Aurelian Resources Inc.
TSX : ARU

Aurelian Resources Inc.

May 14, 2008 08:55 ET

Aurelian Files First Quarter Financials and MD&A

TORONTO, ONTARIO--(Marketwire - May 14, 2008) - Aurelian Resources Inc. (TSX:ARU) has filed its Financial Statements and Management's Discussion & Analysis for the three months ended March 31, 2008. This information will be available at www.sedar.com.

"While we regret the mandated suspension of activities on our concessions, we have lessened the impact on our former employees and local communities through support payments and ongoing development projects in the areas of education and public health. We plan to make the most of the suspension period ordered by the Mining Mandate by moving forward with desktop mine and project planning along with resource updates," says Patrick F.N. Anderson, President and CEO. "Aurelian has been meeting with the Ministry of Mines along with other mining companies and communities to provide input to the draft mining law. Our activities during the mandated suspension will ensure that we can hit the ground running once a new mining law is in place."

Q1 2008 Highlights:

- Working capital of $49.7 million (December 31, 2007: $57.0 million)

- $8.0 million (Q1 2007: $10.5 million) in mineral property and deferred exploration and development expenditures, included higher drilling costs with seven drills onsite in the quarter, accompanying camp support and development planning costs offset by lower stock based compensation expense

- Total metres drilled on all targets were 20,000 (Q1 2007: 14,500 metres). For the Fruta del Norte (FDN) deposit, total drill holes to date are 125 for a total of 83,000 metres drilled, with results received and released for 110 of these holes. FDN drilling during Q1 consisted primarily of in-fill holes, with the goal of moving the resource from inferred to indicated, and geotechnical holes in support of fast-track development.

- On February 14, 2008 announced commencement of 43-101 compliant scoping study for the FDN deposit

- Subsequent event: On April 18, 2008 Ecuador's Constituent Assembly adopted a Mining Mandate that invoked an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador. As a result, Aurelian suspended all drilling activities and reduced its workforce by 80% (see press releases from April 21 and April 29)

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 www.aurelian.ca 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.

Contact Information