VANCOUVER, BRITISH COLUMBIA (TSX: AXU) is pleased to announce
that a new resource estimate for its Michelin Uranium Deposit
("Michelin"), has led to an overall 20% increase in deposit size.
While still open for further expansion, Michelin now has:
- A Measured and Indicated resource of 67.4 million pounds of
U3O8 (uranium); and
- An Inferred resource of 35.5 million pounds of U3O8
(uranium).
Of equal significance, the uranium mineralization of Michelin
has increased by more than 11% (now 0.12% U3O8) in the proposed
underground section of the deposit and by 5% (now 0.07% U3O8) in
the proposed open pit section of the deposit area.
Michelin, which forms the backbone of Aurora's new uranium
district, is the first in the Company's pipeline of uranium
development projects with production visibility. Updated resource
estimates for the Jacques Lake Deposit and four additional uranium
deposits (Rainbow, Gear, Inda Lake and Nash) located on Aurora's
land holdings will be announced by Aurora in the very
near-term.
"Michelin is now clearly one of Canada's uranium mega-projects,
with a resource size and associated grade that compares favourably
with its peers on the world stage" said Dr. Mark O'Dea, Aurora's
President and CEO. "Michelin now ranks among the world's highest
grade deposits outside the Athabasca Basin that are either
currently in production or have production visibility."
MICHELIN DEPOSIT RESOURCE ESTIMATE
The following table summarizes the Classified Mineral Resources
of the Michelin Deposit:
Underground(i) Open Pit(ii)
---------------------------------------------------------------------------
Class Tonnes %U3O8 lbs U3O8 Tonnes %U3O8 lbs U3O8 Total lbs
---------------------------------------------------------------------------
Measured 1,289,000 0.12 3,310,000 5,795,000 0.08 9,768,000 13,078,000
Indicated 16,170,000 0.13 44,582,000 7,146,000 0.06 9,774,000 54,356,000
Inferred 12,577,000 0.12 33,647,000 1,564,000 0.05 1,818,000 35,465,000
---------------------------------------------------------------------------
(i) Underground resources stated at a cut-off grade of 0.05% U3O8
(ii) Open pit resources stated at a cut-off grade of 0.03% U3O8
DEVELOPMENT CONSIDERATIONS
Michelin is a large, high quality asset with deposit
characteristics capable of supporting a conventional, relatively
low cost, long-life mining operation. Studies to date indicate that
Michelin's cash costs would compare very favourably with other
operating hard rock uranium mines around the world.
Based on extensive metallurgical and pilot plant tests at SGS
Lakefield Laboratories, the characteristics of the Michelin ore are
well understood, uncomplicated, and conventional. Michelin lends
itself to standard crushing and grinding technology and traditional
leach processing.
In addition, metallurgical tests to date indicate:
- The Michelin ore is not highly abrasive and will require only
modest grinding energy.
- The ore and surrounding rocks contain very low levels of
deleterious or problematic metals, such as vanadium, molybdenum and
selenium.
- The ore and surrounding rocks contain very low levels of
sulphides and high levels of carbonate, indicating that acid rock
drainage is not a concern for waste rock or tailings.
From a geotechnical perspective, the host rocks at Michelin are
amenable to both open pit and conventional underground mining
techniques. The Deposit is hosted in hard, competent, relatively
impermeable Canadian Shield volcanic rock, with no groundwater
issues or rock mechanic issues identified to date.
Importantly, Michelin also has appealing infrastructure options,
which are currently being evaluated, including:
- Potential to access grid power from Newfoundland and Labrador
Hydro to provide 40-45 megawatts of power for the project.
- Road access alternatives to the Michelin mine site.
- Marine access alternatives. Michelin is located 30 kilometres
from tidewater which allows 6-7 months of seasonal waterway access
and transportation of heavy equipment and bulk supplies to and from
site.
2008 WORK PROGRAM
Aurora is continuing to advance the Project through its
comprehensive development program. A detailed work program for the
balance of 2008 is planned to be announced by Aurora within the
next few weeks.
Meanwhile, Aurora has commenced a 20,000 metre, seven rig,
two-month winter program of in-fill, confirmation, and geotechnical
drilling on both the Michelin and Jacques Lake deposits and is
continuing with ongoing engineering studies designed to move the
project towards development.
The Company is scheduled to submit its Project Description
(Registration) 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). The Registration is the beginning of an extensive
process under the federal, provincial and Nunatsiavut
governments.
ABOUT AURORA
Aurora is a uranium development company focused on the Central
Mineral Belt in coastal Labrador - one of the world's most
promising uranium districts. Aurora's focus on low-cost organic
growth over the past three years has led to a five-fold increase in
deposit size at a cost to Aurora shareholders of less than $0.50
per pound.
Aurora is committed to responsible development with lasting
local benefits and the highest standards of safety, health, and
environmental protection.
Christopher Lee, P. Geo, Chief Geoscientist for Aurora Energy
Resources Inc., is the designated Qualified Person for the Michelin
resource estimate and has approved this news release. The resource
model consists of four discrete mineralized domains, defined by a
combination of stratigraphy, alteration and grade, that were hand
digitized using 348 drill holes, on 50 metre-spaced cross-sections.
Two metre composites were generated from capped U3O8 grades within
these solids and used to interpolate grades into two block models,
one for underground (5x5x5 metres) and one for the open pit
(10x5x10 metres), using ordinary kriging in Gemcom software. Search
radii were determined from correlogram ranges and oriented parallel
to the overall plunge of the deposit. A single average density of
2.7 g/cc, as determined from 129 measurements from mineralized rock
throughout the deposit, was used to calculate tonnage. Blocks were
classified into Measured, Indicated and Inferred Mineral Resource
categories using a combination of the number drill holes and the
average distance of samples used in each block estimate. The
Michelin resource estimate is reported using cut-off grades of:
0.03% U3O8 for the open pit portion, and 0.05% U3O8 for
underground. Further details of the estimation procedure will be
available in an updated NI 43-101 report, which will be posted on
SEDAR (www.sedar.com), no later than 45 days from the date of this
release. Mineral resources are not mineral reserves, and there is
no guarantee that any resource will become a reserve.
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 2007
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, future
project costs and production, 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 Website: www.aurora-energy.ca
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