+++++++++++++++++++++++++ Aurora has determined to seek expressions of interest for the sale of its wholly owned Fortitude prospect and adjacent tenement package ("Lake Carey Project") comprising 588sqkm at Lake Carey in the Northeast Goldfields of Western Australia. The Lake Carey Project is located some 80km south of Laverton in the southern part of the Laverton Tectonic Zone, one of the most prospective gold belts in Australia.
Aurora has recently completed a pre-feasibility study based on a stand alone, fly-in, fly-out, mining and processing operation at Fortitude and retains the option of proceeding to a full feasibility should no offer to purchase be acceptable.
A preliminary Indicated and Inferred Mineral Resource for Fortitude of 6.6 Mt at 2.3g/t Au to a depth of 225m at a 1.0g/t lower cutoff was released in December 2000. Since that time ongoing work has established an in pit recoverable resource of 3 Mt at 2.4g/t Au above the same cutoff (220,000 oz Au). In addition the adjacent tenement package hosts a number of exploration targets which have the potential to increase the resource base. A massive sulphide environment has been identified within the Lake Carey Project tenements with encouraging copper, gold and silver intercepts at Gallant and Bravado and local enhanced zinc values.
Aurora's decision to consider the sale of the Project reflects the Company's present view that in the prevailing gold market conditions the value to Aurora shareholders may be maximised by a sale.
Aurora has engaged Hartleys Limited to advise on the sale.
The information relating to Resources and Reserves has been compiled by Mr P J Ball, (BSc) (Manager Technical Services) who is a Corporate Member of the Australian Institute of Mining and Metallurgy and has relevant experience in relation to the mineralisation being reported on to qualify as a Competent Person as defined in the Australasian Code for Reporting of Identified Mineral Resources and Ore Reserves.
All resources quoted in this report were classified as Measured, Indicated or Inferred according to proximity to composite information, grade continuity established by variographical assessment of composite data and geological continuity from the interpretation. These methods of determination are in accordance with JORC guidelines, based on an assessment of geology, drilling density and gold continuity.
M L Jefferies MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER
