AuRo Resources Corp.
TSX VENTURE : ARU

AuRo Resources Corp.

April 20, 2011 11:46 ET

AuRo Resources Amends LOI with Minerales Del Puerto

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2011) - AuRo Resources Corp. (TSX VENTURE:ARU) (the "Company") reports that it has amended the letter of intent (the "LOI") with Minerales Del Puerto ("Minerales"), previously announced on March 21, 2011. The Company will now solely acquire a 90% interest in the Argentina Mine, within the municipality of Puerto Berrio, Colombia. The Argentina Mine is contiguous to the Company's flagship "El Tesoro" Project. This property resides within an elevation of less than 1,000 meters, and is therefore unaffected by Law 1382 of 2010, restricting mining above 3,200 meters. It is also proximal to a major highway, the Autopista 62, and necessary infrastructure.

Pursuant to the amended LOI, the Company has agreed to pay Minerales an aggregate amount not to exceed $500,000 over 2 years and issue common shares in the capital of the Company, such shares not to exceed 1.5 million common shares. The final terms of the acquisition will be contained in the definitive agreement to be entered into by the Company and Minerales, subject to final, and ongoing legal and technical due diligence.

FOR THE PURPOSE OF PROVIDING INFORMATION RELATING TO THE MINE, THE COMPANY IS RELYING ON INFORMATION PROVIDED TO IT BY MINERALES. SUCH INFORMATION WAS DERIVED FROM HISTORICAL GEOLOGICAL INFORMATION AND DOES NOT PRESENTLY CONFORM TO THE STANDARDS AS OUTLINED IN NATIONAL INSTRUMENT 43-101.

The Argentina Mine, which has historically produced small quantities of gold, is contiguous to the southeast section of the Company's flagship "El Tesoro" project, and is dually proximal to the Palestina and Nus fault. Recent grab samples taken and analyzed by SGS Medellin S.A. have returned results including 110.0 g/t Au and 240.0 g/t Au.

AuRo Resources Corp. is also pleased to announce that it has retained Trident Financial Corp. ("Trident") as its investor relations and corporate communications service provider. Trident has been retained for an initial period of six months at $7,500 (plus HST) per month as remuneration and will be reimbursed for all approved expenses. The Company will grant Trident stock options to acquire 250,000 shares in the capital of the Company at an exercise price of $0.18. The options are granted pursuant to the Company's Stock Option Plan and will vest in accordance with the provisions therein and the policies of the TSX Venture Exchange.

Trident is a Vancouver-based company headed by Mr. Robert Riley, a former investment advisor with 17 years of experience in the venture capital markets and will be responsible for designing and implementing a comprehensive marketing and shareholder communications plan.

The content of this news release has been reviewed by Mr. Ken Thorsen, P. Eng., who serves as the Qualified Person in accordance with National Instrument 43-101.

ON BEHALF OF THE BOARD

Mark Lawson, President & CEO

Cautionary Note Regarding Forward-looking Statements

Certain statements contained in this news release may constitute forward-looking information, within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in the Company's public filings, Forward-looking information and anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of the Company, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Company filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, or undertake any obligation to update any forward looking information to reflect, among other things, new information or future events.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • AuRo Resources Corp.
    Tyler Ross
    Corporate Development
    604-893-8838

    AuRo Resources Corp.
    Jeremy Ross
    Corporate Development
    604-893-8838
    604-681-0796

    AuRo Resources Corp.
    Mark Lawson
    President & CEO
    416-623-0565