Aurora Energy Resources Inc.
TSX : AXU

Aurora Energy Resources Inc.

January 22, 2008 09:22 ET

Aurora Adds Silver, Copper, Gold to the Uranium-Rich Inda Lake Trend, Labrador

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) - Aurora Energy Resources Inc. ("the Company") (TSX:AXU) is pleased to announce that drilling along the Inda Lake Trend has continued to intersect significant intervals of uranium mineralization at the Gear, Inda and Nash deposits, along with multiple intercepts of encouraging silver +/- copper +/- gold. The repeated association of uranium with precious and base metals opens up the potential for new deposit types and discovery opportunities in this important Canadian uranium district.

"As Aurora moves its large resource towards development, we are excited to continue making advances on the exploration front," said Dr. Mark O'Dea, Aurora's President and CEO. "These new results clearly demonstrate that this emerging uranium district is still in its exploration infancy. We have now established a pipeline of six growing open-pitable uranium deposits in our district, with multiple targets yet to be tested."

The following drill results from Inda, Gear and Nash are very similar, in terms of grade and thickness, to intersections obtained from early shallow drilling at both Aurora's Michelin and Jacques Lake Deposits.

INDA DEPOSIT

Uranium at the Inda Lake Deposit has been traced over a strike length of 1,400 metres, and drill tested locally to a depth of 400 metres. This growing deposit has approximately the same strike length as Michelin and remains open for expansion in all directions. An aggressive drilling campaign is planned for the 2008 field season.

Seven drill holes were completed over the southern portion of the Inda deposit in 2007. All holes intersected encouraging levels of uranium +/- silver +/- copper mineralization over variable widths and grades. New assay highlights include:

- 0.03% U3O8, and 148 grams per tonne silver (4.3 ounces per ton) over 6.50 metres in I07-007

- 0.08% U3O8 over 7.00 metres in I07-004

- 0.05% U3O8 over 24.00 metres in I07-006

Similar polymetallic results were intersected during Aurora's 2006 drill program, including:

- 4.38% U3O8, 30.1 grams per tonne silver, and 1.07% copper over 2.07 metres in I06-001

GEAR DEPOSIT

Assay results received for the final three of six holes completed at the Gear deposit have returned noteworthy levels of silver, copper and gold in spatial association with the expanding uranium mineralization. New assay highlights include:

- 16.0 grams per tonne silver, and 0.43% copper over 4.04 metres in G07-004

- 0.4 grams per tonne gold, 4.0 grams per tonne silver, and 0.32% copper over 1.00 metre in G07-008

Similar metal associations were intersected during Aurora's 2006 drill program, including:

- 0.33% U3O8, 31.0 grams per tonne silver, 0.13% copper over 2.00 metres and 0.10% U3O8, 31.6 grams per tonne silver, 0.73% copper over 3.66 metres in G06-001A

- 0.09% U3O8, 22.5 grams per tonne silver, 0.59% copper over 3.86 metres and 19.4 grams per tonne silver and 0.50% copper over 1.08 metres in G06-003

The main zone of uranium mineralization at Gear has now been intersected over a strike length of 200 metres. The deposit remains open to the southwest and down-plunge below a vertical depth of 300 metres. An aggressive drilling campaign is planned for 2008.

NASH DEPOSIT

Four holes were drilled in 2007 below the historic Nash deposit. All four holes successfully intersected uranium mineralization and the deposit remains open down-dip with further drilling planned for 2008. New assay highlights include:

- 0.11% U3O8 over 4.00 metres in N07-005

- 0.08% U3O8 over 4.00 metres in N07-006



Table: Inda Lake Trend - Summary of 2006-2007 Assay Composites

---------------------------------------------------------------------------
Gear - 2006-2007 Assay Highlights
---------------------------------------------------------------------------
Hole ID From (m) To (m) Width (m) U3O8 % Silver g/t Copper % Gold g/t
---------------------------------------------------------------------------
G06-001A 217.32 220.98 3.66 0.10 31.6 0.73 NSV
---------------------------------------------------------------------------
and 229.00 231.00 2.00 0.33 31.0 0.13 NSV
---------------------------------------------------------------------------
G06-002 NSV
---------------------------------------------------------------------------
G06-003 67.42 68.50 1.08 0.01 19.4 0.50 NSV
---------------------------------------------------------------------------
and 71.00 74.86 3.86 0.09 22.5 0.59 NSV
---------------------------------------------------------------------------
G07-004 321.46 325.50 4.04 NSV 16.0 0.43 NSV
---------------------------------------------------------------------------
and 370.50 372.50 2.00 NSV 0.9 0.04 0.4
---------------------------------------------------------------------------
and 379.50 380.50 1.00 NSV 1.0 0.03 0.9
---------------------------------------------------------------------------
G07-005 346.00 369.00 23.00 0.10 NSV NSV NSV
---------------------------------------------------------------------------
incl. 358.00 368.00 10.00 0.17 NSV NSV NSV
---------------------------------------------------------------------------
and incl. 361.00 367.00 6.00 0.22 NSV NSV NSV
---------------------------------------------------------------------------
and incl. 363.00 364.00 1.00 0.45 NSV NSV NSV
---------------------------------------------------------------------------
G07-006 NSV
---------------------------------------------------------------------------
G07-007 Hole abandoned due to excessive deviation
---------------------------------------------------------------------------
G07-007A 320.17 330.00 9.83 0.13 NSV NSV NSV
---------------------------------------------------------------------------
incl. 328.00 329.00 1.00 0.27 NSV NSV NSV
---------------------------------------------------------------------------
G07-008 17.00 18.00 1.00 NSV 4.0 0.32 0.4
---------------------------------------------------------------------------


------------------------------------------------------------------
Inda - 2006-2007 Assay Highlights
------------------------------------------------------------------
Hole ID From (m) To (m) Width (m) U3O8 % Silver g/t Copper %
------------------------------------------------------------------
I06-001 146.88 148.95 2.07 4.38 30.1 1.07
------------------------------------------------------------------
I07-002 271.00 276.00 5.00 0.08 0.7 0.02
------------------------------------------------------------------
incl. 274.00 275.00 1.00 0.10 0.7 0.02
------------------------------------------------------------------
and 311.00 313.00 2.00 0.11 0.7 0.02
------------------------------------------------------------------
and 318.00 320.00 2.00 0.16 1.0 0.01
------------------------------------------------------------------
and 339.00 345.00 6.00 0.05 NSV 0.02
------------------------------------------------------------------
I07-003 126.00 130.00 4.00 0.08 0.9 0.01
------------------------------------------------------------------
I07-004 156.00 163.00 7.00 0.08 0.8 0.01
------------------------------------------------------------------
I07-005 133.00 134.00 1.00 0.05 2.3 0.01
------------------------------------------------------------------
I07-006 139.00 163.00 24.00 0.05 5.1 0.01
------------------------------------------------------------------
incl. 150.00 151.00 1.00 0.06 42.6 0.02
------------------------------------------------------------------
I07-007 247.00 248.00 1.00 0.04 2.2 0.01
------------------------------------------------------------------
and 284.00 290.00 6.00 0.04 22.6 0.02
------------------------------------------------------------------
and 303.00 309.50 6.50 0.03 148.0 0.05
------------------------------------------------------------------
incl. 305.00 306.00 1.00 0.07 150.0 0.02
------------------------------------------------------------------
and 310.05 311.00 0.95 0.11 39.0 0.01
------------------------------------------------------------------
I07-008 Hole abandoned due to excessive deviation
------------------------------------------------------------------
I07-008A 425.00 427.00 2.00 0.13 1.1 0.01
------------------------------------------------------------------
and 437.00 443.00 6.00 0.08 0.7 0.01
------------------------------------------------------------------


--------------------------------------------
Nash 2006 - 2007 Assay Highlights
--------------------------------------------
Hole ID From (m) To (m) Width (m) U3O8 %
--------------------------------------------
N06-001 28.00 32.00 4.00 0.21
--------------------------------------------
N06-002 23.38 26.79 3.41 0.25
--------------------------------------------
N07-003 194.00 195.00 1.00 0.03
--------------------------------------------
N07-004 278.00 279.00 1.00 0.06
--------------------------------------------
N07-005 218.00 222.00 4.00 0.11
--------------------------------------------
incl. 219.00 220.00 1.00 0.34
--------------------------------------------
N07-006 355.00 356.00 1.00 0.08
--------------------------------------------
and 361.00 365.00 4.00 0.08
--------------------------------------------
incl. 364.00 365.00 1.00 0.11
--------------------------------------------
and 373.00 374.00 1.00 0.11
--------------------------------------------


The orientation of the mineralized zones is interpreted to be moderately to steeply southeast dipping and stated widths are approximately 80% of true widths.

For a map of the uranium surface showings, please click on http://www.aurora-energy.ca/files/ProjectMap

A view of the Inda Lake Trend with drill hole locations will be posted shortly.

COMPANY ACTIVITIES

An updated resource estimate for the Michelin, Jacques Lake, Gear, Inda, Nash, and Rainbow Deposits will be forthcoming in coming weeks.

The Company plans to submit its Project Description to federal and provincial authorities in the second quarter of 2008 to initiate the environmental assessment process for the Michelin Project (which includes the Michelin and Jacques Lake deposits).

Aurora has commenced a two-month winter program of in-fill and geotechnical drilling on both the Michelin and Jacques Lake Deposits and is undertaking engineering studies to move the project towards development.

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 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
    Website: www.aurora-energy.ca