James M. Bannantine Appointed President & CEO of Aura Minerals Inc.
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/18/11 -- Aura Minerals Inc. (TSX: ORA) ('Aura Minerals' or the 'Company') is pleased to announce the appointment of Mr. James 'Jim' M. Bannantine as President and Chief Executive Officer ('CEO') and as a member of the Board of Directors of the Company effective immediately. Mr. Tom Ogryzlo will be stepping down as Interim CEO following a brief transition period and will remain a director of Aura Minerals.
Mr. Bannantine, a Civil and Mechanical Engineer, has been responsible for developing, financing and building energy, pipeline and other infrastructure projects aggregating in the multi-billions of dollars across the Americas, much of this in the countries and regions in which Aura Minerals operates. He has more than 20 years' experience in senior management positions, including President and CEO positions in private and public companies spanning several industries, with an excellent record of value creation. Having lived and worked in Brazil and Honduras, he is fluent in Portuguese and Spanish. His performance driven leadership, team building and market development skills will contribute significantly to the growth of Aura Minerals. Early in his career, Mr. Bannantine served in the United States Army as Contracting Officer for the Corp of Engineers, and as an Assistant Professor of Economics and Finance at the US Military Academy. Mr. Bannantine received an MBA, with Distinction, from the Wharton School of Business and is a West Point Distinguished Graduate. Mr. Bannantine has recently relocated to Vancouver in order to assume his new role.
Mr. Patrick Mars, Aura Minerals' Chairman, stated, 'The Board is very pleased that it has been able to attract an executive of Jim's calibre to join Aura Minerals. Our international search generated significant interest from experienced executives, including many from the mining industry. We strongly feel that Jim's proven leadership abilities and impressive experience building and financing projects in Brazil and South America are ideally suited to lead our management team and work with our Board to create value for our shareholders. The Board would also like to thank Tom Ogryzlo for his important contribution to the Company as Interim CEO. During his tenure, the Company has continued to make advancements at its operations. Tom will continue to contribute to Aura Minerals' progress through his role as a director.'
About Aura Minerals Inc.
Aura Minerals is a Canadian mid-tier gold production company focused on the acquisition, exploration, development and operation of gold and base metal projects in the Americas. The Company's producing assets include the San Andres gold mine in Honduras, the Sao Francisco and Sao Vicente gold mines in Brazil and the copper-gold-silver Aranzazu Mine in Mexico. Other significant assets include the feasibility-stage Serrote Deposit at the copper-gold-iron ore Arapiraca Project in Brazil.
For further information, please visit Aura Minerals' web site at www.auraminerals.com.
Cautionary Note Regarding Forward-Looking Statement:
This news release contains 'forward-looking statements' within the meaning of the applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking statements, including any information as to the Company's strategy, plans or future financial or operating performance. Forward-looking statements are characterized by words such as 'plan', 'expect', 'budget', 'target', 'project', 'intend', 'believe', 'anticipate', 'estimate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include, but are not limited to, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver, nickel and iron ore), currency exchange rates (such as the Canadian dollar, Brazilian Real, Mexican Peso and the Honduran Lempira versus the United States dollar), possible variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's corporate resources, changes in project parameters as plans continue to be refined, changes in project development and production time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales, unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, successful completion of proposed acquisitions, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company's Annual Information Form, dated March 30, 2011, under the heading 'Item 4.2 - Risk Factors'.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes.
Contacts:
Aura Minerals Inc.
Tom Ogryzlo
Interim CEO
(604) 669-4777
Aura Minerals Inc.
Patrick Mars
Chairman
(604) 669-4777
(604) 696-0212 (FAX)
info@auraminerals.com
www.auraminerals.com
