Aurora Energy Resources Inc.
TSX : AXU

Aurora Energy Resources Inc.

January 30, 2008 09:12 ET

2007 Jacques Lake Drill Results Reinforce Aurora's Uranium Mine Plan in Coastal Labrador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) is pleased to announce the final results from its 2007 drill program at Jacques Lake. The results firmly establish this new uranium deposit as an important part of the Company's pipeline of development projects in coastal Labrador.

The growing Jacques Lake deposit augments Aurora's portfolio of quality assets in a safe and mining-friendly country - one that supplies 28% of the world's uranium. A revised resource estimate for Jacques Lake is expected from the Company in the very near-term.

"Jacques Lake has evolved into a significant development project in only three years," said Dr. Mark O'Dea, Aurora's President and CEO. "With a comprehensive infill drill program underway, along with ongoing mining, metallurgical and environmental engineering studies, Jacques Lake is on a development track as either a stand alone operation or one that can be developed concurrently with the nearby Michelin deposit."

Mineralization at Jacques Lake, which starts at surface, has been intersected over a strike length of over 750 metres, extended to a depth of up to 425 metres, and still remains open for expansion along strike and at depth. Jacques Lake is now approximately three quarters the strike length and about half the depth of Michelin - and has similar structural characteristics and potential to develop significantly in size.

Significant new drill results from 2007 include:

- Drill hole JL07-076, which intersected 0.11% U3O8 over 10.00 metres, including 0.23% U3O8 over 3.00 metres. This hole is the most significant new result from Jacques Lake because it extends the deposit an additional 200 metres along strike to the southwest at a depth of approximately 350 metres.

- Drill hole JL07-068, which intersected 0.08% U3O8 over 20.00 metres, including 0.13% U3O8 over 5.00 metres.

- Drill hole JL07-073, which intersected 0.05% U3O8 over 37.09 metres.

- Drill hole JL07-078, which intersected 0.11% U3O8 over 7.00 metres, including 0.21% U3O8 over 2.00 metres and 0.08% U3O8 over 9.20 metres.

A detailed table of results can be viewed by clicking here http://www.aurora-energy.ca/files/JLdrillresults2007.JPG.

A view of the Jacques Lake long section can be viewed by clicking here, http://www.aurora-energy.ca/files/JL_LS_23Jan08.jpg.

BASELINE ENVIRONMENTAL AND SOCIAL STUDIES

Baseline environmental studies, initiated by Aurora in 2005, continued in the Jacques Lake area during 2007. These studies focused on collecting information regarding natural systems, air quality, and local history; on reviewing archival data and meteorological conditions; and on assessing components of the existing ecosystem.

Detailed baseline work is proceeding in 2008 to expand this work. In addition, Aurora is engaged in dialogue with communities in preparation for undertaking Traditional Knowledge programs in 2008. The study results will be used in the regulatory approval process.

ENVIRONMENTAL ASSESSMENTS

The Company plans to submit its Project Description to federal and provincial authorities in the second quarter of 2008 to initiate the Environmental Assessment (EA) process for the Michelin Project (which includes the Michelin and Jacques Lake deposits). Meetings and presentations to local communities and their representatives were undertaken in 2007 to seek involvement and input. Similar consultations will continue throughout 2008.

Aurora has initiated discussions with the appropriate governments and regulators including the Province of Newfoundland and Labrador, Nunatsiavut Government, Canadian Nuclear Safety Commission, and the Canadian Environmental Assessment Agency. This will help ensure timely compliance with the EA requirements.

MINE DEVELOPMENT

Development planning for an open pit and underground mine at Jacques Lake deposit continues. In 2008, Aurora and its engineering contractors will begin initial open pit mine design and scheduling. In addition, the underground mining and access methods will be reviewed and updated. Following that, underground stope layout and mine scheduling will be initiated.

Aurora and its engineering contractors (Micon and SNC-Lavalin) will begin planning the mine infrastructure at the Jacques Lake site late in Q2 of 2008 once a mining method and initial schedule are determined. Infrastructure will include an access and haulage road from the Michelin mill site, power considerations, site water management system, mine maintenance facilities, mine waste storage and emergency housing facilities.

METALLURGY AND PILOT PLANT

Aurora will be testing a mixture of Jacques Lake and Michelin ores at a pilot plant at SGS's Lakefield, Ontario laboratory in mid-February. Initial work conducted in 2007 suggests that Jacques Lake ore will produce a slighter greater uranium extraction rate (approximately 90%) compared with the Michelin ore (88 %).

DRILLING

There is now a 50-person all-season camp established at Jacques Lake with an independent crew, logistics support, staff and budget. The camp will support Aurora's 2008 hydrology, geotechnical and drilling programs. Winter drilling at Jacques Lake is currently underway, with two rigs drilling an estimated 5,000 metres with the objective of converting inferred resources into measured and indicated resources. Aurora is also planning geotechnical and hydrological drilling at Jacques Lake deposit during 2008 program. This would support open pit and underground mine planning.

ABOUT AURORA

Aurora (TSX:AXU) 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's uranium district has a defined resource of 58 million pounds of uranium (5 million measured and 53 million indicated) and 38 million pounds (inferred)(i). Aurora is undertaking pre-feasibility studies to move the project towards development.

Aurora is not invested in any short term commercial paper or asset-backed securities. The Company has approximately C$131 million in cash that is fully liquid and held with a large commercial bank.

Aurora is committed to responsible development with lasting local benefits and the highest standards of safety, health, and environmental protection.

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 current 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 which 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, 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.

Contact Information

  • Aurora Energy Resources Inc.
    Andrea Marshall
    Manager, Government and Media Relations
    (709) 726-2223
    or
    Aurora Energy Resources Inc.
    Don Falconer
    VP Corporate Development
    (416) 362-5556
    or
    Aurora Energy Resources Inc.
    Corporate Contact Information
    (604) 632-0110 or Toll Free: 1-877-632-4677
    Website: www.aurora-energy.ca