VANCOUVER, BRITISH COLUMBIA (TSX: AXU) is pleased to announce
that a new total resource estimate for its pipeline of six growing
uranium deposits in coastal Labrador has produced:
- A Measured and Indicated resource of 83.9 million pounds of
U3O8 (uranium); and
- An Inferred resource of 49.8 million pounds of U3O8.
Aurora's new uranium resource base has surpassed the Company's
annual target, increasing by 39% in just over 12 months. This new
estimate is comprised of the Michelin Deposit (see recent press
release of February 20, 2008), the Jacques Lake Deposit, and four
newly estimated nearby satellite deposits called Rainbow, Nash,
Inda, and Gear. Jacques Lake and the satellite deposits all have
the potential for significant, Michelin-style growth and are
located within 30 kilometres of Michelin.
"Our goal for 2007 was to deliver a resource of 130 million
pounds," said Dr. Mark O'Dea, Aurora's President and CEO. "We have
exceeded our resource target for the third consecutive year. More
importantly, we have succeeded in demonstrating that Aurora's new
uranium district hosts a true pipeline of projects that have major
growth potential, which will help sustain a long life, world-class
mining camp. We are moving to develop these important resources as
efficiently as possible, using industry best practices in geology,
engineering, metallurgy, environment and health and safety."
JACQUES LAKE DEPOSIT INCREASES BY 67%
The new resource estimate for the Jacques Lake Deposit ("Jacques
Lake"), has led to an overall 67% increase in deposit size. While
still open for significant expansion, Jacques Lake now has:
- A Measured and Indicated resource of 10.4 million pounds of
U3O8; and
- An Inferred resource of 6.9 million pounds of U3O8.
Like Michelin, the characteristics of the Jacques Lake
mineralization are well understood and similar to the Michelin
mineralization. Jacques Lake mineralization lends itself to
standard crushing and grinding technology and traditional leach
processing. Similarly, the host rocks at Jacques Lake are
competent, making them amenable to both open pit and conventional
underground mining techniques. Like Michelin, there are no
groundwater, metallurgical or rock mechanic issues identified to
date.
FOUR SATELLITE DEPOSITS TAKE SHAPE
While the Michelin and Jacques Lake deposits are clearly the
backbone of the district, Aurora's drilling programs have further
defined four satellite deposits, each with the potential to become
significant resources in their own right. The Rainbow, Nash, Inda
and Gear deposits have been significantly expanded and now
cumulatively have:
- An Indicated resource of 6.1 million pounds of U3O8; and
- An Inferred resource of 7.4 million pounds of U3O8.
Of particular note, the Inda Deposit today is nearly as large as
the Jacques Lake Deposit was 12 months ago. It is important to
stress that all four of these satellite deposits are still at a
very early stage of deposit delineation and have significant growth
potential.
For a map showing the distribution of Aurora's uranium deposits
and priority drill targets, please use the following link:
http://www.aurora-energy.ca/files/HotSpots_2008.02.22.JPG.
The following table summarizes the Classified Mineral Resources
of the Michelin, Jacques Lake, Rainbow, Nash, Inda and Gear
deposits:
Underground(i) Open Pit(i) Total
---------------------------------------------------------------------------
Deposit
% %
Class Tonnes U3O8 lbs U3O8 Tonnes U3O8 lbs U3O8 lbs U3O8
---------------------------------------------------------------------------
MICHELIN
Measured 1,289,000 0.12 3,310,000 5,795,000 0.08 9,768,000
Indicated 16,170,000 0.13 44,582,000 7,146,000 0.06 9,774,000
---------------------------------------------------------------------------
MEASURED
& INDI-
CATED 17,459,000 0.12 47,892,000 12,941,000 0.07 19,542,000 67,434,000
---------------------------------------------------------------------------
JACQUES LAKE
Measured 415,000 0.09 802,000 401,000 0.09 798,000
Indicated 3,357,000 0.08 5,861,000 1,909,000 0.07 2,950,000
---------------------------------------------------------------------------
MEASURED
& INDI-
CATED 3,772,000 0.08 6,663,000 2,310,000 0.07 3,748,000 10,411,000
---------------------------------------------------------------------------
RAINBOW
Indicated 1,088,000 0.09 2,063,000 2,063,000
---------------------------------------------------------------------------
NASH
Indicated 757,000 0.08 1,300,000 1,300,000
---------------------------------------------------------------------------
INDA
Indicated 1,460,000 0.06 2,037,000 2,037,000
---------------------------------------------------------------------------
GEAR
Indicated 520,000 0.06 665,000 665,000
---------------------------------------------------------------------------
---------------------------------------------------------------------------
TOTAL
MEASURED
& INDI-
CATED 21,231,000 0.12 54,555,000 19,076,000 0.07 29,355,000 83,910,000
---------------------------------------------------------------------------
MICHELIN
Inferred 12,577,000 0.12 33,647,000 1,564,000 0.05 1,818,000 35,465,000
JACQUES LAKE
Inferred 2,778,000 0.08 4,596,000 2,210,000 0.05 2,314,000 6,910,000
RAINBOW
Inferred 931,000 0.08 1,700,000 1,700,000
NASH
Inferred 613,000 0.07 904,000 904,000
INDA
Inferred 3,042,000 0.07 4,538,000 4,538,000
GEAR
Inferred 210,000 0.06 262,000 262,000
---------------------------------------------------------------------------
TOTAL
INFERRED 15,355,000 0.11 38,243,000 8,570,000 0.06 11,536,000 49,779,000
---------------------------------------------------------------------------
(i) Aurora's CMB Mineral Resources are reported at cut-off grades that
contemplate underground (0.05% U3O8) and open pit (0.03% U3O8) mining
scenarios, based on preliminary economic assumptions, and may be refined
with more in-depth economic analyses.
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 scheduled to be announced by Aurora within the
next few weeks.
Meanwhile, the Company is carrying out 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 Registration to
government 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
Project Registration is the beginning of an extensive environmental
assessment 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 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 CMB
resource estimates. All estimates were conducted using 3D
geological solids defined by a combination of stratigraphy,
alteration and grade, and hand-digitized on 25-50 metre
cross-sections in Gemcom software. Assay composites were generated
from capped U3O8 grades within these solids and used to interpolate
grades into 3D block models, using either ordinary kriging
(Michelin, Jacques Lake) or anisotropic inverse distance squared
weighting (Rainbow, Gear, Inda, Nash). Optimum search parameters
(ranges, orientations, number of samples) were chosen to reflect
modeled or interpreted grade continuity, low and high grade
populations, and sample density. A single mean specific gravity, as
measured from 22 to 329 samples of mineralized rock, was used for
each deposit. Mineral resources for the satellite deposits
(Rainbow, Gear, Inda, Nash) are reported for only those blocks
located less than 300 metres from surface. Blocks were classified
into Measured, Indicated and Inferred mineral resource categories
using a combination of the number drill holes, average distance of
samples used in each block estimate, and geological confidence.
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.
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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