Aurora Commits to Working With Nunatsiavut Government on Uranium Development in Labrador
April 08 2008 - 3:57PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: AXU) confirmed today that the
Nunatsiavut Government voted eight to seven in favour of
implementing a three-year moratorium on uranium mining on Labrador
Inuit Lands, but will continue to allow uranium exploration.
Aurora understands that the basis for the mining moratorium is
to allow time for the Nunatsiavut Government and the Government of
Newfoundland and Labrador, through the Regional Planning Authority,
to formulate a Land Use Plan as required by the Labrador Inuit Land
Claims Agreement.
"The Nunatsiavut Government has indicated that it is supportive
of natural resource development and open to evaluating ongoing
project information, but needs additional time to prepare for
significant developments like the Michelin Project," said Dr. Mark
O'Dea, President and CEO, Aurora Energy Resources Inc. "Currently
there is no uranium mining on Labrador Inuit Lands and there are no
plans for uranium mining operations for the next three years."
Nunatsiavut Government Lands and Resources Minister William
Barbour said following the Assembly decision today, "We are
prepared to work with any company wanting to conduct exploration
within our territory. During the course of the next three years we
will build our human resources capacity to effectively govern our
land and resources and effectively participate in environmental
protection and management together with industry and other
governments."
Aurora plans to conduct an in-fill drill program at the Michelin
and Jacques Lake deposits and continue with a pre-feasibility study
on the Michelin Project.
"We are committed to continue working closely with the
Nunatsiavut Government, Inuit Community Government members and
beneficiaries on such things as tailings management and
environmentally safe mine closure plans. We strongly believe that
we can demonstrate to the Nunatsiavut Government that uranium
mining can be safely carried out, with the utmost care for the
integrity of the environment," concluded Dr. O'Dea.
The Nunatsiavut Government is a newly formed regional government
established in 2005.
LIQUIDITY
Aurora has no debt and approximately $120 million in cash that
is fully liquid and held with a large commercial bank.
ABOUT AURORA
Aurora 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 is committed to responsible development with lasting
local benefits and the highest standards of safety, health, and
environmental protection.
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. Don Falconer VP,
Corporate Development (416) 362-5556 Aurora Energy Resources Inc.
Andrea Marshall Media Relations (709) 726-2223 Website:
www.aurora-energy.ca
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