Aurora Energy Resources Inc. ("Aurora" or "the Company") (AXU:TSX) reports its financial and operating results for the nine months ended September 30, 2008.  Details of the Company's financial results are described in the unaudited financial statements and Management's Discussion and Analysis (MD&A) for the nine months ended September 30, 2008.  Further details on each of the Company's projects and activities can be found on the Company's website http://www.aurora-energy.ca and on SEDAR at http://www.sedar.com.  All amounts are in Canadian dollars unless otherwise stated.  

Overview 

The Corporation was incorporated on June 8, 2005, and operates in the mineral resource industry.  The Corporation has a focus on exploration and development opportunities globally with current uranium projects in the Central Mineral Belt ("CMB"), Labrador, Canada, one of the most promising uranium districts in the world, and Baker Lake, Nunavut. Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.

Aurora's properties in the CMB consist of a total of 223,074 acres in 28 licenses or groups of mineral claims. To date, the Company has identified six uranium deposits in the region, collectively containing a measured and indicated resource of 83.9 million pounds of U₃O₈ and an inferred resource of 49.8 million pounds of U₃O₈.* 

Significant events for the nine months ending September 30, 2008 include:

Key leadership change in August 2008 with the appointment of Mr. Bruce Dumville as the new President and Chief Executive Officer and the appointment of Dr. Mark O'Dea to the position of Deputy Chair of the Corporation's Board of Directors. Mr. Dumville has over twenty-five years of experience in the international mining industry, including functional responsibility for pre-feasibility and feasibility studies, project management, operations and the analysis of new investment opportunities.

Signing of an option agreement with Pacific Ridge Exploration Ltd. on a uranium exploration and development opportunity in the Baker Lake Basin of Nunavut, Canada. The property provides the potential to build value at an excellent entry cost and in a jurisdiction with clearly defined policies on exploration and mining. The Baker Lake Basin property covers 96,000 hectares and boasts attractive near-surface uranium mineralization, including 5 targets with drill-indicated mineralization, with at least 15 target areas yet to be drill-tested.

Completion of the 2008 summer drill program in Labrador, which included an infill drill campaign of 13,233.49 metres of drilling in 26 holes at the Jacques Lake and Michelin deposits. Aurora also completed a 2,908 metre geotechnical, environmental and metallurgical drill program in August 2008 in 25 holes. The environmental work plan for 2008 was also substantially completed.

Initiated a tailings management study to identify potential tailings sites for the Michelin Project. Tailings options will be identified and those that are acceptable from an environmental, technical and operations standpoint will create a short list for further consideration in 2009 and 2010.

Development of an education, training and employment program for residents of coastal Labrador is underway.

Recruitment of Mr. Chesley Andersen as Vice President, Labrador Affairs. Mr. Andersen has over twenty years of experience representing the Labrador Inuit. Born and raised in the Inuit community of Makkovik in coastal Labrador, he most recently held the position of Senior Negotiator with the Nunatsiavut Government and previously served as the Secretary to the Executive Council of the Nunatsiavut Government.

Selection of panel members for the Michelin Project Community Panel, announced in June 2008, is complete.

Completion of an initial 600 metre drill program to test the Lucky 7 zone at the Baker Lake Basin property, as well as geological mapping and ground magnetic surveys, and an airborne magnetic, radiometric and broadband electromagnetic survey, of which results are pending. This work is designed to cover the property and aid in the design of the subsequent exploration program. 

Operations
Selected Financial Data

This summary of selected unaudited and audited? financial data should be read in conjunction with the Management Discussion and Analysis ("MD&A") and the unaudited and audited financial statements of the Corporation and related notes thereto, for the periods indicated.

?The December 2007 financial data are the only audited financial data

The Company's net loss for the nine months ended September 30, 2008, was $2,721,221 or a loss per share of $0.04 compared to a net loss of $7,133,761 and loss per share of $0.11 for the nine months ended September 30, 2007. Increased interest income offset by a reduction in stock-based compensation are the primary factors for the improvement in the Corporation's net loss in 2008 vs. 2007.

The net loss for the nine months ended September 30, 2008, consists primarily of wages and benefits of $2,149,430, stock-based compensation expense of $1,407,534, office and general expenses of $1,003,117, investor relations, promotion and advertising expenses of $494,514, consulting fees of $406,807 and Part XII.6 tax of $261,444 and, offset by interest income of $2,994,365.

Exploration Projects

The Company incurred cash expenditures of $23,048,350 for the nine months ended September 30, 2008, on the development and exploration of its CMB uranium assets (net of stock-based compensation of $857,936, amortization of $358,318 and future income taxes of $466,361).

Liquidity

At September 30, 2008, the Company had cash on its balance sheet of $106,253,139 and working capital of $105,091,624, as compared to cash of $131,094,585 and working capital of $129,898,119 at December 31, 2007. The changes in cash and working capital of $24,841,446 and $24,806,495, respectively, are primarily related to the use of funds for deferred exploration and development expenditures of $14,404,011 and $8,644,339, and net equipment purchase of $286,002 offset by interest income of $2,994,365 and receipt of $550,800 upon the exercise of stock options.

The Company currently has no operating revenues other than interest income and relies primarily on existing cash balance to fund its exploration, development and administrative costs.

ABOUT AURORA

Aurora is a uranium exploration and development company active in the Central Mineral Belt of coastal Labrador - one of the world's most promising uranium districts - and in Nunavut, Canada, where it has acquired an interest in the Baker Lake Basin property through a deal with Pacific Ridge Exploration Ltd.

Aurora has no debt and approximately C$102 million in cash that is fully liquid and held with a large Canadian commercial bank.

Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.
For further information on aurora, please contact:

Bruce Dumville, President & CEO

Paul Coombs, Chief Financial Officer

(PH) (709) 726-2223

www.aurora-energy.ca

* The Michelin deposit contains a measured resource of 1.289 million tonnes of resource grading 0.12% U₃O₈ (underground) and 5.795 million tonnes of resource grading 0.08% U₃O₈ (open pit), an indicated resource of 16.170 million tonnes of resource grading 0.13% (underground) and 7.146 million tonnes of resource grading 0.06% U₃O₈ (open pit), and an inferred resource of 12.577 million tonnes of resource grading 0.12% U₃O₈ (underground) and 1.564 million tonnes of resource grading 0.05% U₃O₈ (open pit). The Jacques Lake deposit contains a measured resource of 0.415 million tonnes of resource grading 0.09% U₃O₈ (underground) and 0.401 million tonnes of resource grading 0.09% U₃O₈ (open pit), an indicated resource of 3.357 million tonnes of resource grading 0.08% (underground) and 1.909 million tonnes of resource grading 0.07% U₃O₈ (open pit), and an inferred resource of 2.778 million tonnes of resource grading 0.08% U₃O₈ (underground) and 2.210 million tonnes of resource grading 0.05% U₃O₈ (open pit). The Rainbow deposit contains an indicated resource of 1.088 million tonnes of resource grading 0.09% U₃O₈ and an inferred resource of 0.931 million tonnes of resource grading 0.08% U₃O₈ (both open pit). The Nash deposit contains an indicated resource of 0.757 million tonnes of resource grading 0.08% U₃O₈ and an inferred resource of 0.613 million tonnes of resource grading 0.07% U₃O₈ (both open pit). The Inda deposit contains an indicated resource of 1.460 million tonnes of resource grading 0.06% U₃O₈ and an inferred resource of 3.042 million tonnes of resource grading 0.07% U₃O₈ (both open pit). The Gear deposit contains an indicated resource of 0.520 million tonnes of resource grading 0.06% U₃O₈ and an inferred resource of 0.210 million tonnes of resource grading 0.06% U₃O₈ (both open pit). Aurora's CMB Mineral Resources are reported at cut-off grades that contemplate underground (0.05% U₃O₈) and open pit (0.03% U₃O₈) mining scenarios, based on preliminary economic assumptions, and may be refined with more in-depth economic analyses. For further details of the property interests of Aurora, please refer to the National Instrument 43-101 compliant technical report dated April 7, 2008 and amended August 28, 2008 entitled "An Update on the Exploration Activities of Aurora Energy Resources Inc. on the CMB Uranium Property, Labrador, Canada, during the period January 1, 2007 to December 31, 2007, Part II - CMB Mineral Resources" prepared by Ian Cunningham-Dunlop, P. Eng. and Christopher Lee, P. Geo., and available on SEDAR at www.sedar.com.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to the timing and level of exploration activities, including drilling activities, the timing of completion of a pre-feasibility study and anticipated results of the 2008 work program; involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Aurora to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, economic and political stability in Canada, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Aurora's Annual Information Form on file with the Canadian Securities Commissions.  Although Aurora has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.  Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  Accordingly, readers should not place undue reliance on forward-looking statements.