Aura Silver Resources Inc.
TSX VENTURE : AUU

Aura Silver Resources Inc.

October 05, 2009 08:30 ET

Aura Silver Announces Commencement of Phase II Drilling: New Interpretation Leads to Greatly Enhanced Prospectivity Along 6 km of Silver-Gold Trend

OTTAWA, ONTARIO--(Marketwire - Oct. 5, 2009) - Aura Silver Resources Inc. (TSX VENTURE:AUU)("Aura Silver" or the "Company") is pleased to announce that the Company and its joint venture partner Intrepid Mines Limited have approved a 2,500 meter Phase II drilling program for the Taviche property in Oaxaca, Mexico. Phase II drilling will test targets along the extent of the Higo Blanco trend including Cerro La Mina, the Mezcal Vein System, and Santo Nino or nearly 3 kilometers of strike length. The Phase II program will also follow up on the encouraging initial results obtained in Phase I drilling. Hole HBET03-09 yielded 219.5 grams per tonne (g/t) silver equivalent over 34.2 meters including 1,116.2 g/t silver equivalent over 1.5 meters. At a depth of over 107 meters, 12.1 meters averaged 533.4 g/t silver equivalent with 1.3 meters grading 2,466 g/t (see Press Release #09-05 dated August 14, 2009).

Drilling will also take place to test the Piedra Del Sapo prospect, a couple kilometers northwest of the Cerro La Mina zone, in the northwest part of the Higo Blanco trend. The analysis conducted in past weeks indicates large geophysical and geochemical anomalies exist here and their association with high stibnite contents suggests that silver mineralization (pyrargyrite) may occur just beneath. The pyrargyrite targets coincide with a distinct IP anomaly which is interpreted to be 50 meters or less below surface.

Approval of the Phase II drill program has followed detailed interpretation of Phase I drill results by the Taviche JV geologists. Phase I results have been integrated with the IP / resistivity and magnetic geophysical survey data collected during early 2009 and with recently available analysis of a three dimensional inversion of chargeability and resistivity data. At least three sub-horizontal overlapping tubular-shaped zones of excellent IP response occur within the intensely silicified limestone zone that formed adjacent to a major NNW-trending extensional fault system. These IP anomalies extend for approximately 6 kilometers. The magnetic intensity data enable us to map the position of the major structures that control the mineralization. These structures form a series of overlapping faults that parallel the IP and geochemical anomalies. We can now more precisely determine the position of the potential mineralized zones, and thus guide our drilling with greater accuracy.

In total, it is expected that the Phase II drill program will comprise up to 12 holes. Aura Silver CEO Robert Boaz stated, "The geophysics and geochemical analysis undertaken by the JV geological team gives us a clearer understanding of the geological structure of Higo Blanco. We now have an understanding why certain drill targets in Phase I were not as successful as previously anticipated. Phase 2 drilling will fully utilize the results of this analytical work."

Phase II drilling is expected to commence on October 5 and it is estimated that it will take approximately two months to complete. Results will be reported as and when early stage assay results become available. The Taviche JV continues to have the full support of the local community which will supply a dedicated work force to assist with the Phase II program.

Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.

About Aura Silver

Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Canada (Greyhound project) and in Oaxaca, Mexico. The Company has 40,294,402 common shares outstanding.

FORWORD LOOKING STATEMENTS

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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