Aurelian to list on TSX, updates Ecuador progress (February 21, 2007)

Vancouver- Aurelian Resources (ARU-V, AUREF-O) has received conditional approval to list its shares on the Toronto Stock Exchange, a milestone which the company hopes will provide it with greater access to capital and broader market recognition.

However, before its shares are listed for trading on the TSX, the company said it must satisfy certain conditions set by the exchange prior to May 17. It did not elaborate.

Aurelian is currently exploring in southeastern Ecuador, one of the Latin American countries, which has switched to the political left following the recent rise to power of a new President, the 43-year-old economist Rafael Correra.

During the election campaign, Correra called on Ecuador to cut its ties with the World Bank and the International Monetary Fund and said he wants to hold a referendum to rewrite the constitution to reduce the power of traditional parties and limit U.S military activities in Ecuador.

That kind of rhetoric has persuaded some mining companies to scale back the scope of their activities, while they assess the political situation and what it might mean for exploration in future.

However, Aurelian chief executive officer Patrick Anderson said that in his view, the completion by Ecuador of a scheduled US$135 million interest payment on its Global 2030 bonds is a positive step.

This is in line with previous statements by the government recognizing the need for continued foreign investment in the country and recent comments by Gustavo Larrea, a minister of government, that in Ecuador, the state will regulate the economy but is not proposing a state run economy, Mr. Anderson said.

Over all, we have seen encouraging willingness on the part of both the national and local governments to engage in dialogue in order to ensure that the developing mining industry in Ecuador provides benefits to all stakeholders,” he said.

Andersons comments are contained in a press release issued on February 21, when Aurelian shares rose 90 to $29.50 on the TSX Venture Exchange, to trade in a 52-week range of $43 and 46.

About a year ago, the company announced the discovery of the Fruta Del Norte (FDN) zone at its wholly-owned Condor project –which is located along the Peruvian border –after issuing results of four drill holes. One of them returned a 237-metre-long intercept averaging 4.14 grams (or 2.89 grams cut) gold and 8.5 grams silver per tonne.

Aurelian has described FDN as an intermediate-sulphidation epithermal gold-silver system, and said work is continuing with five drill rigs operating on the deposit.

The company also said infrastructure at the Condor site continues to improve to facilitate the increased volume of drilling. It hopes to soon deploy smaller, hand-portable drill rigs on other targets including El Tigre, which is located to the south east of FDN and was discovered in 2004 through a stream sediment sampling program.

Aurelian said it hopes to be drilling at least one of these other prospects by the end of the first quarter.