Aurania Resources Ltd. Announces the Appointment of Dr. Richard Spencer as President and Shareholder Approval of the Lost Cities – Cutucu Project
AURANIA RESOURCES LTD. ANNOUNCES THE APPOINTMENT
OF DR. RICHARD SPENCER AS PRESIDENT AND SHAREHOLDER APPROVAL OF THE
LOST CITIES – CUTUCU PROJECT
Toronto, Ontario – May 2 9, 2017 – Aurania Resources Ltd. (TSXV: ARU) (“Aurania” or the
“Company”) is pleased to announce the appointment of current Board member Richard Spencer , as its
new President, effective immediately . Dr. Spencer will be responsible for the financial and operationa l
performance of the Company. Dr. Keith Barron will maintain the role of CEO and will continue as
Chairman of the Board.
Dr. Spencer brings both corporate and technical experience relevant to Aurania and to its Lost Cities –
Cutucu Project in Ecuador, the flagship asset of the Company. Richard is a PhD geologist with 10 years
of experience in Ecuador, having led Gencor Ltd.’s exploration team that made the grassroots discovery
of the San Carlos, Mirador and Panantza porphyries that contain an estimated 24 billion pounds of copper
and 3 million ounces of gold. These deposits lie in the area immediately south, and along trend of the Lost
Cities – Cutucu Project. Dr. Spencer also worked at Iamgold Corp. where his team discovered the
Quimsacocha – Loma Larga deposit in Ecuador, containing resources of 3 million ounces of gold and 23
million ounces of silver. He later joined Crystallex International Corp. as VP-Exploration, working on the
Las Cristinas gold deposit in Venezuela, where his team increased gold reserves by 6.6 million ounces.
Richard was appointed to the Company’s Board of Directors on March 6, 2017. In addition, Richard will
continue to serve as President, CEO and Director of U3O8 Corp., a TSX-listed exploration company with
resources of uranium and battery commodities in deposits in Argentina, Colombia and Guyana.
“It is a privilege to be exploring in Ecuador again,” Richard commented. “I look forward to integrating
the exploration techniques that were so successful in the area immediately adjacent to Aurania’s project
area with more modern techniques to identify targets more efficiently.”
“We are very pleased to welcome Richard as President of Aurania.” Dr. Barron said. “His previous
involvement with exploration in Ecuador will be very beneficial in implementing the company’s strategy
of building the relationships between the Company and the communities and employing ethical
exploration practices in the region.”
About Aurania
Aurania Resources Ltd. (TSX -V: ARU) is a junior exploration mining company engaged in the
identification, evaluation, acquisition and exploration of mineral property interests, with a focus on
precious metals.
At the Annual and Special Meeting held on Friday May 26, 2017 , the Shareholders of Aurania passed all
Resolutions placed before them at the Meeting including the approval of the acquisition of EcuaSolidus,
S.A., a related party company that holds all rights, title and interest in 42 mineral exploration licences
- 2 -
covering 207,764 hectares (approx. 2,080 square kilometres) over the core of the Cordillera de Cutucu, a
mountain range in the foothills of the Andes, in Ecuador (the “Lost Cities – Cutucu Project”). An
exploration program is planned consisting of airborne geophysics and a regional stream silt sampling
program with reconnaissance geological work. Further information about the Lost Cities – Cutucu Project
can be found on Aurania’s website at www.aurania.com. Closing of the acquisition of EcuaSolidus, S.A.
is expected shortly and a further announcement will be made.
For further information, please contact:
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
Donna McLean
Chief Financial Officer
Aurania Resources Ltd.
(416) 417-8349
Neither the TSX -V nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains forward -looking information that involves substantial known and unknown
risks and uncertainties, most of which are beyond the control of Aurania. Forward-looking statements
include estimates and statements that describe Aurania’s future plans, objectives or goals, including
words to the effect that Aurania or its management expects a stated condition or result to occur. Forward-
looking statements ma y be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, or “plan”. Since forward -looking statements are based on assumptions
and address future events and conditions, by their very nature they in volve inherent risks and
uncertainties. Although these statements are based on information currently available to Aurania, Aurania
provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and
other factors involved with forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or implied by such forward -looking
information. Forward-looking information in this news release inclu des, but is not limited to, Aurania’s
company’s objectives, goals or future plans, statements, details of the transaction with ESA, exploration
results, potential mineralization, the Company’s portfolio, treasury, management team and enhanced
capital markets profile, the timing of the Transaction, the estimation of mineral resources, exploration and
mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include,
but are not limited to, failure or inability to complete the Transaction with ESA on the terms as proposed,
failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the
inability to complete a feasibility study which recommends a production decision, the preliminary nature
of metallurgical test results, delays in obtaining or failures to obtain required governmental, regulatory,
environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First
Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes in exchange r ates, fluctuations in
commodity prices, delays in the development of projects, capital and operating costs varying significantly
- 3 -
from estimates and the other risks involved in the mineral exploration and development industry, and
those risks set out in Aurania’s public documents filed on SEDAR. Although Aurania believes that the
assumptions and factors used in preparing the forward -looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of
this news release, and no assurance can b e given that such events will occur in the disclosed time frames
or at all. Aurania disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise, other than as required by
law.