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6/11/2011 12:34:51 AM | | Post #29842206

Colombia’s Goldrush Focuses on Auro Resources

By Nathan Pearson and Claire O’Connor
May, 26th

On the gold rich ground of mining friendly Colombia, Auro Resources Corp. (TSX-V: ARU) is expanding its already impressive strategic land package. Contiguous to the company’s flagship and drill ready property, El Tesoro, Auro’s recently acquired Argentina mine brings significant potential and diversity to the company’s combined land package. Auro has also entered into a binding letter of intent to acquire all of the issued and outstanding securities of White Gold Corp., an engagement that will amass to a large and diverse portfolio of approximately 70,000 hectares in the prolific mining district of Antioquia, Columbia. Once White Gold shareholder and exchange approval have taken place this deal will be closed.

Auro’s Tesoro

In the Northeast of the Antioquia Department - part of the Antioquia Gold District and approximately 20 kilometers from B2 Gold's (TSX-V: BTO) 2.4 million ounce Gramalote Gold Deposit - lies Auro’s flagship property, El Tesoro. The project is comprised of 15 tunnels, or small scale mines, within the concession and has an elevation of less than 1,000 meters above sea level, therefore unaffected by Law 1382 of 2010 restricting mining above 3200. Directly accessible from Medellin by highways and fully paved roads, and with power lines running through the property, El Tesoro boasts excellent infrastructure.

El Tesoro is an intrusion related bulk tonnage exploration target. The property is underlain by Jurassic diorite to quartz diorite of the Segovia Batholith bounded on the west and east margins by the north striking, regionally significant Palestina and Nus-Bagra faults. Reconnaissance mapping to date has identified gold mineralization focused along at least 3 structural orientations. These include West, West Northwest and Southwest striking veins. The property is now drill-ready.

Colombia’s Argentina

In a bid to expand its Tesoro based land package, Auro recently acquired the Argentina mine. As disclosed in a press release issued April 20th 2011, Auro Resources Corp. has entered into a letter of intent with Minerales Del Puerto, an arm’s length party, to acquire a 90% ownership interest in the Argentina mine, which is within the municipality of Puerto Berrio, Colombia.

Contiguous to the El Tesoro property, the Argentina mine is also within an elevation of less than 1,000 meters and unaffected by Law 1382. It is also extremely close to the Autopista 62, a major highway, and all necessary infrastructure.

The Argentina mine has historically produced small quantities of gold, ranging from 1.5 to 8.5 grams per tonne gold, and is dually proximal to the Palestina and Nus fault, an inactive right-lateral wrench fault more than 350 kilometers long. Recent grab samples taken and analyzed by SGS Medellin S.A. have returned results including 110.0 grams per tonne gold and 240.0 grams per tonne gold.

Pursuant to the letter of intent, Auro has agreed to pay Minerales an aggregate amount not to exceed $500,000 over 2 years and issue common shares in the capital of the company, such shares not to exceed 1.5 million common shares. The final terms of the acquisition will be contained in the definitive agreement to be entered into by the Auro and Minerales, subject to final, and ongoing legal and technical due diligence.

White Gold Ambition

Never shy of ambition, Auro has also entered into an agreement to acquire all of the issued and outstanding shares of White Gold Corp., an arm’s length private Alberta corporation engaged in gold exploration in Colombia.

Through its wholly-owned Colombian subsidiary, Oro Barracuda SAS., White Gold has solicited nearly 70,000 hectares in Colombia for mineral exploration. The concessions are a combination of concession titles and applications, located in two major gold regions of Colombia, covering parts of five departments, including nearby the California-Vetas gold-silver mining district, host to Greystar Resources Ltd.'s (TSX-V: GSL) multi-million ounce Angostura gold-silver deposit, and Ventana Gold Corp.'s (TSX-V: VEN) 3.5 million ounce La Bodega gold discovery.

The balance of properties are located in the departments of Tolima and Quindio in three distinct blocks near the La Colosa project, a 12.3 million ounce gold deposit discovered by AngloGold Ashanti Ltd. La Colosa is one of the largest new gold discoveries in South America.

Auro Management

At the head of the Auro Resources Corp. team stands President and CEO Mark Lawson. Lawson was an investment banker with Morgan Stanley in New York from 2005 until 2008 where he was involved in the execution of over $6 billion worth of mergers and acquisitions, $8 billion worth of debt offerings and $500 million of equity financings. He was also a Director of a boutique corporate finance firm in Toronto from 2003 to 2004 and a director of several TSX listed companies. Lawson received his Bachelor of Arts in Statistical Sciences from The University of Western Ontario and his MBA from The Richard Ivey School of Business, University of Western Ontario.

VP of Exploration, and a man who surely has his work cut out casting off Auro’s ambitious bow line, is Ken Thorson. Thorson boasts over 40 years experience in mining, including 15 years as a student and field geologist with Selection Trust, 3 years with Saskatchewan Mining and Development Corporation (Cameco), 21 years with Teck Corporation and eight years as a consultant. During this period, he was directly involved at the field level with the discovery of 3 ore bodies and at the management level with the discovery and development of three additional ore bodies. Prior to 2002, he worked in senior exploration management at Teck, including a 2 year period managing its world wide exploration as President of Teck Exploration Ltd. He has been involved in exploration projects for base metals, precious metals, diamonds and uranium in the Americas, Australia and Asia. Mr. Thorsen is a Professional Engineer registered in Ontario and British Columbia and is a long standing member of the Canadian Institute of Mining, the Mining Association of British Columbia and the Prospectors and Developers Association of Canada.

Mario Concha, Director, was formerly the President of Georgia Pacific's Chemical Division where he oversaw the international operations of the $700 million company. He also served as President of the International Division of GS Industries and helped lead a team that formed GS Industries out of a leveraged buyout of an Armco Steel division with over $1 billion in revenues. Concha held a variety of management positions for Occidental Chemical and Union Carbide and has been named one of the "50 Most Important Hispanics in Technology & Business" by Hispanic Engineer for past 3 years. He holds a degree in Chemical Engineering from Cornell University.

Serious Potential

An impressive band of brothers to accompany an impressive band of land, Auro Resources Corp. is slowly but surely making its mark on the coveted land of Central Colombia. In the past decade price of gold has jumped from $300 an ounce to more than $1,400 and is still hovering at record highs. For Auro to have a sizeable steak in some of the richest, gold riddled land in the world, at this historical stage in the metal’s monetary history, indicates serious potential for this exciting junior company. Follow their journey at www.auroresources.com.

For more information on Auro http://www.gorillaenergy.net/au.html

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