Aurelian Resources Inc.

Aurelian Resources Inc.

November 22, 2006 13:25 ET

Aurelian Resources Announces Closing of $75,000,000 Financing

TORONTO, ONTARIO--(CCNMatthews - Nov. 22, 2006) -


Aurelian Resources Inc. ("Aurelian") (TSX VENTURE:ARU) is pleased to announce that it has closed its previously announced bought deal private placement financing, pursuant to which it issued an aggregate of 2,000,000 common shares at a price of $37.50 per common share for gross proceeds of $75,000,000.

The financing was underwritten by a syndicate of Canadian dealers led by Sprott Securities Inc. and including BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Westwind Partners Inc., Blackmont Capital Inc. and Primary Capital Inc. In connection with the financing, Aurelian paid fees to the underwriters totalling 5% of the gross proceeds raised from the private placement. Aurelian also issued to the underwriters an aggregate of 50,000 broker warrants, each entitling the holder thereof to purchase one common share of Aurelian at a price of $37.50 until November 22, 2007.

Aurelian intends to use the gross proceeds for further exploration and development of its Condor Project and for working capital and general corporate purposes.

Securities issued pursuant to the financing have a 4 - month hold period which expires on March 23, 2007. Completion of the financing remains subject to the final approval of the TSX Venture Exchange.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the 1933 Act, absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Aurelian:

Aurelian Resources Inc. is a publicly-listed (TSX VENTURE:ARU) junior resource company engaged in the business of exploring, discovering and developing mineral wealth in Ecuador. The Condor Project properties are located in southeastern Ecuador and consist of 39 mining concessions totaling approximately 95,000 hectares.

Forward-Looking Statements

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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