Aurora Energy Resources Inc.
TSX : AXU

Aurora Energy Resources Inc.

March 02, 2009 09:19 ET

Aurora Announces Results of 2008 Baker Lake Basin Exploration Program

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 2, 2009) - Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) is pleased to announce the results of its fall 2008 exploration program at its Baker Lake Basin property in Nunavut, Canada.

"Our efforts in the 2008 exploration program were rewarded with encouraging results," said Mr. Bruce Dumville, Aurora's President and CEO. "We believe we have collected valuable information that puts us on a promising road to a new discovery, with indications of continuity of mineralization in existing mineralized zones."

The 2008 program included an initial 603 metre, two-hole drill program designed to further test the Lucky 7 zone - an intrusion-related mineralized zone initially discovered in 2006 by Pacific Ridge Exploration Ltd. where the drill results included one drill hole containing 17.3 metres of 0.30% U3O8. A complete listing of drill results for 2006 and 2007 can be viewed at: http://www.aurora-energy.ca/files/PR_06-07_DrillResults.JPG.



Results of Aurora's 2008 drill program are shown in the table below.

-------------------------------------------------------
Hole ID From (m) To (m) Length %U3O8
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L7-08-11 144.00 146.00 2.00 0.13

and 216.00 218.00 2.00 0.08
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L7-08-12 274.00 278.50 4.50 0.22
-------------------------------------------------------


In addition to the drilling, a 7001 kilometre, 150 metre spaced, airborne magnetic, radiometric and broadband electromagnetic survey was completed in October, designed to cover the property and aid in the design of the 2009 exploration program. Similarly, a 435 kilometre ground magnetic survey, with 50 metre spacing, was completed around the known Lucky 7, Niner and 7-1 zones. "The interpretation of these results indicates that mineralized structures are continuous over kilometres and there is significant potential to host unconformity style mineralization," said Mr. Dumville.

Geological mapping about mineralized zones and a comprehensive geochemical sampling program of the areas about mineralization were also completed in 2008 in an effort to better characterize the alteration system associated with mineralization, aiding in planning for the 2009 season.

"As part of Aurora's commitment to community consultation, meetings were held with numerous government and local interest groups in the Baker Lake area to explain our work plans and to answer questions," added Mr. Dumville.

The Baker Lake Basin is geologically similar in age and character to the Athabasca Basin and the proximal Thelon Basin, which hosts Areva's Kiggavik-Sissons project (148 million pounds U3O8 at 0.24% based on Areva's December 3, 2007 news release, "Kiggavik Uranium Feasibility Study in Nunavut to Proceed"(i)). Like the Athabasca and the Thelon basins, the Baker Lake Basin has unconformity associated mineralization and a 60-kilometre length of the southern boundary of the Baker Lake sedimentary basin, a favorable setting for high-grade uranium occurrences. The Baker Lake Basin also contains sediment-hosted and intrusion-associated, near-surface mineralization. A complete listing of drill results for 2006 and 2007 can be viewed at: http://www.aurora-energy.ca/files/PR_06-07_DrillResults.JPG.

The Baker Lake Basin property covers 96,000 hectares (370 sq. miles) and boasts attractive near-surface uranium mineralization. Further information on the Baker Lake Basin property can be found on Aurora's website.

Potential quantity and grade at the Baker Lake Basin property are conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

ABOUT AURORA

Aurora is a uranium exploration and development company active in the Central Mineral Belt of coastal Labrador - one of the world's most promising uranium districts - and in the Baker Lake Basin of Nunavut, Canada.

Aurora has no debt and approximately C$96 million in cash that is fully liquid and held with a large Canadian commercial bank.

Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.

(i)Areva's Kiggavik resource estimate has not been independently verified by Aurora.

Assay results have been prepared under the guidance of Cam McLean, P.Geo., Exploration Manager for Aurora Energy Resources Inc., who is designated as a Qualified Person with the ability and authority to verify the authenticity of and validity of this data. Drill core was prepared and analyzed in accordance with industry standards by Activation Laboratories Ltd, Ancaster, Ontario.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements". Such forward-looking statements, include but are not limited to, those with respect to the timing and amount of estimated future resources and resource conversion rates, potential for expansion of resources, estimates of potential mineralization and potential size of future exploration programs and potential timing of receipt of permits and classification of future mineral resources, and potential for future benefits, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Aurora to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, and estimates of mineralization, uncertainty in the estimation of mineral resources, changes in project parametres as plans continue to be refined, future prices of uranium, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Aurora's Annual Information Form available on SEDAR at http://www.sedar.com/. Although Aurora has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

Contact Information

  • Aurora Energy Resources Inc.
    Andrea Marshall
    Manager, Government and Media Relations
    (709) 726-2223
    or
    Aurora Energy Resources Inc.
    Don Falconer
    VP Corporate Affairs
    (416) 362-5556
    Website: www.aurora-energy.ca