Aura Silver Resources Inc.
TSX VENTURE : AUU

Aura Silver Resources Inc.

December 12, 2006 10:11 ET

Aura Silver Delineates Prospective Conductive Zones on Greyhound Property; Grants Stock Options

BRAMPTON, ONTARIO--(CCNMatthews - Dec. 12, 2006) - Aura Silver Resources Inc. (TSX VENTURE:AUU) announces that it has received preliminary results of the airborne magnetic and MegaTEM™survey completed by Fugro Airborne Surveys Ltd. over the Company's Greyhound Property in the central Churchill region of Nunavut. The Property is being explored in joint venture with Intrepid Mines Limited ("Intrepid"). Intrepid is currently earning a 50% interest in the property.

Preliminary results of the survey have identified several strong conductive zones. The Company and Intrepid Mines Limited are planning a 2007 field program to include prospecting, mapping and a ground geophysical survey to investigate these conductors. If results of the 2007 field work are encouraging, a drilling program will be scheduled for September 2007. Final interpretation of the airborne data will be completed in January 2007.

Paul Pitman, President of Aura Silver, commented, "We are encouraged that the airborne survey has identified geophysical anomalies in the areas where previous work located mineralized subcrop. This is an exciting project where sulphide enriched subcrop with high metal values has been found in a virtually unexplored part of a prospective mineral belt".

The Greyhound Property is a high grade silver and base metal prospect located in the central Churchill region of Nunavut. The prospective area is a mineralized horizon within an Archean greenstone belt where samples of sulphide-mineralized boulders have returned silver values of 47 and 99 ounces per ton (refer to Au Martinique Silver Inc. Press Release dated June 28, 2006). The horizon that hosts these high metal values is poorly exposed as intermittent subcrop rubble and sparse outcrop along a strike length in excess of 12 kilometers. The Company staked ten mineral claims, comprising 10,000 hectares (25,000 acres), which gives it a strategic land position over the highly prospective parts of the favorable geologic horizon.

Aura Silver also announces that it has granted 30,000 stock options to a consultant providing accounting and office manager services to the Company. These stock options are exercisable at $0.25 per share and have an expiry date of December 1, 2011.

Aura Silver Resources Inc. is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects. The Company has 27,895,312 common shares outstanding.

FORWORD LOOKING STATEMENTS

This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has neither approved nor disapproved the information contained in this press release.

Contact Information

  • Aura Silver Resources Inc.
    Paul W. Pitman
    P.Geo.
    President and designated Qualified Person
    905-456-5436
    pwpconsulting@bellnet.ca