VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 16, 2009) – Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) is very pleased to announce that its wholly-owned subsidiary, Aura Gold Mineracao Ltda. (“AGM”) has now signed a definitive option agreement (the “Option Agreement”) with Companhia Vale do Rio Doce (“Vale”) for the Inaja project as previously announced on February 10, 2009.
With the signing of this Option Agreement, Vale will make an irrevocable cash payment of US$3,000,000 to AGM within fifteen (15) days and earn a fifty-one percent (51%) interest in the Inaja Project by expending US$6,000,000 over a four (4) year period. Vale may then earn a further nineteen percent (19%) by funding and delivering a bankable feasibility study within thirty-six (36) months of electing to earn such additional interest. Once a joint venture is formed, should either party’s interest be diluted below ten percent (10%) its interest will be converted to a two percent (2%) net smelter royalty.
Commenting on the Option Agreement, Mr. Patrick Downey, President and CEO of Aura Minerals, stated, “We are extremely pleased to have entered into this agreement with Vale. The Inaja project is located 300 kilometres south of Vale’s Carajas property (to see attached map please click on: http://media3.marketwire.com/docs/ora316.pdf) and their expertise in the exploration and development of iron ore projects will be of considerable benefit at Inaja.”
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 and includes the Serrote Deposit. 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.
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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