VANCOUVER, BRITISH COLUMBIA (TSX: AXU) is pleased to announce
the final results from its 2007 drill program at Jacques Lake. The
results firmly establish this new uranium deposit as an important
part of the Company's pipeline of development projects in coastal
Labrador.
The growing Jacques Lake deposit augments Aurora's portfolio of
quality assets in a safe and mining-friendly country - one that
supplies 28% of the world's uranium. A revised resource estimate
for Jacques Lake is expected from the Company in the very
near-term.
"Jacques Lake has evolved into a significant development project
in only three years," said Dr. Mark O'Dea, Aurora's President and
CEO. "With a comprehensive infill drill program underway, along
with ongoing mining, metallurgical and environmental engineering
studies, Jacques Lake is on a development track as either a stand
alone operation or one that can be developed concurrently with the
nearby Michelin deposit."
Mineralization at Jacques Lake, which starts at surface, has
been intersected over a strike length of over 750 metres, extended
to a depth of up to 425 metres, and still remains open for
expansion along strike and at depth. Jacques Lake is now
approximately three quarters the strike length and about half the
depth of Michelin - and has similar structural characteristics and
potential to develop significantly in size.
Significant new drill results from 2007 include:
- Drill hole JL07-076, which intersected 0.11% U3O8 over 10.00
metres, including 0.23% U3O8 over 3.00 metres. This hole is the
most significant new result from Jacques Lake because it extends
the deposit an additional 200 metres along strike to the southwest
at a depth of approximately 350 metres.
- Drill hole JL07-068, which intersected 0.08% U3O8 over 20.00
metres, including 0.13% U3O8 over 5.00 metres.
- Drill hole JL07-073, which intersected 0.05% U3O8 over 37.09
metres.
- Drill hole JL07-078, which intersected 0.11% U3O8 over 7.00
metres, including 0.21% U3O8 over 2.00 metres and 0.08% U3O8 over
9.20 metres.
A detailed table of results can be viewed by clicking here
http://www.aurora-energy.ca/files/JLdrillresults2007.JPG.
A view of the Jacques Lake long section can be viewed by
clicking here,
http://www.aurora-energy.ca/files/JL_LS_23Jan08.jpg.
BASELINE ENVIRONMENTAL AND SOCIAL STUDIES
Baseline environmental studies, initiated by Aurora in 2005,
continued in the Jacques Lake area during 2007. These studies
focused on collecting information regarding natural systems, air
quality, and local history; on reviewing archival data and
meteorological conditions; and on assessing components of the
existing ecosystem.
Detailed baseline work is proceeding in 2008 to expand this
work. In addition, Aurora is engaged in dialogue with communities
in preparation for undertaking Traditional Knowledge programs in
2008. The study results will be used in the regulatory approval
process.
ENVIRONMENTAL ASSESSMENTS
The Company plans to submit its Project Description to federal
and provincial authorities in the second quarter of 2008 to
initiate the Environmental Assessment (EA) process for the Michelin
Project (which includes the Michelin and Jacques Lake deposits).
Meetings and presentations to local communities and their
representatives were undertaken in 2007 to seek involvement and
input. Similar consultations will continue throughout 2008.
Aurora has initiated discussions with the appropriate
governments and regulators including the Province of Newfoundland
and Labrador, Nunatsiavut Government, Canadian Nuclear Safety
Commission, and the Canadian Environmental Assessment Agency. This
will help ensure timely compliance with the EA requirements.
MINE DEVELOPMENT
Development planning for an open pit and underground mine at
Jacques Lake deposit continues. In 2008, Aurora and its engineering
contractors will begin initial open pit mine design and scheduling.
In addition, the underground mining and access methods will be
reviewed and updated. Following that, underground stope layout and
mine scheduling will be initiated.
Aurora and its engineering contractors (Micon and SNC-Lavalin)
will begin planning the mine infrastructure at the Jacques Lake
site late in Q2 of 2008 once a mining method and initial schedule
are determined. Infrastructure will include an access and haulage
road from the Michelin mill site, power considerations, site water
management system, mine maintenance facilities, mine waste storage
and emergency housing facilities.
METALLURGY AND PILOT PLANT
Aurora will be testing a mixture of Jacques Lake and Michelin
ores at a pilot plant at SGS's Lakefield, Ontario laboratory in
mid-February. Initial work conducted in 2007 suggests that Jacques
Lake ore will produce a slighter greater uranium extraction rate
(approximately 90%) compared with the Michelin ore (88 %).
DRILLING
There is now a 50-person all-season camp established at Jacques
Lake with an independent crew, logistics support, staff and budget.
The camp will support Aurora's 2008 hydrology, geotechnical and
drilling programs. Winter drilling at Jacques Lake is currently
underway, with two rigs drilling an estimated 5,000 metres with the
objective of converting inferred resources into measured and
indicated resources. Aurora is also planning geotechnical and
hydrological drilling at Jacques Lake deposit during 2008 program.
This would support open pit and underground mine planning.
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 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.
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
which 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
Aurora Energy Resources Inc. Corporate Contact Information (604)
632-0110 or Toll Free: 1-877-632-4677 Website:
www.aurora-energy.ca
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