Aurelian surges on Fruta Del Norte drilling (July 30, 2007)

As Aurelian Resources (AUR-T, AUREF-O) awaits assays from the final eight holes of an 82-hole program on its Fruta Del Norte deposit, in Ecuador, the company’s shares rose more than 11% on the latest results.

With the announcement of a 172.7-metre intersection grading 7.71 grams gold per tonne and 8.2 grams silver per tonne in an infill drill hole,

Aurelian gained 85 to end at $8.29 on a trading volume of 3.2 million shares. Another hole returned 158.6 metres grading 8.13 grams gold per tonne and 11.13 grams silver.

Reported intercepts are not true widths because of the shape of the deposit and the angle of the drill holes. Fruta Del Norte is a part of the Condor project, a 95-sq.-km property consisting of 38 mining concessions in southeastern Ecuador.

“The results confirm the geometry and grade of the known zones of Fruta Del Norte, while also adding new mineralization at depth and to the east,” said Aurelian president and CEO Patrick Anderson in a statement.

Aurelian describes Fruta Del Norte as a mineralized envelope that is traceable for more than 1,200 metres along strike and exceeds 100 metres in width through the central and southern portions. It dips moderately westward to vertically and has a vertical extent of more than 250 metres.

Once the final eight holes are assayed, Micon International will be able to calculate the inferred resource estimate for the deposit.

Investor relations manager Marla Gale says the company hopes to have the resource out by mid-August, before an analyst tour of the property.

The company will continue drilling at Fruta Del Norte to build on the initial resource, targeting areas to the south, north and east. Aurelian will also continue drilling at the El Tigre gold target on another area of the property.