Aurelian Resources Inc.

Aurelian Resources Inc.

April 21, 2008 08:55 ET

Aurelian Comments on Recent Political Developments in Ecuador Affecting the Condor Project and Fruta del Norte (FDN) Resource Development

TORONTO, ONTARIO--(Marketwire - April 21, 2008) - Aurelian Resources Inc. (TSX:ARU) today commented on the new Mining Mandate adopted by Ecuador's Constituent Assembly on April 18th, 2008.

Aurelian is providing this preliminary assessment to keep investors updated on the potential impact of the new Mining Mandate on the Company's exploration and development activities in Ecuador. Some of the major features of the new Mining Mandate that may have an impact on the Company are as follows:

- The new Mining Mandate limits mining companies to holding a maximum of three concessions. Should this apply to Aurelian, the Company will retain title to the single concession containing the Fruta del Norte (FDN) epithermal gold-silver deposit, as well as two others that Aurelian believes contain the most prospective geology for additional epithermal discoveries. Aurelian will seek to protect all investments made to date at its other concessions that it has been actively exploring since 2003.

- The new Mining Mandate invokes an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador while a new Mining Law is drafted and adopted. Aurelian is awaiting formal notification from the Ministry of Mines and Petroleum of the effects of the Mining Mandate on the Company's operations, as defined in the final provisions of the mandate.

In response to this departure from previous indications of support by Ecuador's government for large-scale mining, Aurelian's Chief Executive Officer, Patrick Anderson, commented that, as recently as last week, Company staff were encouraged by meetings with Ecuador's Ministry of Mines and Petroleum, where arrangements were made for detailed discussions in the coming weeks on a stability agreement for FDN. "We assume that these discussions toward a stability agreement will be suspended for the immediate future," Mr. Anderson further stated. "While we take some encouragement from President Correa's continued public statements in support of large-scale mining, this mandate is not in keeping with such expressed support.

Nevertheless, we will continue to work with the government of Ecuador to create a long-term sustainable mining industry that benefits investors and other stakeholders in Ecuador. We also expect to continue work on a resource update and a previously announced scoping study for FDN."

Aurelian is seeking further clarification from government officials on how the new Mining Mandate will be implemented and will provide additional commentary as more detail becomes available. An unofficial English translation of the new Mining Mandate prepared internally by the Company is available on Aurelian's website at Aurelian's management remains committed to working to create value for shareholders as it continues to monitor the situation in Ecuador and assess any changes that may be made to existing mining laws.

About Aurelian

Aurelian Resources Inc. is a publicly-listed (TSX:ARU) company engaged in exploring, discovering and developing mineral wealth in Ecuador. The Fruta del Norte (FDN) discovery lies at the heart of the Condor Project, located in south-eastern Ecuador. The initial Inferred Resource for FDN was released in October 2007 and included 58.9 million tonnes grading 7.23 g/t gold and 11.8 g/t silver for 13.7 million ounces of contained gold and 22.4 million ounces of contained silver. Aurelian is committed to working with the government and people of Ecuador to achieve a modern, sustainable mining industry, which will play an important role in the future growth of the country. Visit for more information.

Forward Looking Statement

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralisation and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

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