African Aura Minerals has set out the timetable for the splitting of its iron and gold assets into separate companies.

The group's exploration activities are mainly in Liberia and Cameroon.

The gold assets will be put into a new company called Aureus Mining Inc with a shareholder meeting planned for 5 April to vote on the proposal. If the shareholders' agree then the scheme should become effective on 13 April. Tax clearance will need to be gained in Canada.

The gold assets include 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.

As well as the gold assets, Aureus will take ownership of the group's 22.1% stake in AIM-quoted Stellar Diamonds and receive 40% of African Aura's cash when the scheme goes ahead.

Shareholders will be entitled to receive one new share in African Aura and one share in Aureus for each share they hold in African Aura.

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

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

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