Aurania Resources Provides Quarterly Update ON the Lost Cities- Cutucu Project IN Ecuador
TSX-V: ARU
NR 2018-28
AURANIA RESOURCES PROVIDES QUARTERLY UPDATE ON THE LOST CITIES-
CUTUCU PROJECT IN ECUADOR
Toronto, Ontario, September 5, 2018 – Aurani a Resources Ltd. (TSXV: ARU; OTCQB: AUIAF;
Frankfurt: 20Q) (“Aurania” or the “Company”) provides an update on its activities for the three-
month period ended June 30, 2018 (“Q2”). Details of the Company's results are contained in the Financial
Statements and Management’s Discussion and Analys is dated August 29, 2018 which are available on
SEDAR at www.sedar.com and the Company's website www.aurania.com.
Q2 Highlights:
Completed a non-brokered private placement for gross proceeds of $4,000,000 ($3,738,558 net);
Received proceeds of $460,000 from the exercise of stock options and a further $1,591,608 from
the exercise of warrants;
Completed a USD2,000,000 convertible debenture financing, convertible into common shares at
$3.00 per share; this allowed the Company to re new the full package of exploration concessions
that constitute the Lost Cities – Cutucu Project (“Project”) in Ecuador;
The maturity date of the initial minerals concession loan was extended to May 29, 2019;
Ended the quarter with available cash of $4,254,422;
Reduced debt by $280,000 through the exercise of 700,000 stock options by the debt holder;
Received Shareholders’ approval for all items pr oposed at the Company’s Annual and Special
Meeting (“ASM”) held on June 13, 2018;
Expanded the Board at the ASM with the additi on of Mr. Alfred Lenarciak as an independent
director;
Commenced trading on the Frankfurt Exchange, symbol “20Q” and on the OTCQB Venture
Market in the United States, symbol “AUIAF”;
Discovered an additional epithermal target, “Yawi”, bringing to seven, the total number of gold-
silver targets so far defined by the stream sediment sampling program;
Continued detailed follow-up work on the Crunchy Hill area – readying the target for drilling in
the fourth quarter;
Continued the stream sediment sampling progra m - 20% of the Project area, has now been
covered in this regional exploration; and
Accelerated the pace of stream sediment sampling by increasing the number of crews from four
to seven.
Exploration Activities:
The stream sediment sampling program has so fa r identified seven epithermal targets for possible
gold and silver mineralization, and 13 porphyry copper targets, in 20% of the Project area;
Ridge and spur sampling was completed in the Latorre A target area and results are due shortly.
The typical progression of our exploration approach is that: 1) stream sediment sampling is used
to identify large areas in which sources of meta l were shed into streams; 2) ridge and spur
sampling, the sampling of soils along topographic ridges, provides a relatively quick and
inexpensive way of identifying the specific areas of each drainage basin that shed metals into the
streams; 3) sampling of soils in a regular grid cut in the jungle provides specific detail on the
position and shape of each target; a nd 4) detailed geological work aims to refine the details of the
target in preparation for scout drilling;
Soil sampling was extended 800 metres to the west at the Crunchy Hill target in the Latorre
District to define a possible extension to the area of interest. Results of the extension of the soil
sampling are due shortly. To date, the Crunchy Hill target is defined by the coincident
enrichment of pathfinder elements (naturally-occurring arsenic, antimony, mercury, molybdenum,
thallium, lead and silver) with vuggy silica over a 400 metre by 200 metre area;
A new target called “Yawi” (the seventh epither mal target) was identified within the broader
Latorre District and is now undergoing ridge and spur soil sampling;
Interpretation of data from the geophysical survey that was undertaken over the whole Project
area between August and October 2017 continues with information from the field being used to
refine targets; and
The Corporate Social Responsibility (“CSR”) team continues to achieve a high degree of success
in engaging with local communities regarding th e proposed exploration program and its potential
impacts on the communities. The CSR team is responsible for arranging access to field areas with
the local communities and landowners prior to the arrival of the exploration teams.
Corporate Activities:
On June 29, 2018 the Company closed the first tranche of a non-brokered private placement for
gross proceeds of $4,000,000 through the issue of 2,000,000 units with each unit consisting of
one common share in the Corporation and a half warrant valid for 18 months from the date of
closing, with a strike price of $3.00. A commi ssion of 6% cash and 6% broker warrants was paid
to brokers on subscriptions that they facilitated;
An ASM was held on June 13, 2018. All resolu tions put to motion were passed. Mr. Alfred
Lenarciak was appointed to the Board of Directors at the ASM;
Nine videos were produced as a means of more effectively communicating Aurania’s progress in
exploration of the Project; and
Listings were completed on the Frankfurt and OTCQB Stock Exchanges as a means of facilitating
the trading of Aurania’s shares in Europe and the US respectively.
Plans for the Next Three Months
The following is planned for the next three months:
Stream sediment sampling will continue with a larger team augmented by in-house trained
technicians who live in the Project area;
Detailed geological work will continue on the Cr unchy Hill target in preparation for scout
drilling;
Permitting in anticipation of a drilling program in Q4; scout drilling at Crunchy Hill is planned
for Q4 2018 and is likely to include approximate ly five bore holes of approximately 300 metres
each for a total of approximately 1,500 metres. The plan is to use man-portable diamond drill
rigs that provide core for detailed study and sam pling. The objective of the scout drilling is to
confirm the presence of an epithermal gold-silver target at depth beneath the areas of enrichment
of pathfinder elements delineated in the soil sampling program;
A series of videos is planned to explain the e xploration concept that is to be drill-tested at
Crunchy Hill;
Detailed geological work is underway on the Yawi a nd Latorre A target areas. It is likely that
one of these targets will be advanced for scout drilling after Crunchy Hill in early 2019; and
Field data from the regional exploration program wi ll continue to be fed back into interpretation
of the geophysical data so that exploration targets can be refined and ranked for further
exploration.
About Aurania
Aurania is a junior exploration mining company engage d in the identification, evaluation, acquisition and
exploration of mineral property interests, with a fo cus on precious metals and copper. Its flagship asset,
The Lost Cities – Cutucu Project, is located in the Jurassic Metallogenic Belt in the eastern foothills of the
Andes mountain range of southeastern Ecuador.
Information on Aurania and technical reports are available at www.aurania.com and www.sedar.com, as
well as on Facebook at https://www.facebook.com/auranialtd/, Twitter at https://twitter.com/auranialtd,
and LinkedIn at https://www.linkedin.com/company/aurania-resources-ltd-.
For further information, please contact:
Carolyn Muir
Manager – Corporate & Investor
Services
Aurania Resources Ltd.
(416) 367-3200
Dr. Richard Spencer
President
Aurania Resources Ltd.
(416) 367-3200
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain forward-looking information that involves substantial known and unknown
risks and uncertainties, most of which are beyond the control of Aurania. Forw ard-looking statements
include estimates and statements that describe Aur ania’s future plans, objectives or goals, including
words to the effect that Aurania or its manageme nt expects a stated condition or result to occur.
Forward-looking statements may be identified by su ch terms as “believes”, “anticipates”, “expects”,
“estimates”, “may”, “could”, “would”, “will”, or “pl an”. Since forward-looking statements are based
on assumptions and address future events and conditions, by their very nature they involve inherent risks
and uncertainties. Although these statements are based on information currently available to Aurania,
Aurania provides no assurance that actual resu lts will meet management’s expectations. Risks,
uncertainties and other factors involved with forwar d-looking information could cause actual events,
results, performance, prospects and opportunities to diff er materially from those expressed or implied by
such forward-looking information. Forward looking info rmation in this news release includes, but is not
limited to, Aurania’s objectives, goals or future plans, statements, exploration results, potential
mineralization, the corporation’s portfolio, trea sury, management team and enhanced capital markets
profile, the estimation of mineral resources, explora tion and mine development plans, timing of the
commencement of operations and estimates of market c onditions. Factors that could cause actual results
to differ materially from such forward-looking in formation include, but are not limited to, failure to
identify mineral resources, failure to convert estimated mineral resources to r eserves, 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
indigenous peoples, uncertainties relating to the ava ilability and costs of financing needed in the future,
changes in equity markets, inflation, changes in exchange rates, fluctuati ons in commodity prices, delays
in the development of projects, capital and operatin g costs varying significantly from estimates and the
other risks involved in the min eral 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 be given that such events will occur in the disclosed time frames or at all. Aurania
disclaims any intention or obligation to update or rev ise any forward-looking information, whether as a
result of new information, future events or otherwise, other than as required by law.