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Aura Minerals Inc T.ORA

Alternate Symbol(s):  ORAAF

Aura Minerals Inc. is a mid-tier gold and copper production company. The Company is focused on operating and developing gold and base metal projects in the Americas. It has four operating mines, including the Aranzazu copper-gold-silver mine in Mexico, the Ernesto/Pau-a-Pique Project (EPP) and Almas gold mines in Brazil, and the San Andres gold mine in Honduras. The Company’s development projects include Borborema and Matupa, both in Brazil. It has unmatched exploration potential, owning over 650,000 hectares of mineral rights and focuses on advancing multiple near-mine and regional targets along with the Serra da Estrela copper project in the prolific Carajas region of Brazil. The Company has the right to explore the Pe Quente and Pezao Projects in the State of Mato Grosso, Brazil. The Aranzazu Mine is an underground copper mine that is located within the Municipality of Concepcion del Oro in the State of Zacatecas, Mexico. The San Andres Mine is an open-pit heap leach gold mine.


TSX:ORA - Post by User

Bullboard Posts
Post by casinoon May 11, 2015 9:58pm
96 Views
Post# 23717493

from today's results Mexican bankruptcy law

from today's results Mexican bankruptcy lawThe Company has experienced recurring operating losses and has an accumulated deficit of $528,907 at March 31, 2015. For the three months ended March 31, 2015, the Company incurred a net loss of $5,908, respectively. Based on the Company’s current cash flow forecasts, which reflect current commodity prices, the Company presently does not have sufficient funds or working capital to make the required debt repayments over the next twelve months and to fund any expansion activities without refinancing or obtaining additional financing. The Company’s Aranzazu mine filed for administrative proceedings under the Mexican Commercial Bankruptcy Law, which was approved by the Mexican Federal Court on May 4, 2015. The filing was made to preserve the asset while enabling the mine to develop a plan to pay its creditors.    These factors lend substantial doubt to the Company’s ability to continue as a going concern. The Company’s continued operation is dependent upon its ability to refinance its current funding or raise additional funding to meet its obligations and attain profitable operations. Although management is confident that the Company will be able to refinance its current funding or raise additional financing, there are no assurances that the Company will be successful.   
Bullboard Posts