VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 12, 2008) – Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) wishes to advise the following with respect to a recent review by the Ontario Securities Commission of the Company’s continuous disclosure materials:
1. the Business Acquisition Report dated June 18, 2007 (the “BAR”) has been refiled on SEDAR at www.sedar.com. This report pertains to the Company’s purchase of all the outstanding shares of Cumaru (BVI) Ltd., which through its subsidiary, Yamana Resources do Brasil Ltda. (“YRB”, now Aura Resources Brasil Mineracao Ltda.) indirectly holds certain mineral interests forming part of the Company’s Cumaru Property in Para State, Brazil. The only change to the report is in Schedule B, being the financial statements for YRB for the year ended December 31, 2006. The auditors’ opinion letter attached thereto has been amended to state that the audit was conducted in accordance with Canadian, rather than Brazilian, generally accepted accounting standards. This change has no impact on either the YRB financial statements or the BAR; and
2. in its annual management discussion and analysis for the period February 20, 2007 to December 31, 2007, which will be released by March 30, 2008, the Company will be reporting that, in the consolidated financial statements for the six month period ended June 30, 2007, there was an overstatement of expenses in the aggregate of $505,096 under stock-based compensation. This resulted in a reported loss of $1,994,372 (or $0.03 per share) instead of $1,489,276 (or $0.02 per share) for the three months ended June 30, 2007 and $2,719,354 (or $0.05 per share) instead of $2,214,258 (or $0.04 per share) for the six months ended June 30, 2007. The stock options upon which the stock based compensation expense was based, while having a grant date and partial vesting during the quarter ended June 30, 2007, were granted under the Company’s new plan. As new stock options plans require shareholder approval, and as shareholder approval was received on July 13, 2007, the stock based compensation expense should have occurred as of that date. Due to the reverse takeover transaction which occurred as a result of the Company’s acquisition of the Arapiraca Property on July 17, 2007, this overstatement will not carry through to or affect the financial statements of the Company in comparable or subsequent periods.
About Aura Minerals Inc.
Aura Minerals is a Canadian exploration company focused on the acquisition and development of mineral deposits in Brazil and the rest of South America with an emphasis on developing the polymetallic Arapiraca Project in north-eastern Brazil. The Arapiraca Project which was originally explored in the 1980’s and 1990’s for copper and gold, also contains magnetite (up to 50%) and nickel which have not yet been evaluated. The Company plans to evaluate the Arapiraca Project for copper, gold, nickel and iron ore, all of which can be readily extracted. The nearby infrastructure is excellent with ready access to electricity, water and shipping ports. 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.
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. 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.
The TSX does not accept responsibility for the adequacy or accuracy of this release, which has been prepared by management.
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