VANCOUVER, BRITISH COLUMBIA (TSX: AXU) is pleased to announce
that its work program for the remainder of 2008 will focus on
building both community support and resource value for the Michelin
Project.
The work program will be comprised of a tailings management
options study, an environmental baseline program, a community
outreach program, a training plan, engineering studies, and ongoing
infill drilling.
The work program is focused on demonstrating to the Nunatsiavut
Government and community members that the Michelin Project can be
developed in a safe manner with minimal impact on the land,
wildlife, and nearby communities. As well, the planned work program
will move the project towards development through infill,
metallurgical, and related drilling.
TAILINGS MANAGEMENT STUDY
In 2008, Aurora plans to conduct engineering and environmental
studies on a variety of tailings management technology options and
sites. This process is expected to lead to a short list of
candidate sites for further detailed consideration. These studies
will focus on:
- Engineering design studies
- Soil and water chemistry
- Environmental site assessment
- Surface and ground water studies
- Bio-physical studies
- Geochemical baseline studies
- Tailings modeling
- Safe closure design
- Radiological studies
Aurora also plans to conduct condemnation drilling (drilling to
demonstrate the absence of mineralization beneath project
facilities) to support the tailings management options selected for
detailed study.
Nunatsiavut representatives will be invited to play a direct
role in the study. The process will include a public consultation
component as well which is expected to provide Aurora with the
community's perspective. In addition, this consultation component
should provide information on the design process to community
members.
ENVIRONMENT, HEALTH AND SAFETY
Aurora is committed to the best environmental, health and
safety, and social practices. "We support resource development only
if the health and safety of our workers and the environment can be
protected," said Dr. O'Dea. "Our safety record is excellent, with
100% of the site workforce meeting the safety standards prescribed
and monitored by Health Canada."
In support of its commitment to environmental protection, Aurora
plans to carry out another large environmental data gathering
program in 2008. The program will see Aurora continue with seasonal
work designed to develop baseline information for future
environmental reviews, including:
- Wildlife surveys
- Air quality data
- Weather and climate data
- Water quality and quantity data
- Fish and bird surveys
CONSULTATION AND COMMUNITY RELATIONS
Since Aurora began conducting exploration in Labrador's Central
Mineral Belt in 2004, the Company has made a positive impact
through employment, contracting, training, and community
investment, especially in its host community of Postville.
Some key achievements to date include:
- More than $50 million spent on exploration programs and
environmental baseline studies, with more than $25 million staying
in the Labrador economy.
- In 2007, Aurora employed 275 people, of which 112 people were
from North Coast communities and the Happy Valley-Goose Bay
area.
- Training of more than 60 employees from local communities as
drill helpers, geo-technicians, environmental monitors, and
catering staff.
- Opening of community outreach offices in Postville, Makkovik
and Happy Valley-Goose Bay.
- Procuring most goods and services from local companies to
support the exploration programs.
For more detail on Aurora's 2007 Community Investment program,
please visit:
http://www.aurora-energy.ca/pdf/AXU_Community_Newsletter_V3_April_2008.pdf.
Aurora recognizes the importance of enhancing its community
relations activities going forward. "Resource development is a
cooperative activity," said Dr. O'Dea. "Working from the support
base we have established with our neighbours in the communities and
the Nunatsiavut Government, we plan to demonstrate the wide-ranging
benefits for all project participants," added Dr. O'Dea.
Community outreach initiatives to be undertaken in 2008 include
the expansion of local recruitment efforts as Aurora develops its
Labrador-based human resource capacity, working closely with the
Nunatsiavut Government to build on its support for resource
development, and providing meaningful financial contributions to
worthwhile community programs in Coastal Labrador.
Aurora is also investigating the establishment of an environment
liaison committee comprised of outside independent experts and
community representatives. The committee will be specifically
designed to take into account the environmental, economic and
social considerations of the Michelin Project, and to facilitate
the involvement of community stakeholders, Aurora and local
governments.
TRAINING PLAN
As a complement to the Company's existing training program,
Aurora plans to develop a Michelin Project Training Plan to prepare
community members for employment in ongoing exploration and
development activities and, subject to regulatory approval, the
longer term construction and operations phases. The Nunatsiavut
Government, as well as Innu Nation, will be invited to play an
active role in developing this plan.
"We have clearly heard from government and community members
that training is an important component of resource development.
This plan will be designed to provide guidance and support in
identifying training and employment opportunities for local
stakeholders for all phases of the Michelin Project," explained Dr.
O'Dea.
INFILL DRILLING
Aurora has revised its summer drill program to an 11,250 metre
infill campaign at the Jacques Lake and Michelin deposits and
expects to fulfill all of its contractual obligations in connection
with this drilling program. This revised program is a reduction of
38,750 metres or 77% from the original budget of 50,000 metres. The
program, which is expected to run from May until July, aims to
enhance the value of the Michelin and Jacques Lake deposits by
converting pounds from the inferred to indicated mineral resource
category.
ENGINEERING STUDIES
Aurora also plans to continue with engineering studies and will
conduct a 3,750 metre geotechnical, environmental and metallurgical
drill program from May until August which is expected to provide
Aurora with valuable data for tailings studies and in moving the
Michelin Project towards development.
BUDGET FOR BALANCE OF 2008
The revised budget for the remainder of 2008 is estimated at
$20.1 million. This represents a reduction of 47% from the original
planned spend of $38 million for the same period. The revised
budget includes: $4.0 million for infill drilling; $2.0 million for
surveying, site reclamation and camp demobilization; $4.9 million
for geotechnical and development drilling and engineering studies;
$1.9 million for tailings management study; $2.4 million for
health, safety and environment; $0.8 million for community
relations; and $4.1 million for general and administrative
costs.
LIQUIDITY
Aurora has no debt and approximately $117 million in cash that
is fully liquid and held with a large commercial bank.
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 recently completed a 12,132
metre winter infill drilling program at the Michelin and Jacques
Lake deposits - see April 22, 2008 News Release, "Aurora's Winter
Drill Program Enhances Continuity of Michelin Deposit" and May 5,
2008 News Release, "Infill Drill Results Strengthen Jacques Lake
Resource, Uranium Pipeline".
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
operations, 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 most recent 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. Paul Coombs CFO & Corporate Secretary (709)
726-2223 Website: www.aurora-energy.ca
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