Aurelian Announces Closing of Private Placement


    Trading Symbol TSX:ARU

    TORONTO, July 28 /CNW/ - Aurelian Resources Inc. (TSX:ARU) today
announced completion of the previously announced private placement financing
by Kinross Gold Corporation consisting of 15 million Aurelian shares at a
price of $4.75 per share for total proceeds of $71.25 million. Kinross
announced earlier today that it has completed the mailing to Aurelian
shareholders of the takeover bid circular and other documents relating to its
offer to acquire all of the outstanding common shares of Aurelian (see
July 24, 2008 press release). The offer expires at 6:00 p.m. (Toronto time) on
September 3, 2008.
    The private placement represents a significant increase in Aurelian's
working capital and a strategic investment in Aurelian by Kinross irrespective
of the outcome of the proposed friendly combination with Aurelian. Proceeds of
the private placement are intended for development of the Fruta del Norte
gold-silver deposit and general corporate purposes.

    About Aurelian
    Aurelian Resources Inc. is a publicly-listed (TSX:ARU) company engaged in
exploring, discovering and developing mineral wealth in Ecuador. The Fruta del
Norte (FDN) discovery lies at the heart of the Condor Project, located in
south-eastern Ecuador. The initial Inferred Resource for FDN was released in
October 2007 and included 58.9 million tonnes grading 7.23 g/t gold and
11.8 g/t silver for 13.7 million ounces of contained gold and 22.4 million
ounces of contained silver (Report titled "A Mineral Resource Estimate for the
Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe
Province, Ecuador" and dated November 15, 2007 filed on Visit for more information.

    Forward Looking Statement

    Some of the statements contained herein may be forward-looking statements
which involve known and unknown risks and uncertainties. Without limitation,
statements regarding future political events, potential mineralisation,
metallurgy and resources, exploration results, and future plans and objectives
of the Company are forward looking statements that involve various degrees of
risk and may not be within the control of the Company. The following are
important factors that could cause the Company's actual results to differ
materially from those expressed or implied by such forward looking statements:
changes in the world wide price of mineral commodities, general market
conditions, risks inherent in mineral exploration, risks associated with
development, construction and mining operations, the uncertainty of future
profitability, the uncertainty of access to additional capital, and political
risks in Ecuador.

    %SEDAR: 00017235E

For further information:

For further information: Patrick Anderson, Chief Executive Officer,
Phone: (416) 868-9100; Marla Gale, Director of Investor Relations, Phone:
(416) 868-9100, Email:

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