Aurelian Resources Inc.
TSX : ARU

Aurelian Resources Inc.

August 13, 2008 19:20 ET

Aurelian Files Second Quarter Financials and MD&A

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2008) - Aurelian Resources Inc.(TSX:ARU) has filed its Financial Statements and Management's Discussion & Analysis for the three months ended June 30, 2008. This information will be available at www.sedar.com.

"While field exploration and development activities were suspended for most of the second quarter in compliance with the Mining Mandate, we have been able to make some technical progress on FDN development design and testwork, as shown by our second round of metallurgical results," says Patrick F.N. Anderson, President and CEO. "We are awaiting results from shareholder tendering to the friendly Kinross takeover offer, which expires on September 3, 2008. The Board of Directors has determined that the offer is in the best interests of Aurelian and our shareholders and unanimously recommended that shareholders accept the offer and deposit their shares."

Q2 2008 and Subsequent Period Summary:

- 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).

- $5.7 million (Q2 2007: $9.7 million) in mineral property and deferred exploration and development expenditures. Total metres drilled on all targets were 5,733 (Q2 2007: 8,054 metres). For the Fruta del Norte (FDN) deposit, total drilling to date was 89,092 metres, with most of the FDN drilling during Q2 consisting of in-fill holes.

- Working capital of $42.3 million (December 31, 2007: $57.0 million).

- Metallurgical results announced on July 17, 2008 showed significant improvements over earlier tests, with higher gravity recoveries and a lower requirement for pre-oxidation of anticipated mill feed, resulting in greater flexibility in plant design.

- On July 23, 2008, Kinross Gold Corporation ("Kinross") and Aurelian entered into a support agreement pursuant to which Kinross agreed to make an offer (the "Offer") to the shareholders of the Company to purchase, upon the terms and subject to the conditions described in the support agreement, all of the issued and outstanding common shares of Aurelian in consideration for 0.317 of a Kinross common share and 0.1429 of a Kinross warrant for each common share of the Company, and Aurelian agreed to support the Offer. The offer is open for acceptance until 6:00 p.m. (Toronto time) on September 3, 2008, unless the offer is extended or withdrawn by Kinross. Refer to press releases dated July 24 and July 28, 2008 as well as filings on www.sedar.com.

- A private placement financing with Kinross was completed on July 28, 2008. Kinross purchased 15 million Aurelian common shares at a price of $4.75 per common share for total proceeds of approximately $71 million that are to be used for general corporate purposes.

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 (Report titled "A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador" and dated November 15, 2007 filed on www.sedar.com). 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 future political events, potential mineralisation, metallurgy and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk and may not be within the control of the Company. 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, the uncertainty of access to additional capital, and political risks in Ecuador.

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