Aura Minerals Inc.
TSX : ORA

Aura Minerals Inc.

June 23, 2008 18:23 ET

Aura Minerals Inc. Announces Significant Increase in Both Size and Confidence in the Serrote da Laje Resource

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Aura Minerals Inc. (TSX:ORA) (the "Company" or "Aura Minerals") is very pleased to announce the completion of an updated resource estimate at its wholly owned Serrote da Laje deposit in Alagoas State, Brazil.

This updated resource estimate, as presented in Table 1 (see below), clearly demonstrates the significant expansion from the National Instrument 43-101 ("NI 43-101") resource reported in June 2007. Of more significance is the fact that the major portion of this updated resource is now in the Measured and Indicated category. The 2007 resource was 111 million tonnes Inferred at 0.55% copper at a 0.20% copper cut-off.

Highlights of the new resource at the same 0.20% Cu cut-off include:

- A new Measured and Indicated category of 130 million tonnes grading 0.57% Cu, 15.11% Fe, 0.09 g/t Au and 0.07% Ni; and

- An additional Inferred category of 22 million tonnes grading 0.48% Cu, 19.58% Fe, 0.13 g/t Au and 0.09% Ni.

Details of the new resource are as follows:



Table 1 - Serrote da Laje Total Resource - 0.20% Cu cut-off
---------------------------------------------------------
Tonnes Cu Au Ni Fe
Class (000's) (%) (g/t) (%) (%)
---------------------------------------------------------
Measured 35,239 0.54 0.09 0.07 15.85
Indicated 94,771 0.58 0.09 0.07 14.83
---------------------------------------------------------
Measured+Indicated 130,010 0.57 0.09 0.07 15.11
---------------------------------------------------------
Inferred 22,125 0.48 0.13 0.09 19.58
---------------------------------------------------------

The total resource is comprised of sulphide and oxide/transition resources
which are detailed in Table 2 and 3 respectively:

Table 2 - Serrote da Laje Sulphide Resource - 0.20% Cu cut-off
---------------------------------------------------------
Tonnes Cu Au Ni Fe
Class (000's) (%) (g/t) (%) (%)
---------------------------------------------------------
Measured 29,492 0.56 0.09 0.07 15.47
Indicated 83,598 0.58 0.09 0.06 14.37
---------------------------------------------------------
Measured+Indicated 113,090 0.57 0.09 0.06 14.66
---------------------------------------------------------
Inferred 20,047 0.49 0.13 0.09 18.95
---------------------------------------------------------

Table 3 - Serrote da Laje - Oxide/Transition Resource 0.20% Cu cut-off
---------------------------------------------------------
Tonnes Cu Au Ni Fe
Class (000's) (%) (g/t) (%) (%)
---------------------------------------------------------
Measured 5,747 0.43 0.08 0.07 17.77
Indicated 11,173 0.59 0.09 0.08 18.25
---------------------------------------------------------
Measured+Indicated 16,920 0.54 0.09 0.08 18.09
---------------------------------------------------------
Inferred 2,078 0.39 0.16 0.15 25.63
---------------------------------------------------------


A small shallow portion of the deposit, as indicated in Table 3 (see above), is oxide or mixed oxide-sulphide and the Company plans to complete metallurgical testwork on this material to determine recoveries based on flotation or on solvent extraction.

The Serrote da Laje deposit can be segregated into a northern and southern zone, which have yet to be fully delineated by drilling. Also of importance, is that parts of both these zones are at or near surface and contain some of the higher grades within the deposit. Mining of the higher grade portions of the deposit that occur near surface in the earlier years of any planned operations would have a significant positive impact on the project economics.

The resources shown above comply with the definitions for Measured, Indicated and Inferred resources as outlined by the Canadian Institute of Mining and Metallurgy and NI 43-101 guidelines. Numbers have been rounded subsequent to calculations.

Commenting on these results, Mr. Patrick Downey, President and CEO of Aura Minerals Inc., stated, "This new resource is a significant step forward for the Company in the development of the Serrote da Laje deposit. It clearly demonstrates that Serrote da Laje is a large well-defined multi-metal deposit and it still remains open to expansion. We have several thousand metres of drilling still being assayed and continue to have three rigs drilling in the southern and eastern extensions where the deposit remains open. I am also very pleased that we have taken a deposit that was 100% Inferred in mid-2007 and increased the resource beyond that size within a Measured and Indicated category.

We also plan to complete a resource estimate on the nearby Caboclo deposit during 2008 which should add to our overall resource base.

It is also significant that we may have sufficient oxide resources to support a small SX/EW operation. If so, this could be put into production ahead of the main concentrator thereby adding to our copper production from the Aranzazu Project in Mexico and further strengthening our balance sheet."

QA/QC Procedures and Methodology

The resource estimation has been prepared by Geosim Services Inc., under the direction of Ronald G. Simpson, P.Geo., an independent Qualified Person for the purposed of NI 43-101. A report under NI 43-101 disclosing these updated Serrote da Laje resource is being prepared by Geosim Services Inc. and will be filed by Aura Minerals on Sedar within 45 days.

The mineral resource for the Serrote da Laje deposit was estimated by ordinary kriging constrained by 3D solid models based on a 0.10% Cu grade shell within the gabbro/norite complex. Block dimensions were 20x20 metres horizontal and 10 metres vertical. The deposit has been tested by over 250 core holes drilled between 1995 and June 2008. Grade estimation was based on analyses of core samples from 181 drill holes and channel samples from 6 surface trenches. Cutting of high-grade assays was not implemented as statistical analysis of the constrained grade distribution showed no significant outliers or high-grade populations.

Exploration on the Serrote da Laje deposit is being conducted under the supervision of Mr. Carlos H. Bertoni, M.Sc. & P.Geo., who is the Company's Qualified Person as defined by NI 43-101. Mr. Bertoni has also reviewed and approved the contents of this news release as applicable.

The Company's diamond drilling program is being conducted by Geosol-Geologia e Sondagens Ltda. The core is measured, logged, photographed and then split in half using a core saw. Half the core is retained on-site in a secure storage facility and the other half is processed through the on-site sample preparation facility under the supervision of SGS-Geosol Laboratorios Ltda. ("SGS-Geosol"). The entire half-core is crushed and pulverized and 150 gram splits of this pulp are sent directly by SGS-Geosol to their main ISO-accredited assay laboratory in Belo Horizonte, Minas Gerais State, Brazil. At this laboratory, samples are analyzed by inductively coupled plasma ("ICP") multi-element analysis (35 elements are reported); Cu is additionally analysed by acid digestion and Atomic Absorption ("AA") finish; Fe over 40% is assayed by XRF (X-Ray Refraction); and the gold, palladium and platinum content is determined by fire assay with an AA finish. Aura Minerals sends check samples to the ALS Chemex laboratory in Brazil and systematically puts certified standard samples and blank samples in all batches of samples sent to SGS-Geosol as a means of quality control. Additionally, SGS-Geosol has its own stringent internal QA/QC protocols.

About Aura Minerals Inc.

Aura Minerals is a Canadian resource company focused on the acquisition, exploration, development and operation of mining properties in the Americas. In addition to the Company's newly acquired Aranzazu Project, the Company owns the advanced stage Arapiraca Project in north-eastern Brazil, which was originally explored in the 1980's and 1990's for copper and gold. The project also contains magnetite (up to 50%) and nickel and the Company plans to evaluate the Arapiraca Project for all four metals which can be readily extracted. The nearby infrastructure is excellent with ready access to electricity, water and shipping ports.

Cautionary Statement:

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Aura Minerals' public documents filed on SEDAR at www.sedar.com. Although Aura Minerals believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aura Minerals disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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