Aura Silver Resources Inc.

Aura Silver Resources Inc.

September 05, 2007 08:45 ET

Aura Silver Expands Mexican Project Eastward, Exits El Salvador

BRAMPTON, ONTARIO--(Marketwire - Sept. 5, 2007) - Aura Silver Resources Inc. (TSX VENTURE:AUU) (the "Company" or "Aura Silver") is pleased to announce progress from its reconnaissance activities on its East Taviche Concession, Mexico. Exploration on the Company's Taviche property has been ongoing since early spring, 2007.

When Aura Silver and Intrepid Mines Limited ("Intrepid") teamed up to explore the Taviche Project area in 2006 very little was known about mineralization on the East Concession. At that time, few veins had been identified, and a stream sediment program was being considered to explore this 7,500ha concession. However, preliminary prospecting surveys by the Company's geological consultants and Intrepid personnel resulted in the identification of an area of about 8 square kilometers with at least 15 significant quartz-carbonate-sulfide veins, several with surface exposures ranging to over 500 meters in strike length. This work resulted in a significant upgrade to the geologic potential and priority of the East Taviche Concession. Nearly all of the veins have at least minor historic workings along them; several have been developed up to 100 meters below surface. Initial investigations and sampling of the mine dumps have returned high silver and gold values (see June 5, 2007 press release). Detailed geologic mapping continues and has to date only covered about 3 square kilometers of the outlined district, including the area surrounding the Rosario, Carolina, and Vichache mines. It is material to note that surface mapping and sampling of the Rosario and neighboring vein systems (see June 5, 2007 press release) identified abundant silicification of the volcanic rocks and broad zones of quartz veining and stockwork at surface containing silver values less than 100 g/t and gold values less than 1 g/t.

Mapping and sampling is advancing southward towards the San Carlos and Rio Calabaza areas. The majority of assay results are pending, being anticipated in mid-September. Along with initial gold-silver analyses, vein geochemistry indicates a north-south zonation with marked decreases in base metals (Cu-Pb-Zn) and pronounced increases in pathfinder elements such as arsenic and antimony. These trends suggest that vein exposures in the southern part of this sub-district are higher in the epithermal vertical zonation model. This is also supported by increased wallrock silicification in the same zones.

Aura Silver and Intrepid will continue their focus on this exciting area of high grade silver-gold veins while they await the approval of the environmental permit necessary to commence a drilling program on vein systems on the West Taviche Concession.

As previously noted in press releases, the Aura Silver and Intepid properties in the Taviche Mining District consist of two blocks: the West Taviche Block with 6,254 Hectares and the East Taviche Block with 7,494 Hectares. The Taviche Project is located in central Oaxaca State, Mexico about 10 km South-Southeast of the City of Ocotlan and is owned by Plata Panamericana S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corporation. Jointly Aura Silver and Intrepid can earn a 70% interest in the project.

Aura Silver is also pleased to report that it has concluded a definitive agreement with Tribune Uranium Corp. ("Tribune", formerly Tribune Resources Corp.) for the sale of the Company's Salvadoran subsidiary holding all of the Company's El Salvador assets (previously announced on February 26, 2007). Under the terms of the agreement, Tribune will purchase the Company's Salvadoran subsidiary (Martinique Minerals El Salvador S.A. de C.V.) and work toward establishing environmental permitting and social license for a period of one year from the date of signing the definitive agreement. Tribune can continue with the project by issuing to Aura Silver 800,000 common shares of Tribune stock over a period of three years. If the purchase is completed, Aura Silver will retain a 1% NSR royalty. The exploration licenses held by the Company's El Salvadoran subsidiary are subject to a 50/50 joint venture agreement with Intrepid Mines Limited. Paul Pitman, President of Aura Silver reports, "We are very pleased to allow Tribune the opportunity to advance exploration on the properties in Central America while Aura Silver continues to focus on it's exploration at Taviche, Mexico and to expand opportunities in this silver rich country".


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 not approved or disapproved of the information contained in this press release.

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