Aurania completes the renewal of certain concessions in Peru

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Toronto, Ontario–(Newsfile Corp. – June 27, 2022) – Aurora Resources Ltd. (TSXV: ARU) (OTCQB: AUIAF) (FSE: 20Q) (“Aurania” or the “Company”) announces that it has finalized the process of renewing certain annual applications for mining concessions in Peru. The selected concessions are among the blocks with the highest geological potential, where the application process has been completed and most of the concessions granted. Minor field work is contemplated for these claims in the coming months as a precursor to the generation of the initial technical report to support subsequent work and/or a potential corporate transaction.

A total of 130 concessions were renewed covering an area of ​​128,700 hectares. Thirty of these concessions did not require payment in 2022 and the total cost for the other 100 concessions was US$296,000.

The Company has not renewed a total of 145 concessions, most of which still remain in the Peruvian application process, thus focusing its resources on concessions that can be advanced and/or negotiated with clear confirmation of ownership. Although the Company believes that many of these concessions remain forward-looking, management determined that the additional annual costs and continued uncertainty as to when the remaining concessions would be granted were not appropriate for a non-core asset.

The renewal concessions shown above represent the majority of those previously granted to the Company over the past two years (see press release of May 22, 2020). As of January 2020, the Company had applied for 419 mining concessions covering 413,200 hectares (“Ha”) in northern Peru based on a potential opportunity for additional copper and gold exploration following the extension potential of a mineral belt from the Aurania project in Ecuador. (see press release of January 17, 2020).

In connection with the renewal of the Peruvian concessions, Dr. Keith Barron (the “Lender”) has entered into a loan of C$1,000,000 to the Company. The loan is unsecured, bears interest at 2% per annum and matures on twelve months and one day’s notice from the lender. Up to US$300,000 of the loan has been allocated to annual concession payments in Peru, with the balance funding working capital and ongoing exploration activities.

Dr. Keith Barron is a related party to the Company by virtue of being the Chairman of the Board, President and Chief Executive Officer, a promoter and a principal shareholder of the Company and, therefore, each of the loans constitutes a ” related party transaction” for the purposes of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions (“M 61-101”). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements under NI 61-101 with respect to related party transactions, relying on Sections 5.5(a) and 5.7( 1) of NI 61-101, respectively, as the fair market value of the related party transaction, collectively, does not exceed 25% of the Company’s market capitalization, as determined in accordance with NI 61-101. The Company did not file a material change report with respect to the loan more than 21 days prior to the scheduled closing of the loan, as required by NI 61-101, because the Company required the closing funds on an accelerated basis to valid business reasons.

The Loan and Insider Participation have been approved by those members of the Board of Directors of the Company who are independent for purposes of related party transactions, being all directors other than Dr. Barron. No special committee has been established in connection with the Insider Lending and Participation, and no materially contrary opinion or abstention has been expressed or made by any director of the Company with respect thereto.

Qualified person
The geological information contained in this press release has been verified and approved by Jean-Paul Pallier, MSc. Mr. Pallier is a EurGeol designated by the European Federation of Geologists and a Qualified Person as defined by National Instrument 43-101, Disclosure Standards for Mining Projects of the Canadian Securities Administrators.

About Aurania
Aurania is a mineral exploration company engaged in the identification, evaluation, acquisition and exploration of mineral land interests, with an emphasis on precious metals and copper in South America. Its flagship asset, The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the Andes Mountains in southeastern Ecuador.

Information about Aurania and technical reports are available at www.aurania.com and www.sedar.comas well as on Facebook at https://www.facebook.com/auranialtd/Twitter at https://twitter.com/auranialtdand LinkedIn on https://www.linkedin.com/company/aurania-resources-ltd-.

For more information, please contact:

Caroline Muir
VP Investor Relations
Aurora Resources Ltd.
(416) 367-3200
carolyn.muir@aurania.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond Aurania’s control. Forward-looking statements include estimates and statements that describe Aurania’s future plans, objectives or goals, including words that indicate that Aurania or its management expects a stated condition or result to occur. Forward-looking statements can be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will” or “plans”. Because forward-looking statements are based on assumptions and address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Although these statements are based on information currently available to Aurania, Aurania does not guarantee that actual results will meet management’s expectations. The risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information contained in this press release includes, but is not limited to, Aurania’s objectives, goals or future plans, statements, exploration results, potential mineralization, company portfolio, treasury, management team and enhanced capital markets profile, mineral resource estimate, exploration, timing of commencement of operations and market condition estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, the inability to identify mineral resources, the inability to convert estimated mineral resources to reserves, the inability to complete a feasibility study that recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or inability to obtain governmental, regulatory, environmental or other approvals required for projects, political risks, inability to meet the obligation to accommodate Indigenous peoples, uncertainties related to the availability and costs of necessary financing in the future, changes in stock markets, inflation, changes in interest rates exchange rates, commodity price fluctuations, project development delays, capital costs and operating conditions vary significantly from estimates and other risks associated with the exploration and mining industry, the effects of COVID-19 on the Company’s business including, but not including limit, the effects of COVID-19 on commodity prices, capital market conditions, restrictions on labor and international travel and supply chains, and the risks set forth in the documents public disclosures of Aurania filed on SEDAR. Although Aurania believes that the assumptions and factors used in preparing the forward-looking information contained in this press release are reasonable, undue reliance should not be placed on such information, which speaks only as of the date of this press release, and no assurance can be given that such events will occur within the time disclosed or not at all. Aurania disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/129062

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