May 29, 2008

Post in News by Admin

VANCOUVER, BRITISH COLUMBIA–(Marketwire – May 29, 2008) –

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Aura Minerals Inc. (TSX:ORA) (the “Company”) is pleased to announce that further to its announcement of May 8, 2008 (see News Release No. 2008-12), it has closed the “best efforts” private placement offering, including the over-allotment (collectively, the “Offering”) of 44,445,000 subscription receipts (the “Subscription Receipts”), at a price of $1.35 per Subscription Receipt for aggregate gross proceeds to the Company of $60,000,750. The Offering was led by Canaccord Capital Corporation together with a syndicate of agents that included GMP Securities LP, Macquarie Capital Markets Canada Ltd., Wellington West Capital Markets Inc., and National Bank Financial Inc. (collectively, the “Agents”). The gross proceeds from the sale of the Subscription Receipts are being held by an escrow agent pending the occurrence of the Escrow Release Time (as defined herein).

The Company intends to use the net proceeds of the Offering towards the acquisition of the Aranzazu Project in Mexico (the “Acquisition”) (see News Release No. 2008-10 dated May 7, 2008), exploration, development and operation of the Company’s mineral projects, including the Aranzazu Project, and for general corporate working capital purposes.

The Escrowed Funds will be released from escrow to the Company, net of Offering expenses, immediately prior to the closing of the Acquisition (the “Escrow Release Time”), provided that the following conditions (the “Escrow Release Conditions”) have been satisfied:

a) all conditions precedent to the closing of the Acquisition shall have been satisfied or waived to the satisfaction of the Agents, acting reasonably; and

b) compliance by the Company with the rules of the Toronto Stock Exchange.

In the event that either (i) the Escrow Release Conditions are not satisfied by the Escrow Release Time, or (ii) the closing of the Acquisition does not occur on or before September 24, 2008, the Escrowed Funds, plus any accrued interest earned thereon, shall be returned pro rata to each holder of the Subscription Receipts in exchange for that number of Subscription Receipts held by such holder.

About Aura Minerals Inc.

Aura Minerals is a Canadian resource company focused on the acquisition, exploration, development and operation of mining properties in the Americas. The Company is in the process of acquiring the Aranzazu Project, which includes the producing Arroyos Azules copper mine and more than two kilometers of mineralized strike extent in a copper-gold-silver skarn deposit, located in Zacatecas, Mexico. The Company also owns the advanced stage Arapiraca project in north-eastern Brazil, which was originally explored in the 1980’s and 1990’s for copper and gold. The project also contains magnetite (up to 50%) and nickel and the Company plans to evaluate the Arapiraca Project for all four metals which can be readily extracted. The nearby infrastructure is excellent with ready access to electricity, water and shipping ports.

For further information, please visit Aura Minerals Inc.’s web site at www.auraminerals.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933.

Cautionary Statement:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Aura Minerals’ public documents filed on SEDAR at www.sedar.com. Although Aura Minerals believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aura Minerals disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For more information, please contact

Aura Minerals Inc.
Patrick Downey
President & Chief Executive Officer
(604) 669-4777
(604) 696-0212 (FAX)
Email: info@auraminerals.com
Website: www.auraminerals.com