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Aurora Energy Resources Inc. ("Aurora" or the "Company") (AXU:TSX) announced today that it has issued a Directors' Circular from its Board of Directors in response to the offer (the "Fronteer Offer") by Fronteer Development Group Inc. ("Fronteer") to acquire all of the common shares of Aurora that it does not already own on the basis of 0.825 of a Fronteer common share for each Aurora common share. The Directors' Circular is being mailed to shareholders and will be available on www.sedar.com.
The Special Committee of the Aurora Board of Directors has retained National Bank Financial Inc. as its financial advisor to advise it with respect to the Fronteer Offer and to solicit other offers for Aurora or its assets or other transactions involving Aurora that would provide greater value to shareholders than the Fronteer Offer. The Special Committee is currently in discussions with third parties with respect to possible alternative offers or transactions, although there can be no assurance that any such alternative offer or transaction will emerge.
The Board of Directors is making no recommendation with respect to the Fronteer Offer at this time and advises that Aurora Shareholders wait for further communication from the Board of Directors prior to deciding whether or not to tender their Aurora shares to the Fronteer Offer.
There is no immediate urgency for Aurora shareholders to do anything with respect to the Fronteer Offer. The Fronteer Offer is open for acceptance until 8:00 p.m. (Eastern Standard Time) on March 2, 2009, unless extended or withdrawn. The Fronteer Offer is subject to certain conditions. The Aurora Board of Directors will communicate further with shareholders prior to the expiry of the Fronteer Offer so that Aurora shareholders will have updated information in deciding whether or not to tender to the Fronteer Offer.
ABOUT AURORA
Aurora is a uranium exploration and development company active in the Central Mineral Belt of coastal Labrador - one of the world's most promising uranium districts - and in Nunavut, Canada, where it has acquired an interest in the Baker Lake Basin property.
Aurora has no debt and approximately C$98 million in cash that is fully liquid and held with a large Canadian commercial bank.
Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.
For further information on Aurora, please contact:
Bruce Dumville, President & CEO
(709) 726-2223
Corporate Information
www.aurora-energy.ca
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to the Fronteer Offer, any possible alternative transaction, the timing and level of exploration activities, including drilling activities, the timing of completion of a pre-feasibility study and anticipated results of the 2008 work program; involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Aurora to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the Fronteer Offer not being completed, the terms of the Fronteer Offer, the lack of any alternative transaction, the terms of any alternative transaction, the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, economic and political stability in Canada, environmental risks and hazards, increased infrastructure and/or operating costs, labour and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Aurora's Annual Information Form on file with the Canadian Securities Commissions. Although Aurora has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers should not place undue reliance on forward-looking statements.
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