Aura Minerals Commences Exploration on Major Iron Occurrence on the Inaja Project in Brazil
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 6, 2008) – Aura Minerals Inc. (“Aura Minerals” or the “Company”) (TSX:ORA) is pleased to announce that it has launched a comprehensive program to test and evaluate a major iron occurrence that has recently been identified during a reconnaissance program undertaken at its Inaja Project in Para State, Brazil. The Inaja Project is located within the Carajas Metallogenic Province which is well known for its world- class iron, copper, nickel and gold deposits. Work conducted to date by Aura Minerals has indicated the presence of significant units of iron formation along the Inaja Mountain Range over a distance of some 60 kilometres (see attached map: http://media3.marketwire.com/ docs/ORA0806.pdf). The iron formation units belong to the Inaja Greenstone Belt of Archean age and are intercalated with rocks of a typical volcano-sedimentary sequence.
The initial phase of geological mapping and sampling defined the presence of extensive units of banded iron formation, commonly known as “itabirites”, which are formed by alternate bands of hematitic and silicious material. These itabirite units form ridges up to 300 metres above the local elevation. The ridges can be readily mapped and sampled. Recent continuous chip sampling of these itabirite units have returned assays ranging from 20% to greater than 40% of iron. Of even higher interest is that the follow-up exploration program encountered several massive hematite units along the southern foot of the Inaja Range. Aura Minerals’ exploration team has been sampling and mapping these massive hematitic units for 10 kilometres at the western end of the range and has initiated a trenching program to define its surface dimensions. Continuous chip samples from these hematitic units have been returning assays ranging from 40% to greater than 60% iron. These units are open along strike within the 60 kilometre belt. Because of its lower silica content, the massive hematite units have a recessive topographic expression and thus do not outcrop as frequently as the banded iron formation. Aura Minerals is planning a drilling campaign to verify the width, grade and down-dip extensions of these hematitic units during the third quarter of this year.
Para State is currently undergoing major infrastructure development. These include a new “North-South” railroad which will provide access to the deep sea port of Sao Luis; a new steel mill which is in advanced stage planning and is to be located in the Sao Luis area; and major new power developments are also underway in the region.
Commenting on these recent exploration results, Mr. Patrick Downey, President & CEO, stated, “This is a very exciting development at our Northern projects. The discovery of the high grade hematite units over a 10 kilometre range adds significantly to the exploration potential for a major iron ore body. Furthermore, the recent planned infrastructure developments in Para State further enhance the development potential at Inaja.”
Exploration at the Inaja Project is being conducted under the supervision of Carlos H. Bertoni, M. Sc and P. Geo., who is the Company Qualified Person as defined by N.I. 43-101. Mr. Bertoni has also reviewed the content of this news release as applicable.
About Aura Minerals Inc.
Aura Minerals is a Canadian resource company focused on the acquisition, exploration, development and operation of mining properties in the Americas. In addition to the Company’s newly acquired Aranzazu Project, the Company owns the advanced stage Arapiraca Project in north-eastern Brazil, which was originally explored in the 1980′s and 1990′s for copper and gold. The project also contains magnetite (up to 50%) and nickel and the Company plans to evaluate the Arapiraca Project for all four metals which can be readily extracted. The nearby infrastructure is excellent with ready access to electricity, water and shipping ports.
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Aura Minerals’ public documents filed on SEDAR at www.sedar.com. Although Aura Minerals believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Aura Minerals disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
(c) 2008 Marketwire. Provided by ProQuest Information and Learning. All rights Reserved.