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Aurora Moves its Michelin Project to Pre-Feasibility Stage and Selects Main Contractors

Tuesday, August 21st, 2007

Aurora Energy Resources Inc. is pleased to announce that it has advanced its Michelin Project to the pre-feasibility stage.
“We have taken a significant step towards project development in awarding the pre-feasibility engineering and environmental contracts,” said Dr. Mark O’Dea, President and CEO of Aurora. “We have one of the largest primary uranium deposits in the world. Aurora is the only company working in Labrador with a development stage uranium project, representing more than 90% of Labrador’s known uranium resources.”
Aurora anticipates formally registering the Michelin Project with the Canadian Environmental Assessment Agency by the end of the year. Pending completion of the necessary regulatory approvals and a positive feasibility study, Aurora estimates it could begin mine construction as soon as 2010 and commence production in 2013.
Micon International has been contracted to conduct engineering pre-feasibility studies for the mine and process facilities. Aurora will continue its contract with SNC-Lavalin Inc. to carry out the pre-feasibility study on the infrastructure requirements, as well as project management of the environmental baseline studies. The infrastructure conceptual design will include transportation, access, power, dock, site and mine facilities. SNC-Lavalin, working with Minaskuat and Sikumiut, two Labrador-based environmental companies, will complete the required environmental and socio-economic baseline studies for the environmental assessment.
In addition, SENES Consulting Ltd. will assist Aurora in the radiological aspects of the environmental baseline studies for the uranium mine and processing facility.
“We are continuing our leadership role in creating a new uranium district of international significance,” confirmed Dr. O’Dea. “We’re pleased to have these leading contractors on our team, who bring the required expertise to successfully complete this project phase.”
Aurora has been working in Labrador’s Central Mineral Belt since 2003 and has defined a U3O8 (uranium) Mineral Resource of 58 million pounds (Measured and Indicated) and 38 million pounds (Inferred). In terms of energy capacity, this resource is equivalent to 2.8 billion barrels of crude oil or 800 million tonnes of coal and could provide power to one million homes for over 150 years.
Aurora’s current drill program is planned to include 75,000 metres of drilling with a budget of C$21 million. Aurora has also committed approximately C$9 million in 2007, to continue with environmental and socioeconomic baseline studies and engineering studies. The environmental studies are now in their third year of data collection and analysis.

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