At the Aranzazu Project, the mineralized skarns occur adjacent to portions of the intrusive complex with intense stockwork veining of quartz, orthoclase and sericite in some areas. Skarn mineralization in the historic Aranzazu area occurs on the margin of a large, orthoclase, secondary biotite and sericite altered, iron-stained zone. Several other areas of strong iron-staining, mineralized skarn, or mineralized veins and chimneys, occur throughout the area and have not yet received systematic exploration.

The Aranzazu Project consists of the Arroyos Azules mine site, more than two kilometres of mineralized strike in a copper-gold-silver skarn deposit, and significant advanced-stage exploration targets. This land package covers approximately 12,960 hectares and hosts a large copper resource with significant concentrations of gold and silver.

In addition to drilling conducted by the previous operators, Aura Minerals conducted a drill program in 2008 to target high-grade ore chutes, which will be part of the new mine plan for the re-start of operations. Drilling intercepted a new splay chute, the "Calcocita Zone", off the main skarn mineralization. This Calcocita Zone is approximately 15 metres true width and appears to host potential for significant high-grade mineralization just 50 metres from the existing adit. This would therefore reduce the required mine development and capital costs for the 2010 re-start of operations.

Highlights from the Calcocita Zone include the following:

Aura Minerals is currently conducting drilling for both near-term mine planning and resource expansion along strike and at depth. A number of near-mine and regional exploration targets remain untested on the Aranzazu Project.