Aurora Energy Resources Inc. ("Aurora" or "the Company") (TSX:AXU) reports its
financial and operating results for the six months ended June 30, 2008. Details
of the Company's financial results are described in the unaudited financial
statements and Management's Discussion and Analysis (MD&A) for the six months
ended June 30, 2008. Further details on each of the Company's projects and
activities can be found on the Company's website http://www.aurora-energy.ca and
on SEDAR at http://www.sedar.com. All amounts are in Canadian dollars unless
otherwise stated.
Overview
The Corporation was incorporated on June 8, 2005, and operates in the mineral
resource industry. Its principle focus is on the exploration and development of
uranium projects in the Central Mineral Belt ("CMB"), Labrador, Canada, one of
the most promising uranium districts in the world, as well as potential
evaluation and acquisition of opportunities throughout the world. Aurora is
committed to responsible development, which includes community consultation,
lasting local benefits and the highest standards of safety, health, and
environmental protection.
Aurora's properties in the CMB consist of a total of 223,074 acres in 28
licenses or groups of mineral claims. To date, the Company has identified six
uranium deposits in the region, collectively containing a measured and indicated
resource of 83.9 million pounds of U3O8 and an inferred resource of 49.8 million
pounds of U3O8.(i)
The Company initiated its summer work program in May 2008 with an infill drill
campaign at the Jacques Lake and Michelin deposits. This campaign was completed
at the end of July 2008 and included 13,233 metres of drilling in 22 holes. The
winter drill program finished on March 14, 2008 with 12,132.4 metres of drilling
in 28 completed holes and 4 partial holes. Results from both the winter and
summer programs have confirmed the continuity of grade and the overall potential
of both Michelin and Jacques Lake and will assist Aurora with pre-feasibility
work by contributing to the conversion of inferred to indicated NI 43-101
resource categories.
As part of the 2008 summer work program, Aurora is also continuing with
engineering studies and is conducting a 3,750 metre geotechnical, environmental
and metallurgical drill program from May until August which is expected to
provide Aurora with valuable data for tailings studies and in moving the
Michelin Project towards development. The Company has reaffirmed its commitment
to building local stakeholder support with the recent formation of the Michelin
Project Community Panel, a forum for the exchange of information on Michelin
Project matters between community members and company representatives. As well,
the Company has initiated the Michelin Project Training Plan to prepare
community members for employment in ongoing exploration and development
activities and, subject to regulatory approval, the longer term construction and
operations phases.
Operations
Selected Financial Data
This summary of selected unaudited and audited(ii) financial data should be read
in conjunction with the Management Discussion and Analysis ("MD&A") and the
unaudited and audited financial statements of the Corporation and related notes
thereto, for the periods indicated.
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For the six months ended
June 30, June 30,
2008 2007
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Loss and comprehensive loss for the period $ 2,000,804 $ 5,693,441
Basic and diluted loss per share $ 0.03 $ 0.09
Cash invested in mineral properties $ 15,542,012 $ 8,483,842
Cash generated (used) by financing
activities $ 727,393 $ 2,476,827
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As at
June 30, December 31,
2008 2007
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Cash $ 113,478,844 $ 131,094,585
Working capital $ 113,245,791 $ 129,898,119
Exploration properties and deferred
exploration expenditures $ 73,463,753 $ 56,710,497
Total assets $ 192,100,949 $ 192,186,937
Shareholder's equity $ 180,593,451 $ 184,879,251
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(ii) The December 2007 financial data are the only audited financial data
The Company's net loss for the six months ended June 30, 2008, was $2,000,804 or
a loss per share of $0.03 compared to a net loss of $5,693,441 and loss per
share of $0.09 for the six months ended June 30, 2007. An increase in interest
income and reduction in stock-based compensation are the primary factors for the
improvement in the Corporation's net loss in 2008 vs. 2007.
The net loss for the six months ended June 30, 2008, consists primarily of wages
and benefits of $1,474,505, stock-based compensation expense of $932,592, office
and general expenses of $689,098, investor relations, promotion and advertising
expenses of $412,538, consulting fees of $285,107 and Part XII.6 tax of $247,709
and, offset by interest income of $2,162,211.
Exploration Projects
The Company incurred cash expenditures of $15,537,892 for the six months ended
June 30, 2008, on the development and exploration of its CMB uranium assets (net
of stock-based compensation of $694,911, amortization of $232,489 and future
income taxes of $283,844).
Liquidity
At June 30, 2008, the Company had cash on its balance sheet of $113,478,844 and
working capital of $113,245,791, as compared to cash of $131,094,585 and working
capital of $129,898,119 at December 31, 2007. The change in cash and working
capital of $17,615,741 and $16,652,328, respectively, is primarily related to
the use of funds for deferred development and exploration expenditures of
$9,826,717 and $5,711,175, and the purchase of equipment of $302,313 offset by
interest income of $12,162,211 and receipt of $550,800 upon the exercise of
stock options.
The Company currently has no operating revenues other than interest income and
relies primarily on existing cash balance to fund its exploration, development
and administrative costs.
ABOUT AURORA
Aurora is a uranium exploration and development company focused on the Central
Mineral Belt in coastal Labrador. It owns 100% of one of Canada's largest
undeveloped uranium deposits. Aurora is committed to generating superior
shareholder value and responsible development, with lasting local benefits.
Aurora has offices in Postville, Makkovik, Happy Valley-Goose Bay, Labrador, St.
John's, Newfoundland, Toronto and Vancouver.
The Company hosted its annual general meeting on June 10, 2008 at The Rooms in
St. John's, Newfoundland.
(i) The Michelin deposit contains a measured resource of 1.289 million tonnes of
resource grading 0.12% U3O8 (underground) and 5.795 million tonnes of resource
grading 0.08% U3O8 (open pit), an indicated resource of 16.170 million tonnes of
resource grading 0.13% (underground) and 7.146 million tonnes of resource
grading 0.06% U3O8 (open pit), and an inferred resource of 12.577 million tonnes
of resource grading 0.12% U3O8 (underground) and 1.564 million tonnes of
resource grading 0.05% U3O8 (open pit). The Jacques Lake deposit contains a
measured resource of 0.415 million tonnes of resource grading 0.09% U3O8
(underground) and 0.401 million tonnes of resource grading 0.09% U3O8 (open
pit), an indicated resource of 3.357 million tonnes of resource grading 0.08%
(underground) and 1.909 million tonnes of resource grading 0.07% U3O8 (open
pit), and an inferred resource of 2.778 million tonnes of resource grading 0.08%
U3O8 (underground) and 2.210 million tonnes of resource grading 0.05% U3O8 (open
pit). The Rainbow deposit contains an indicated resource of 1.088 million tonnes
of resource grading 0.09% U3O8 and an inferred resource of 0.931 million tonnes
of resource grading 0.08% U3O8 (both open pit). The Nash deposit contains an
indicated resource of 0.757 million tonnes of resource grading 0.08% U3O8 and an
inferred resource of 0.613 million tonnes of resource grading 0.07% U3O8 (both
open pit). The Inda deposit contains an indicated resource of 1.460 million
tonnes of resource grading 0.06% U3O8 and an inferred resource of 3.042 million
tonnes of resource grading 0.07% U3O8 (both open pit). The Gear deposit contains
an indicated resource of 0.520 million tonnes of resource grading 0.06% U3O8 and
an inferred resource of 0.210 million tonnes of resource grading 0.06% U3O8
(both open pit). 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. For further details of the property interests
of Aurora, please refer to the National Instrument 43-101 compliant technical
report dated April 7, 2008 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" prepared by Ian Cunningham-Dunlop, P. Eng. and Christopher Lee, P.
Geo., and available on SEDAR at www.sedar.com.
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 the timing and level of
exploration activities, including drilling activities, the timing of completion
of a pre-feasibility study and anticipated results of the 2008 work program;
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, economic and political stability in Canada, 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 on
file with the Canadian Securities Commissions. 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.
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