VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 10, 2009) – Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) is pleased to announce that, subject to all necessary approvals, it has entered into a binding letter agreement with Vale do Rio Doce (“Vale”), wherein Vale has a thirty day exclusive right to complete legal due diligence and a definitive option agreement (the “Option Agreement”) with the Company. Vale may earn up to a seventy percent (70%) interest in the Inaja Project, which is located 300 kilometres to the south of Vale’s Carajas Iron Ore Project in north Brazil in the State of Para. Vale can earn a fifty-one percent (51%) interest by making cash payments of US$3,000,000 within fifteen days from the execution of the Option Agreement and then expending US$6,000,000 in exploration work within four years from the execution of the Option Agreement. Vale may then earn an additional nineteen percent (19%) by funding and delivering a bankable feasibility study within thirty-six months of electing to earn such additional interest. Once a joint venture is formed, should either party’s interest in the Inaja Project be diluted below ten percent (10%), its interest will be converted into a two percent (2%) net smelter return royalty.
About Aura Minerals Inc.
Aura Minerals is a Canadian resource company focused on the acquisition, exploration and development of mining properties in the Americas. In addition to the Company’s Aranzazu copper mine in Mexico, the Company 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’ web site at www.auraminerals.com.
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.
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