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View NI 43-101 Techncial Reports
The Aranzazu Project comprises the producing Arroyos Azules Copper mine in Zacatecas State, Mexico, and more than two kilometers of mineralized strike extent in a copper-gold-silver skarn deposit, with additional significant advanced stage exploration in a 1,400-hectare land package. The Aranzazu Project hosts a large copper resource with significant but undefined concentrations of gold and silver. A NI 43-101 technical report was completed in March 2007 by Micon International Limited ("Micon"). William J. Lewis, B.Sc., P.Geo., of Micon was the Qualified Person for this report entitled, " NI 43-101 Technical Report and Audit of the Preliminary Resource Estimate of the El Cobre Property, Zacatecas State, Mexico" and dated March 30, 2007. Based on this report the Aranzazu Project hosts Indicated resources of 25.7 million tonnes grading 1.02% Cu and additional Inferred resources of 8.8 million tonnes grading 0.81% Cu, using a 0.5% Cu cut-off grade. No precious metals were included as part of the resource estimate, however historical production records show that Au and Ag grades in the concentrate averaged 10.83 g/t and 370.45 g/t, respectively. Subsequent to its acquisition of the Aranzazu Project, the Company engaged Micon to complete a revised NI 43-101 technical report to reflect the new ownership status of the Aranzazu Project. William J. Lewis, B.Sc., P.Geo., of Micon was the Qualified Person for this report, entitled "NI 43-101 Technical Report and Audit of the Preliminary Resource Estimate on the Aranzazu Property, Zacatecas State, Mexico" and dated July 15, 2008 (seeTechnical Reports). The deposits which comprise the Aranzazu Project also host zinc and molybdenum which may be recoverable.
The Arroyos Azules mine, placed on care and maintenance by the previous owners in 1999, recommenced limited operations in late 2007 with current concentrate production of approximately 5,000 tonnes of concentrates per annum.
Current design capacity of the existing mill is approximately 28,000 tonnes per annum of concentrate. The Company assumed operating control on June 5, 2008. Operations have continued on an intermittent basis as the Company is currently completing a detailed assessment of the mine, process plant, and ancillary infrastructure. From the time Aura Minerals acquired the Aranzazu Project on June 5, 2008 to the end of the second quarter of 2008, the process plant daily throughput (including down time for upgrades and repairs) averaged 654 tpd at a head grade of 0.61% Cu, 0.27 g/t Au and 7.35 g/t Ag. The Company anticipates that the detailed assessment work, including installation of necessary standby equipment, equipment repairs, and upgrading of safety standards, will continue until the fourth quarter of 2008, at which time the Company expects to achieve steady-state throughput of 1,200 tpd. Ramp-up of production to design capacity is expected to continue through 2009, and the Company will continue to evaluate opportunities for expansion of the mine and mill.
Subsequent to the March 2007 resource estimate, 147 infill and expansion holes were drilled on the Aranzazu Project by the previous operator, for a total of 41,200 metres. The Company is completing a technical review of this drill program and is undertaking its own Quality Assurance/Quality Control (QA/QC) program. Once this program has been completed, all of the 2007/08 drilling will be included in the data set pertaining to the Aranzazu Project, and an updated resource estimate will be carried out. Drill results from the 2007/08 program are systematically being released on an ongoing basis as the Company's review progresses (see News Releases dated May 7, 2008, August 4, 2008, September 18, 2008 and September 18, 2008).
In addition to ramping up the mine to design capacity, the Company is focused on a mine-scale and regional exploration program to both increase the confidence level of the existing resources and to add to the large resource base at the Aranzazu Project.
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