The special committee of independent directors (the "Special Committee") of
Aurora Energy Resources Inc. ("Aurora" or the "Company") (TSX:AXU) today
acknowledged that Fronteer Development Group Inc. ("Fronteer") has announced
that it has filed with securities regulators in Canada and the United States and
has commenced the mailing of its formal offer (the "Fronteer Offer") to acquire
all of the common shares of Aurora that it does not already own on the basis of
0.825 of a Fronteer common share for each Aurora common share. The Fronteer
Offer will expire at 8:00 p.m. (Toronto time) on March 2, 2009, unless extended
or withdrawn, and is subject to certain conditions.


As previously announced, the Special Committee has retained National Bank
Financial Inc. as its financial advisor to give it financial and strategic
advice in connection with the Fronteer Offer in its efforts to maximize
shareholder value. National Bank Financial Inc. has commenced a process of
canvassing potential parties to identify possible alternative transactions that
would provide greater value to shareholders than the Fronteer Offer, although
there can be no assurance that any such alternative transaction will emerge.
National Bank Financial Inc. will also assess the fairness of the Fronteer Offer
consideration, from a financial point of view, to the Company's shareholders,
other than Fronteer and its affiliates.


There is no immediate urgency for Aurora shareholders to do anything with
respect to the Fronteer Offer. The Aurora Board of Directors will communicate
further with shareholders prior to the expiry of the Fronteer Offer, including
the mailing of a directors' circular to shareholders, so that Aurora
shareholders will have updated information in deciding whether or not to tender
to the Fronteer Offer. The Special Committee advises Aurora shareholders to
defer making any decision with respect to the Fronteer Offer until the Aurora
Board of Directors formally communicates its position on the Fronteer Offer.


ABOUT AURORA

Aurora is a uranium exploration and development company active in the Central
Mineral Belt of coastal Labrador - one of the world's most promising uranium
districts - and in Nunavut, Canada, where it has acquired an interest in the
Baker Lake Basin property.


Aurora has no debt and approximately C$99 million in cash that is fully liquid
and held with a large Canadian commercial bank.


Aurora is committed to responsible development, which includes community
consultation, 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 the Fronteer Offer, any
possible alternative transaction, the timing and level of exploration
activities, including drilling activities, the timing of completion of a
pre-feasibility study and anticipated results of the 2008 work program; 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 Fronteer Offer not being completed, the terms of the Fronteer
Offer, the lack of any alternative transaction, the terms of any alternative
transaction, 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, economic and political stability in Canada, 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 on file with
the Canadian Securities Commissions. 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, except as required by law. Accordingly,
readers should not place undue reliance on forward-looking statements.
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Alexco Resource Charts.
Alexco Resource (TSX:AXU)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Alexco Resource Charts.