Aura Minerals Announces Management Changes
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/16/12 -- Aura Minerals Inc. ("Aura Minerals" or the "Company") (TSX: ORA) announces that Mr. J. Britt Reid has departed as Executive Vice President and Chief Operating Officer effective July 13, 2012. The Board of Directors and Management thank Mr. Reid for his contributions to the Company over the past three years and wish him success in his future endeavours.
Going forward, the Company continues to have a strong mining and engineering leadership team that will allow the Company to continue to improve its core producing assets as well as develop new projects to deliver growth to its investors. Included in this leadership team are Mr. Neil Hepworth M.Sc., Senior Vice President of Operations, Brazil; Mr. Monty Reed, General Manager of the San Andres mine; and the incoming General Manager of the Aranzazu Mine who will begin mid-August. All three will report directly to Mr. Jim Bannantine, Aura Minerals' President and CEO.
Mr. Bannantine stated, "I would like to thank Britt for his contribution to the Company. I am also very pleased Aura has been able to attract strong mining leaders during his tenure. By having this strength at our mine sites, management is confident of being able to achieve its guidance for the year, and execute its business plan. I am also pleased to report that Aura is continuing to make progress toward its goal of reducing group-wide general and administrative expenses. Through numerous focused initiatives over the course of this year, the Company has reduced the annualized run rate for these expenses by approximately 30%."
Mr. Hepworth is elevated to Senior Vice President of Operations, Brazil where he continues to have responsibility for the Sao Vicente and Sao Francisco mines. During the last year he led the development of the new mine plans for these two mines, and he also provides technical and operations guidance to the Serrote Feasibility Project. Mr. Hepworth has extensive executive operations experience, previously in the role of Vice President of Operations for both European Goldfields and Crew Gold. Before those positions Mr. Hepworth has held progressively responsible technical and operational roles and is recognized for his geotechnical expertise in open pit and underground mine operations throughout Africa and Europe.
In Honduras, the Company is fortunate to have Mr. Monty Reed, who continues as the General Manager of the San Andres mine. Mr. Reed previously worked in progressively senior project and operations roles throughout the Americas, notably in regions with complex community relations issues and tropical climates. Mr. Reed has worked with Silver Standard, Buffalo Gold, IAMGold, and Placer Dome on development and operation of open pit mines.
The Company has attracted a very senior level General Manager for the Aranzazu Mine who has been appointed and will begin August 15th. The incumbent brings more than 25 years of global, underground operations improvement and development experience that will be invaluable to the execution of Aura Minerals' business plan.
About Aura Minerals Inc.
Aura Minerals is a Canadian mid-tier gold and copper production company focused on the 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. The Company's core exploration asset is the feasibility-stage copper-gold-iron ore Serrote Project in Brazil. It also has the Inaja iron ore project currently optioned to Vale.
For further information, please visit Aura Minerals' web site at www.auraminerals.com.
Jim Bannantine, President & Chief Executive Officer
Cautionary Note
This new release includes certain "forward-looking information" regarding, among other statements, the Company achieving its guidance and its business plan. By its very nature forward-looking information involves known and unknown risks, uncertainties and those additional factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form, which may cause the actual results of the Company to be materially different from any future results expressed or implied by the forward-looking information.
Contacts:
Aura Minerals Inc.
(604) 669-4777
(604) 696-0212 (FAX)
info@auraminerals.com
www.auraminerals.com
