VANCOUVER, BRITISH COLUMBIA (TSX: AXU) is pleased to announce
that further drilling on its Michelin Uranium Deposit in Labrador
("Michelin") continues to intersect multiple zones of high grade
mineralization, expanding the size of this significant
resource.
Some of the most compelling new results are in the Michelin Main
Zone, where M07-083 intersected two zones of high grade
mineralization starting at a vertical depth of 750 metres,
approximately 60 metres down-plunge from the current resource area
and located below M06-044. Hole M07-083 features:
- 0.17% U3O8 over 11.0 metres including 0.26% U3O8 over 4.00
metres in an upper zone, and 0.40% U3O8 over 5.56 metres including
0.95% U3O8 over 1.14 metres in a lower zone.
This represents another breakthrough for Michelin as it
demonstrates that high uranium grades over mineable widths persist
at even greater depths, and the deposit remains open for further
expansion.
Of similar importance, shallow drilling on the Main Zone
continues to enhance the strength of the mineralization at depths
capable of being mined by open pit methods. New shallow drilling
highlights include:
- 0.13% U3O8 over 35.82 metres with multiple narrow zones
exceeding 0.20% U3O8 in drill hole M07-082.
- 0.12% U3O8 over 28.82 metres including 0.23% U3O8 over 10.00
metres in drill hole M07-084.
- 0.09% U3O8 over 46.77 metres including 0.12% U3O8 over 27.15
metres in drill hole M07-087.
"We are extremely pleased with the results from the 2007 drill
program at Michelin, particularly the strong mineralization
intersected at depth - some of the highest grades encountered to
date at Michelin," said Ian Cunningham-Dunlop, Vice President
Exploration.
Ongoing drilling from the Eastern Shoot, located 250 metres east
of the Main Zone within the same mineralized horizon, also
continued to intersect encouraging uranium mineralization
including:
- 0.12% U3O8 (over 4.0) metres in drill hole M07-081.
A completed long section will be posted on Aurora's website once
all assay results are returned.
Detailed drill results for all but one of the final 2007
Michelin drill results can be found in the following table.
Summary of Recent Michelin Drill Hole Results
------------------------------------------------------------------------
Hole ID Target From (m) To (m) Length % U3O8
------------------------------------------------------------------------
M07-075A Main Shoot - Deep NSV
------------------------------------------------------------------------
M07-076 Eastern Shoot 293.70 294.70 1.00 0.06
------------------------------------------------------------------------
and 316.13 318.13 2.00 0.04
------------------------------------------------------------------------
and 486.63 488.00 1.37 0.04
------------------------------------------------------------------------
and 491.90 492.90 1.00 0.04
------------------------------------------------------------------------
M07-077 Eastern Shoot 337.00 337.60 0.60 0.17
------------------------------------------------------------------------
and 621.75 622.75 1.00 0.04
------------------------------------------------------------------------
M07-078 Eastern Shoot 245.86 247.06 1.20 0.06
------------------------------------------------------------------------
and 261.37 261.87 0.50 0.04
------------------------------------------------------------------------
and 267.05 268.05 1.00 0.16
------------------------------------------------------------------------
and 455.65 457.21 1.56 0.04
------------------------------------------------------------------------
and 495.70 496.77 1.07 0.03
------------------------------------------------------------------------
M07-079 Main Shoot - Deep 670.08 670.50 0.42 0.03
------------------------------------------------------------------------
M07-080 Main Shoot - Deep NSV
------------------------------------------------------------------------
M07-081 Eastern Shoot 424.00 425.00 1.00 0.04
------------------------------------------------------------------------
and 433.00 434.00 1.00 0.05
------------------------------------------------------------------------
and 469.31 470.31 1.00 0.03
------------------------------------------------------------------------
and 605.10 609.10 4.00 0.12
------------------------------------------------------------------------
incl 607.10 609.10 2.00 0.17
------------------------------------------------------------------------
and 612.60 613.60 1.00 0.03
------------------------------------------------------------------------
M07-082 Main Shoot -
Shallow 94.00 95.00 1.00 0.03
------------------------------------------------------------------------
and 118.47 120.71 2.24 0.05
------------------------------------------------------------------------
and 125.29 126.29 1.00 0.04
------------------------------------------------------------------------
and 130.19 131.79 1.60 0.11
------------------------------------------------------------------------
incl 130.19 130.99 0.80 0.16
------------------------------------------------------------------------
and 140.21 176.03 35.82 0.13
------------------------------------------------------------------------
incl 140.21 142.21 2.00 0.24
------------------------------------------------------------------------
incl 147.21 149.21 2.00 0.24
------------------------------------------------------------------------
incl 150.21 152.21 2.00 0.26
------------------------------------------------------------------------
incl 155.42 157.62 2.20 0.37
------------------------------------------------------------------------
M07-083 Main Shoot - Deep 719.00 730.00 11.00 0.17
------------------------------------------------------------------------
incl 724.00 728.00 4.00 0.26
------------------------------------------------------------------------
and 741.74 742.94 1.20 0.05
------------------------------------------------------------------------
and 745.55 746.63 1.08 0.10
------------------------------------------------------------------------
and 759.88 765.44 5.56 0.40
------------------------------------------------------------------------
incl 761.88 762.80 0.92 0.61
------------------------------------------------------------------------
incl 764.30 765.44 1.14 0.95
------------------------------------------------------------------------
M07-084 Main Shoot -
Shallow 143.02 144.20 1.18 0.04
------------------------------------------------------------------------
and 154.40 183.22 28.82 0.12
------------------------------------------------------------------------
incl 155.40 165.40 10.00 0.23
------------------------------------------------------------------------
and incl 160.40 163.40 3.00 0.39
------------------------------------------------------------------------
incl 168.35 169.15 0.80 0.20
------------------------------------------------------------------------
M07-085 Western Shoot 306.19 306.77 0.58 0.08
------------------------------------------------------------------------
M07-086 Main Shoot -
Shallow Pending
------------------------------------------------------------------------
M07-087 Main Shoot -
Shallow 119.91 121.29 1.38 0.13
------------------------------------------------------------------------
and 126.30 173.07 46.77 0.09
------------------------------------------------------------------------
incl 126.30 152.45 27.15 0.12
------------------------------------------------------------------------
incl 126.30 127.07 0.77 0.17
------------------------------------------------------------------------
incl 135.00 142.09 7.09 0.19
------------------------------------------------------------------------
incl 142.82 146.74 3.92 0.26
------------------------------------------------------------------------
incl 148.45 151.45 3.00 0.18
------------------------------------------------------------------------
and incl 171.04 173.07 2.03 0.23
------------------------------------------------------------------------
Composites calculated using 0.03% U3O8 Cut - Off Grade. The
orientation of the mineralized zones at Michelin is interpreted to
be steeply south dipping and true widths are approximately 80-90%
of stated widths.
COMPANY ACTIVITIES
Further results of drill core submitted to Activation
Laboratories for analysis in 2007 are anticipated shortly and an
updated resource estimate will be forthcoming later in the first
quarter of 2008.
Currently, Aurora is mobilizing field crews and seven drill rigs
to commence a two-month winter program of infill and geotechnical
drilling on both the Michelin and Jacques Lake deposits.
The Company also plans to submit its Project Description to
federal and provincial authorities in the second quarter of 2008 to
initiate the environmental assessment process for the Michelin
Project (which includes the Michelin and Jacques Lake
deposits).
LIQUIDITY
Aurora is not invested in any short term commercial paper or
asset-backed securities. The Company has approximately C$131
million in cash that is fully liquid and held with a large
commercial bank.
ABOUT AURORA
Aurora (TSX: AXU) is a uranium exploration and development
company focused on the Central Mineral Belt in coastal Labrador -
one of the world's most promising uranium districts.
Aurora's uranium district has a defined resource of 58 million
pounds of uranium (5 million measured and 53 million indicated) and
38 million pounds (inferred)(i). Aurora is undertaking
pre-feasibility studies to move the project towards
development.
Aurora is committed to responsible development with lasting
local benefits and the highest standards of safety, health, and
environmental protection.
Assay results have been prepared under the guidance of Mr. Ian
Cunningham-Dunlop P. Eng, Exploration Vice-President for Aurora
Energy Resources Inc., who is designated as a Qualified Person with
the ability and authority to verify the authenticity of and
validity of this data. Drill core was prepared and analyzed in
accordance with industry standards by Activation Laboratories Ltd,
Ancaster, Ontario.
(i) The Independent Qualified Person responsible for the current
resource estimates for the Michelin and Jacques Lake Uranium
Deposits is Gary Giroux, P. Eng. of Giroux Consultants Ltd. Further
details as to how these resources are calculated can be obtained by
reading The Exploration Activities of Aurora Energy Resources Inc.
on the CMB Uranium Property, Labrador, Canada, During the Period
January 2006 to January 2007 prepared to NI 43-101 requirements is
available for viewing on SEDAR at www.sedar.com.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements". Such forward-looking statements, including but not
limited to, those with respect to the timing and amount of
estimated future resources and resource conversion rates, potential
for expansion of resources and potential size of future exploration
programs and potential timing of receipt of permits and
classification of future mineral resources, and potential for
future benefits, involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievement of Aurora to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others,
risks related to the actual results of current exploration
activities, conclusions of economic evaluations, uncertainty in the
estimation of mineral resources, changes in project parameters as
plans continue to be refined, future prices of uranium,
environmental risks and hazards, increased infrastructure and/or
operating costs, labor and employment matters, and government
regulation as well as those factors discussed in the section
entitled "Risk Factors" in Aurora's Annual Information Form
available on SEDAR at www.sedar.com . Although Aurora has attempted
to identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Aurora disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Contacts: Aurora Energy Resources Inc. Andrea Marshall Manager,
Government and Media Relations 709-726-2223 Aurora Energy Resources
Inc. Don Falconer VP, Corporate Development 416-362-5556 Corporate
Information www.aurora-energy.ca
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