Vancouver, British Columbia, August 15, 2007 – Aura Gold Inc. (TSX:ORA) is pleased to announce that it has received all necessary approvals to change its name to Aura Minerals Inc. (“Aura Minerals” or the “Company”) and will continue to trade on the TSX under its existing stock symbol “ORA”. In conjunction with the name change, the Company’s website and email domain name have been changed to www.auraminerals.com and the Company has designed a new logo.
As previously announced (see News Release #2007.12, dated July 18, 2007) the name change was approved by shareholders of the Company at a special shareholders’ meeting held July 13, 2007, so as to more accurately reflect the business focus of the Company following the completion of the acquisition of the Arapiraca copper-gold-iron ore development project (“Arapiraca Project”).
EXPLORATION AND CORPORATE UPDATE
The Company is also pleased to provide the following update on the ongoing corporate and exploration activities within the Company as it advances the Arapiraca Project towards feasibility.
• Drilling underway at the Serrote da Laje (“Serrote”) target with over 4,800 metres of diamond drilling completed to date;
• Completion of 250-line kilometres of ground magnetics at the Serrote and Caboclo targets;
• Third rig mobilized to commence drilling immediately at Caboclo target;
• Received formal grant from the Brazil Departamento Nacional de Producao Mineral (“DNPM”) for a further 58 exploration licenses totaling approximately 111,800 hectares surrounding the Arapiraca Project;
• Construction of an on-site sample preparation laboratory;
• Established a fully functional administration office in the city of Arapiraca;
• Hired two senior geologists and all necessary technical support staff to execute planned work at the Arapiraca Project;
• Relocating the corporate Brazilian administration and accounting from Sao Paulo to Brasilia, which is more central to Aura Minerals’ exploration and development activities; and
• Appointed GRD Minproc Brazil to commence and supervise a detailed metallurgical testwork program as part of a Preliminary Economic Assessment of Serrote planned for Q1/2008.
The Company launched an exploration program in Q2/2007 on the two main targets on the Arapiraca Project, namely the Serrote and Caboclo targets, with the objective of confirming currently known mineralization and defining additional mineralization so that a revised National Instrument 43-101 compliant resource estimate can be completed prior to a planned Preliminary Economic Assessment.
For the Serrote target, a total of 4,800 metres of diamond drilling has been completed to date in 28 holes averaging 180 metres in depth, using two JKS Boyles drill rigs provided by GEOSOL. The current program generally infills previous drilling by Companhia Vale do Rio Doce S.A. (“CVRD”), providing an average spacing of 70 metres between holes on the main part of the deposit. The less-drilled southern and eastern part of the Serrote deposit has been covered by a detailed magnetometry survey and various new targets identified. The Company plans to drill these targets as well as the open mineralized zones on the west and east flanks of Serrote. Excellent geological continuity of ore zones is being recorded by the new drilling, comparing well with the mineralized intersections previously obtained by CVRD. Most of the recent drill holes have been submitted for assay and results are expected by the end of August, 2007. Furthermore, a quality control exercise to verify copper and gold grades previously drilled by CVRD in two holes showed very good correlation, including the re-sampling of 44 one-metre intervals of quarter NQ core which returned on average 0.97% Cu against 0.98% Cu and 0.22 g Au/t against 0.22 g Au/t, for Aura Minerals and CVRD, respectively.
At the Caboclo target, where CVRD had drilled 18 holes and identified four different targets in close proximity, a new and detailed magnetometry survey was completed. The geophysical survey provided very encouraging results and a first phase drill program of 19 holes for a total of approximately 3,000 metres has been planned. The Company has mobilized a third rig to site and drilling is scheduled to commence this week.
Aura Minerals is also launching a program to review and explore more than 30 other targets in the area covered by its license holdings, which total more than 158,000 hectares.
The Arapiraca Project on-site team now consists of more than 30 persons, including geologists and technicians, and a fully-functional office in the city of Arapiraca has been established. A dedicated sample preparation facility is being installed by SGS Laboratories to improve sample turnaround time.
In summary, Mr. Patrick Downey, President and CEO of Aura Minerals Inc., stated, “We have progressed significantly since we commenced work on the Arapiraca Project in early Q2/2007. I look forward to the new resource and Preliminary Economic Assessment which will set out the development plan for the property . With the closing of the previously announced CDN$101 million financing, the Company is positioned to rapidly advance its plans to complete a detailed feasibility in 2008 for the main Serrote target and explore the more than 30 targets currently defined on the property. “
Mr. Carlos H. Bertoni, M.Sc. & P.Geo., who is the Company’s Qualified Person as defined by National Instrument 43-101, has reviewed and approved the contents of this news release as applicable.
About Aura Minerals Inc.
Aura Minerals Inc. (TSX:ORA) is a Canadian exploration company focused on the acquisition and development of mineral deposits in Brazil and South America. The acquisition and development of the Arapiraca copper-gold-iron ore project is part of an ongoing strategy to build Aura Minerals into a mid-tier producer in the near term. Aura Minerals’ other projects are the Cumaru, the Inaja Greenstone Belt and the North Carajas claims in the Carajas Metallogenic Province of north central Brazil.
For further information, please contact:
Patrick Downey, President & CEO
Tel: (604) 669-4777
TSX does not accept responsibility for the adequacy or accuracy of this release, which has been prepared by management.
This news release contains forward-looking statements contained 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. 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.