from the Kyrgyz authorities for Andash Zone 1

Completion of fully bankable feasibility study for Andash open cast mine, with initial production expected in 2008, showing:

Measured and indicated resource base increased to 19.2 million tons at 1.1g/t gold and 0.4% copper

Additional low grade measured and indicated resource of 5.74 million tonnes at 0.44g/t and 0.15 % copper

Proven and probable reserve of 16 million tonnes, containing over 1.2 million ozs of Gold and Gold equivalent in copper giving an in-ground value of over $750m

Mining rate of 2m tpa with a pit life of 8.5 years

Stripping ratio of 0.8 tonnes of waste to 1 tonne of ore

Average cash operating costs of $223 per oz of gold and gold equivalent

Capital cost of $55.5 million including contingencies

Payback period of 3.3 years and an IRR of 39.7%,

New opportunities identified at the Tokhtonysay and Nakhodka exploration targets within the Andash licence area

Net loss of 702,000 (H1 2005: net loss of 389,000)

Sean Finlay, Aurum Mining's Chairman, said: 'We have made tremendous progress in the year to date and approach the New Year with a 1.2 million ozs reserve, a Mining Licence and a bankable feasibility study for just one of the zones in our Andash exploration area. We look forward to arranging project finance for our planned open cast operation at Andash Zone 1 and are also excited by the
potential of our other exploration areas.

'We expect to begin our first gold and copper production in 2008 and are now, therefore, on the threshold of making the transition from a junior explorer to a producer with the many benefits, including cash generation, that it will bring.' .................................