Aurora Energy Resources Inc.
TSX : AXU

Aurora Energy Resources Inc.

May 05, 2008 17:26 ET

Aurora Energy Resources Inc.: Infill Drill Results Strengthen Jacques Lake Resource, Uranium Pipeline

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2008) - Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) is pleased to announce that its winter infill drilling program has further demonstrated the continuity of the known resource at the Company's 100%-owned Jacques Lake Deposit ("Jacques Lake") in Coastal Labrador.

"The results reinforce the grade and tonnage estimates of this growing asset and the very significant potential of Jacques Lake," said Aurora's President and CEO, Dr. Mark O'Dea. "The results are similar to those for the Michelin Deposit in its initial exploration stages," added Dr. O'Dea.

Highlights from winter infill drilling program include:

- 0.10% U3O8 over 40.79 metres including 0.19% U3O8 over 11.79 metres in JL08-080

- 0.12% U3O8 over 6.00 metres including 0.22% U3O8 over 2.00 metres in JL08-082

- 0.11% U3O8 over 10.50 metres including 0.14% U3O8 over 6.00 metres in JL08-087

A total of six completed holes and two partial holes totaling 3,947 metres were drilled to test the main resource to a depth of 365 metres. The deposit currently has a drilled strike length of over 650 metres and remains open for further expansion to the southwest and at depth.

Drill results are listed below:



--------------------------------------------------------
Hole ID From (m) To (m) Length (m) %U3O8
--------------------------------------------------------
JL08-080 360.00 400.79 40.79 0.10
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incl. 376.00 378.00 2.00 0.25
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incl. 389.00 400.79 11.79 0.19
--------------------------------------------------------
JL08-081A 454.00 458.00 4.00 0.07
--------------------------------------------------------
JL08-082 292.50 294.50 2.00 0.06
--------------------------------------------------------
and 406.00 419.00 13.00 0.05
--------------------------------------------------------
incl. 406.00 409.00 3.00 0.10
--------------------------------------------------------
and incl. 416.00 417.00 1.00 0.11
--------------------------------------------------------
and 422.00 428.00 6.00 0.12
--------------------------------------------------------
incl. 424.00 426.00 2.00 0.22
--------------------------------------------------------
JL08-083 388.50 390.50 2.00 0.08
--------------------------------------------------------
and 408.00 411.00 3.00 0.05
--------------------------------------------------------
JL08-084 804.00 805.00 1.00 0.05
--------------------------------------------------------
JL08-085 hole to be completed in spring
--------------------------------------------------------
JL08-086 hole to be completed in spring
--------------------------------------------------------
JL07-087 77.00 78.00 1.00 0.11
--------------------------------------------------------
and 93.00 100.00 7.00 0.06
--------------------------------------------------------
and 108.00 118.50 10.50 0.11
--------------------------------------------------------
incl. 108.00 114.00 6.00 0.14
--------------------------------------------------------
and 192.00 194.00 2.00 0.10
--------------------------------------------------------

The orientation of the mineralized zones at Jacques Lake
is interpreted to be steeply southeast dipping and stated
widths are approximately 80-90% of true widths.


For a view of the long section at Jacques Lake, please use the following link: http://www.aurora-energy.ca/files/JL_LongSection_04.28.2008.jpg.

Aurora's February 2008 resource update announced that the Jacques Lake Deposit had grown by 67%. The Jacques Lake Deposit contains a measured and indicated NI 43-101 resource of 10.4 million pounds U3O8 (6.1 million tonnes at 0.08% U3O8) and an inferred resource of 6.9 million pounds U3O8 (5.0 million tonnes at 0.06% U3O8) -- see Feb. 25, 2008 News Release, "Aurora Exceeds Annual Resource Target and Adds Four New Deposits to Project Pipeline".

Like the Michelin Deposit, the Jacques Lake mineralization lends itself to conventional open pit and underground mining techniques, as well as standard, well-understood processing technologies. Also like Michelin, no groundwater, metallurgical or rock mechanic issues have been identified to date at the Jacques Lake Deposit.

Jacques Lake is part of Aurora's district of six uranium deposits in Coastal Labrador. This district is anchored by the Michelin Deposit, and also includes four newly estimated nearby satellite deposits called Rainbow, Nash, Inda, and Gear. All these satellite deposits have the potential for significant, Michelin-style growth and are located within 30 kilometres of Michelin.

"Aurora's uranium pipeline constitutes one of the most important uranium districts outside the Athabasca Basin," said Dr. O'Dea. "Our infill drilling adds weight to this outstanding district that already ranks as having one of the largest undeveloped uranium deposits in the world. The infill drilling scheduled for 2008 at both the Michelin and Jacques Lake deposits seeks to further establish the value of our asset in the global uranium resource sector," added Dr. O'Dea.

ABOUT AURORA

Aurora is a uranium exploration and development company focused on the Central Mineral Belt in Coastal Labrador -- one of the world's most promising uranium districts.

Aurora continues to work closely with the Nunatsiavut Government, Inuit Community Government representatives and Beneficiaries to build a better understanding of uranium mining. Aurora is committed to responsible development with lasting local benefits and the highest standards of safety, health, and environmental protection.

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

Christopher Lee, P. Geo, Chief Geoscientist for Aurora Energy Resources Inc., is the designated Qualified Person for the CMB resource estimates. Aurora's CMB Mineral Resources are reported at cut-off grades that contemplate underground (0.05% U3O8) and open pit (0.03% U3O8) mining scenarios, based on preliminary economic assumptions, and may be refined with more in-depth economic analyses. The CMB Mineral Resources were estimated according to the CIM Best Practice Guidelines and are described in detail in Aurora's most recent technical report entitled, "An update on the exploration activities of Aurora Energy Resources Inc. on the CMB Uranium property, Labrador, Canada, during the period January 1, 2007 to December 31, 2007, Part II - CMB Mineral Resources" (available on SEDAR). Mineral resources are not mineral reserves, and there is no guarantee that any resource will become a reserve.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to, those with respect to the timing and amount of estimated future resources and resource conversion rates, potential for expansion of resources 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, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, environmental and exploration risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, access to future funding 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 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 Development
    (416) 362-5556
    Website: www.aurora-energy.ca