AURA ENERGY LIMITED - ASX: AEE

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Description

Aura Energy (AEE) is a uranium explorer with advanced projects in Sweden, West Africa and Australia. The company believes demand for uranium will steadily increase and its projects are well positioned to meet some of that demand.

Aura is focusing on two main projects: the Häggån Project, located in Sweden’s Alum Shale Province, one of the largest depositories of uranium in the world; and the highly prospective Reguibat Province in Mauritania.

Häggån Project, Sweden

Ownership: 100% Aura
Location: Storsjön District in Sweden
Coverage Area: 110 km2
JORC Compliant Inferred Resource: 291 million pounds U3O8
Grade: Average grade of 162 ppm U3O8 plus credits from co-products: molybdenum, vanadium, nickel and zinc
Status: First ever JORC compliant resource announced 21 July 2010. Drilling planned to further increase the existing known resource.

Virka Project, Sweden

Ownership: 100% Aura
Location: Resource-rich Norrbotten area in Northern Sweden
Coverage Area: 27.24 km2
Assay Test Results: Confirmed presence of high grade mineralisation
Status: Drill programme planned for early 2011

Kallsedet Project, Sweden

Ownership: 100% Aura
Location: near Kallsedet, Sweden, close to the Norwegian border
Coverage Area: 147 km2
Assay Test Results: Average of 100 to 233 ppm U3O8
Status: Drilling programme to test Alum Shale at depth is planned for early 2011

Reguibat Craton Project, Mauritania

Ownership: Aura currently holds ten granted exploration permits: five permits are 100% Aura, three permits in joint venture with GCM Resources where Aura is earning a minimum of 61% to 64% by sole funding exploration and evaluation and two permits in joint venture with Ghazal Minerals Limited where Aura is earning 70%
Location: Reguibat Craton in Northern Mauritania
Area held: approximately 8400 km2
Exploration Target: 40 to 60 million pounds of U3O8
Assay Test Results: Average grade of 300 to 450 ppm U3O8
Status: Resource definition activities to develop a JORC compliant resource statement will resume as soon as weather permits in the third quarter of 2010, together with ongoing exploration to extend the known mineralisation

Fai Project, Mauritania

Ownership: Aura is earning a minimum of 58% in the joint venture with GCM Resources
Location: Mauritanide Fold Belt in Central Mauritania
Coverage Area: 2900 km2
Assay Test Results: 140 ppm U3O8 in near surface gravels associated with very strong airborne radiometric anomalies
Status: Drill programme planned for second half of 2010

Tim Mersoi Basin Applications, Niger

Ownership: 100% Aura
Location: Northwest Niger
Coverage Area: 1500 km2
Status: Permit applications lodged and awaiting grants

Wondinong Project, Western Australia

Ownership: 100% Aura
Location: Eastern shore of Lake Austin near Mount Magnet in Western Australia
Coverage Area: 51.5 km2
Assay Test Results: JORC compliant inferred resource of seven million pounds of U3O8 at 100 ppm cut-off grade
Status: 72 hole drill programme permitted

Gunbarrel Project, Western Australia

Ownership: 100% Aura
Location: Yilgarn Craton in the far east of Western Australia
Coverage Area: 3287.7 km2
Assay Test Results: 85 to 147 ppm U3O8 from chemical analysis
Status: Seeking potential partners to begin a drilling programme

Porcupine Well Project, Western Australia

Ownership: 100% Aura
Location: South East of Wiluna, WA
Coverage Area: 52.5 km2
Assay Test Results: Samples below 1.5 metres contain values above 67 ppm U308
Status: Drilled 40 air core holes. Holes will be sampled and radiometrically logged with results Pending.

Mine For

uranium

Location of operation(s)

Sweden, Mauritania, Niger, Western Australia

Address

Unit 6, 34 York St
NORTH PERTH, WA, AUSTRALIA

Phone

(08) 9228 0711

Email

Website

http://www.auraenergy.com.au

Last Updated

21/04/2011