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November 2010

AIM: AAAM TSX -V: AUR. Developing Iron Ore & Gold Projects in Africa. Luis da Silva, Chief Executive. www.african-aura.com. November 2010. Cautionary Statement.

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November 2010

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  1. AIM: AAAM TSX-V: AUR Developing Iron Ore & Gold Projects in Africa Luis da Silva, Chief Executive www.african-aura.com November 2010

  2. Cautionary Statement • The information contained in this presentation (“Presentation”) has been solely prepared by African Aura Mining Inc. (“Company”) and is being delivered for informational purposes only to a limited number of persons to assist them in deciding whether or not they have an interest in investing in the Company.  The Presentation has not been independently verified by Evolution and the information contained within is subject to updating, completion, revision, verification and further amendment.  The Presentation does not purport to contain all information that a prospective investor may require.  While the information contained herein has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors (including Evolution) give, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “Information”) and liability therefore is expressly disclaimed.  Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers (including Evolution) take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising from the use of this Presentation.  In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. • Information contained in this Presentation is confidential information and the property of the Company.  It is made available strictly for the purposes referred to above.  The Presentation and any further confidential information made available to any recipient must be held in complete confidence and documents containing such information may not be reproduced, used or disclosed without the prior written consent of the Company.  This Presentation shall not be copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of the Company.  By accepting delivery of this Presentation, the recipient agrees to return it to the Company at the request of the Company.    • This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisors.  Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary.  In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumption and each recipient should satisfy itself in relation to such matters. • This Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever with respect to such securities.    • The delivery or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions.  Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.  In particular, this Presentation has not been approved by an authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and accordingly it is being delivered in the United Kingdom only to persons to whom this Presentation may be delivered without contravening the financial promotion prohibition in Section 21 of the FSMA.  Those persons are described in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“Order”) and include persons who have professional experience in matters relating to investments and who fall within the category of person set out in the Article 19 (investment professionals) of the Order or high net worth bodies corporate, unincorporated associations or partnerships and trustees of high net worth trusts as described in Article 49 of the Order.   Any investment activity to which this Presentation relates in the United Kingdom is available to, and will only be engaged with such persons and this Presentation should not be acted or relied upon in the United Kingdom by persons of any other description.  This Presentation has not been approved as a prospectus by the UK Financial Services Authority ("FSA") under Section 87A of FSMA and has not been filed with the FSA pursuant to the United Kingdom Prospectus Rules.  No offer of securities in the Company is being or will be made in the United Kingdom in circumstances which would require such a prospectus to be prepared. By accepting this Presentation, the recipient represents and warrants that it is a person to whom this Presentation may be delivered or distributed without a violation of the laws of any relevant jurisdiction.  This Presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this Presentation should not rely or act upon it. • Neither the communication of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation by you of the Company. • Evolution is acting exclusively for the Company and no one else in connection with the proposed private placement of the securities in the United Kingdom and will not regard any other person (whether or not a recipient of this document) as a client in relation to such matters and will not be responsible to any other person for providing the protections afforded to its clients, or for providing advice in connection with the proposed private placement, or any other matters referred to in this document. • Add this section before the statement: “Mineral resource figures included in this presentation are estimates…” • Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “anticipates”, “aims, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”. • None of the Company’s agents or advisors intends to update these forward-looking statements and expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. • There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. No assurances can be given that the forward-looking statements in this document will be realised. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. • All disclosure of scientific or technical information made in the Presentation is based upon information prepared by or under the supervision of a qualified person ,as such term is defined under Canadian National Instrument 43-101.

  3. Overview Iron Assets Gold Assets (100%) • New Liberty: (Liberia) • 1.51 million ounces @ 3.78 g/t • 751,000 indicated @ 4.17 g/t, all open pittable • Preliminary Assessment 4Q 2010 • Definitive Feasibility Study 2Q/3Q 2011 • Additional targets within same licence • Weaju & Ndablama drilling ongoing • Portfolio of deposits found by artisanals • Kambele: (Cameroon) • Earlier stage exploration • Putu Range (Liberia, 38.5%) • Initial 1.08 Bt inferred resource @ 37% Fe • JV partner Severstal expended US$30m • Favourable metallurgy confirmed • Nkout & Akon (Cameroon, 100%) • Drilling underway, targeting resource 1Q 2011 • Ngoa (Cameroon, 70%) • Drilling to commence, adjacent to Nkout

  4. Our Board

  5. Share Capital Summary

  6. Gold & Iron Ore Projects

  7. Nkout (100%) Ngoa (70%) Iron Ore Portfolio Presidential visit to Putu, Liberia - March 2010 Panoramic view of Cameroon licences

  8. Liberia: The Heart of a World Class Iron Ore Province • Globally #3 iron exporter in 1960s • Current major iron projects in Liberia: • ArcelorMittal, Yekepa - 1Bt • Severstal / Aura JV, Putu – 1.1Bt • BHP Billiton, Goe Fantro - 0.05Bt • China Union / Wisco, Bong - 0.29Bt • Projects in the sub region include: • Rio Tinto / BSGR Simandou – 5-8Bt • African Minerals, Tonkolili – 10.5Bt • Bellzone, Kalia - 2.4Bt • Tata / SEODEM, Nimba - 0.6Bt Proposed rail line

  9. Putu Iron Ore Project: Time Line 3Q 2010 2010-2011 2012 2013 2016 COMPLETED ON GOING

  10. Putu Iron Ore project (Liberia, 38.5%) • 13km ridge of Banded Iron Formation (BIF) • 120km NE of potential deep water port • Term sheet signed for 25-year MDA • Severstal funding expended by 1Q 2011 • Favourable metallurgy • Modelled iron recoveries up to 95% • Concentrate grades up to 70% • Targeting a minimum 2.0 Bt resource to underpin investment case • Base case of 20 Mtpa magnetite concentrate • Up to $2.5Bn cost to build • Currently employing 436 people, including contractors

  11. Putu Iron Ore Project: Coverage of Current Resource Drilling • Drill results include: • 63.54 % Fe (Haematite) over 63m • 61.27 % Fe (Haematite) over 91.1m • 50.72 % Fe (Haematite) over 34.5m • 54.21% Fe (Haematite) over 54.6m • 63.60 % Fe (Haematite) over 49.5m • 39.04 % Fe (Fresh Magnetite) over 367.4m • 37.94 % Fe (Fresh Magnetite) over 208.7m • 41.85 % Fe (Fresh Magnetite) over 202.1m • 40.77 % Fe (Fresh Magnetite) over 136.1m Drill core inspection with Charles Kernot

  12. Cameroon: Nkout Iron Ore Project

  13. Nkout Iron Ore Project: Overview • A major Geophysical anomaly > 8 km strike • 12km of further targets defined by geophysics • Strategically situated in emerging iron ore province • 150km from Sundance Resources’ Mbalam deposit • 30km from the rail line proposed by China Rail Africa • First phase of 8,000m diamond drilling program underway • Drill Core Logs including: • 75.0m Haematite Magnetite BIF from 11.6m • 41.8m Haematite Magnetite BIF from 19.7m • 195.2m Magnetite BIF from 81.0m • 153.4m Magnetite BIF from 86.6m

  14. Nkout Iron Ore Project: Major Target Identified

  15. Nkout Iron Ore Project: Schematic Cross Sections

  16. Nkout Iron Ore Project: Significant Regional Targets Drilling at Nkout Ngoa surface float sample

  17. Nkout Iron Ore Project: Time Line 1Q 2010 1H 2010 1H 2010 2Q 2010 1Q 2011 UNDERWAY COMPLETED COMPLETED COMPLETED

  18. Gold Portfolio One of the artisanal pits - New Liberty, Liberia Community relations - New Liberty, Liberia

  19. Liberia: Within a World Class Gold Province • Archaean greenstone belts well known as host to significant gold mines in Canada, Australia, DRC and Tanzania (e.g. Golden Pride & Geita) • Man Craton of west Africa is highly prospective but virtually unexplored • African Aura has early mover advantage • Flagship deposit – New Liberty • Portfolio of other prospects – Weaju & others • Archaean greenstone belts well known as host to significant gold mines in Canada, Australia, DRC and Tanzania (e.g. Golden Pride & Geita) • Man Craton of west Africa is highly prospective but virtually unexplored • African Aura has early mover advantage • Flagship deposit – New Liberty • Portfolio of other prospects – Weaju & others

  20. New Liberty Gold Deposit: Time Line 1H 2010 4Q 2010 4Q 2010 4Q 2010 2011 2Q/3Q 2011 COMPLETED COMPLETED

  21. New Liberty Gold Deposit: Accelerated Exploration • Initial resource 1.51Moz* @ 3.78 g/t • Potential for >2Moz • Non-refractory ore with 93% recoveries • Open down dip & potentially along strike • New zone discovered with near surface ounces & further 3,500m drilled • Deliver preliminary assessment 4Q 2010 to provide capital expenditure estimates • Definitive Feasibility Study 2Q / 3Q 2011 targeting 100,000oz pa production * Indicated & Inferred. For further information, see resource statement in appendix

  22. New Liberty Gold Deposit: Schematic Resource & Drilling • From left to right (west to east), Larjor, Latiff, Kinjor & Marvoe zones • Looking to drill a further 20,000m during 2011 • Target to promote >1Moz Measured & Indicated from open-pittable resource

  23. New Liberty: Top Ten Drill Intersections • 8.45 g/t Au over 37m • 3.55 g/t Au over 46m • 4.04 g/t Au over 29m • 3.59 g/t Au over 35m • 5.04 g/t Au over 26m • 3.55 g/t Au over 46m • 2.29 g/t Au over 56m • 5.27 g/t Au over 8m • 4.34 g/t Au over 50m • 3.26 g/t Au over 36m

  24. New Liberty: Plan View, With Top 10 Drill Intersections

  25. New Liberty – Schematic Cross Sections

  26. New Liberty: Latiff Zone Discovery

  27. New Liberty – Schematic Cross Sections

  28. New Liberty Gold Deposit: Ongoing Open Pit Modelling • Latiff zone to be further defined for the open modelling during Definitive Feasibility Study stage during 2011 • Preliminary Economic Assessment due Dec 2010

  29. Weaju Gold Deposit: Schematic Section • Only 30km from New Liberty & <10km from Ndablama • Same geology • Not drilled since 2002 • Near surface truckable ore from satellite deposits • Drilling to commence first at Ndablama • High artisanal activity during wet season • Exciting targets providing additional upside to New Liberty

  30. Illustrative Comparisons (Based on simple 50:50 split of Aura’s market value) Note: 24 November 2010 * Market Cap split 50:50 between gold and iron, total capitalisation is £110m / C$180m * African Aura also owns 22% of AIM listed Stellar Diamonds Plc capitalised at £9m

  31. Key Catalysts • World class potential gold and iron ore assets being rapidly advanced • Targeting a minimum 2 billion tonne iron ore resource at the Putu project, resource upgrade in 2010 • Targeting increased resource and 100,000oz pa gold production at New Liberty – Liberia’s first gold mine in 2012 • Targeting a maiden resource 1Q 2011 from Nkout iron ore project in southern Cameroon • Board of Directors committed to value by splitting to create Aureus Mining holding gold assets, 1Q 2011 • Substantial value creation upside

  32. Appendices

  33. New Liberty Resource Statement • The Indicated and Inferred resource figures stated in this presentation are calculated as follows: Notes 1. The four zones are each within 100m of the next zone and comprise sections of the same deposit. The total strike length of the four zones is 1.75km. 2. CIM definitions were used for Mineral Resources 3. A cut off of 1.0 g/t Au is applied for all zones 4. Due to rounding, some columns or rows may not add up exactly to the computed totals

  34. Putu Iron Ore Resource • The Inferred resource figures stated in this presentation are calculated as follows: • 1. Reported above 300 Relative Level (RL), as of 20 July 2009, at zero cut-off grade, with no optimised pit shell, which is considered to represent reasonable prospect for economic extraction. In addition to the Inferred Mineral Resource as quoted above, beneath the 300RL, and within the geological model, there is some 364 Mt of magnetite BIF. • The iron mineral resource estimate included in this presentation was previously disclosed in the technical report entitled "Mineral Resource Estimate for the Putu Iron Ore Project" dated August 2009 (the "Putu Technical Report") prepared by Howard Baker of SRK Consulting (UK) Ltd who is a "Qualified Person" as such term is defined in NI 43-101. The Putu Technical Report was filed on the company’s SEDAR profile on August 10, 2009 and is available at www.sedar.com. • ‘BIF ‘ Banded Iron Formation / ‘HBIF’ Heamatite BIF

  35. Corporate Directory

  36. Track Record in Africa

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