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OTTAWA, ONTARIO--(Marketwire - Nov. 26, 2012) - Aura Silver Resources Inc. (News - Market indicators) ("Aura Silver" or the "Company") is pleased to announce that it has identified an exceptionally strong and newly-identified drill target for silver found at the northeast end of its wholly-owned Greyhound project in Nunavut. The northeast Greyhound claims were newly staked in the late summer of 2011. This silver target has been defined through SGH geochemical analysis of surface soils completed by Activation Laboratories Ltd. of Ancaster, Ontario. The new target is some twenty kilometres from the previously reported gold and silver targets close to Aura Lake (see press release #12-03 of May 22, 2012 and press release #11-16 of December 13, 2011). During 2011, Aura Silver conducted its first prospecting of the newer northeast claims and discovered multiple high-grade surface rock samples and also completed an extensive soil sampling grid over the northeast claims.
Aura Silver geologists continue to successfully employ the deep-penetrating SGH organic geochemistry developed by Activation Laboratories Ltd. to unravel and pin point anomalous trends across the entire Greyhound project area. Actlab's SGH analysis detects the organic decomposition products from bacteria and microbes that feed directly on mineral or petroleum targets and provide a forensic signature identifying the target buried at depth. SGH has been highly successful in the analysis of surficial samples prospected over potential mineral and petroleum targets. The analysis involves the testing for 162 hydrocarbon compounds in the C5-C17 carbon series range in a wide variety of sample types.
The observation of a specific set of hydrocarbon classes provides a forensic signature of mineral identification related to the hydrocarbons synthesized by bacteria that are in contact with the mineral target at depth. The geochromatographic dispersion of the SGH classes in the overburden has been successful in delineating mineral targets found at over 700 metres in depth. SGH analysis has experienced a high success rate in the past with over 900 exploration targets interpreted for a range of major mining companies to junior explorers in both the mining and petroleum industries.
The northeast Greyhound SGH analysis provided compelling results and has defined a significant silver target (see Figure 1: http://media3.marketwire.com/docs/Figure1_1126.pdf; which is also available at the Company's website www.aurasilver.com under 'News'). This target resides where no previous drilling or detailed prospecting has occurred. The target is quite broad (in the range of 500 square metres) indicating a moderate depth potential of several hundred metres. The analysis also identified a gold target but this did not bear the same high quality attributes of the more compelling silver target. Dale Sutherland, Director of Research, Activation Laboratories stated it's "…. difficult to imagine a better drill target from a geochemistry standpoint".
Robert Boaz, CEO and President of Aura Silver states that, "in addition to our drill ready gold and silver targets close to Aura Lake in the southwest of the property we have now determined that mineralization at Greyhound is much more widespread than previously thought. This highlights the potential for the Greyhound project to host multiple gold/silver targets across the strike length of the Archean greenstone belt covered by our claims.". The Company is currently in the process of renewing its licenses to allow for future drilling programs to proceed.
Paul Pitman, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in Canada (100% owned Greyhound project) and in Oaxaca, Mexico. Aura Silver has 101,680,844 common shares outstanding.
Aura Silver's web site is located at www.aurasilver.com.
This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, the private placement financing activities of the Company, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Aura Silver does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.