Taviche, Aura Silver’s flagship project, encompasses almost 1,000 square kilometers in Oaxaca State, often described as Mexico’s first silver mining district. Mexico, which began producing silver in the 1700s, remains the world’s second largest silver producer, with more than 96 million ounces of silver produced in 2006.
       The 13,724-hectare Taviche Property lies within the San Jose Mining District, which has a rich mining history with more than 60 recorded underground mines. Aura Silver and joint venture partner Intrepid Mines hold an option to earn a 70% interest in the Taviche Property.
       Intriguingly, the Taviche property surrounds the proven San José high-grade silver-gold deposit owned by Fortuna Silver Mines and Continuum Resources. Aura Silver and Intrepid Mines recently completed a 22-hole, 4,059-meter Phase I drilling program on the West Taviche Concession. The program partially tested known high grade silver-gold mineralization at three historic mines: El Portillo, La Noria and San Martin, which contain strongly mineralized surface exposures and significant vein structures.
       Drill results included:
       • Portillo Prospect – Quartz-sulfide vein breccias, sheeted veins and stockwork were identified in all holes in the Phase 1 program. Variability in the silver/gold ratios are indicative of multiple mineralizing events. Values ranging up to 23.6 g/t gold over 0.85 meters and 234 g/t silver over 1.65 meters suggest the potential of the system at deeper levels.
       • La Noria Prospect – Drill holes targeting the West Noria vein system encountered several mineralized zones. Anomalous gold and silver values were obtained over intervals of up to 9.15 meters, including 3.49 g/t gold and 66 g/t silver over 0.55 meters. The East Noria vein was tested over a strike length of about 250 meters, intersecting the vein at 100 to 200 meters below the surface. Three holes encountered a well developed mineralized structure. Mineralized widths ranged from 14.85 meters, on the north end, to 126 meters on the south. These results suggest that the levels tested to date remain above the targeted boiling zone.
       • San Martin Prospect – Drilling over a 400-meter strike length revealed broad mineralized zones. Gold and silver values found in hydrothermal breccias ranged up 3.48 g/t gold and 49 g/t silver over 0.85 meters and 1.60 meters of 2.62 g/t gold and 125 g/t silver. The alteration mineralogy, vein textures and structural styles suggest the holes intersected the upper parts of the epithermal system and that deeper drilling is required.
       Mapping and sampling in the East Taviche Concession is on-going and drilling is planned to evaluate a series of quartz-carbonate-sulfide veins under several historical mine sites.
       A US$1.5 million, 4,000-meter Phase II drilling program is planned to start by mid-year. Areas currently being considered for testing include:
       • The East Noria and Portillo veins along strike and beneath the 2007 intercepts;
       • The Portillo/Donaji vein system south of the San Jose Deposit on the Fortuna/Continuum property; and
       • The Vichache-Rosario-San Carlos veins in the East Taviche concession.
The company’s flagship Taviche property continues to show evidence for discovery of high-grade mineralization. This summer’s drill program will be the Company’s second concerted and focused program which will hopefully lead to new discoveries throughout the region including beneath historical past producing mines.

       Aura Silver’s Greyhound property reverted to a 100% Aura Silver-owned asset following Intrepid Mines’ recent merger with Emperor Mines and its decision to focus on other projects. This is good news for Aura Silver, given the project’s potential as a VMS deposit. The company believes that their Nunavut Greyhound property represents another resource rich land position in an area close to an existing gold mine under development.
       Aura Silver geologists recently completed a comprehensive map file which gathered together historic and recent prospecting data relating to the Greyhound property in east Nunavut, Canada. Significantly, the work revealed the Greyhound area contains many elements of a classic VMS district. Not surprisingly, Aura Silver immediately began new staking to substantially increase project landholdings to over 230 square kilometers or 23,000 hectares from the original 10,000-hectare land holding.
       The Greyhound property is located about 32 km south of Agnico-Eagle’s Meadowbank Gold Mine which contains a probable gold reserve of 3.5 million ounces at an average grade of 3.9 g/t. An all-weather road from Baker Lake to the Meadowbank Mine crosses the Greyhound property, which may mitigate future infrastructure costs. The property bears distinct geological and geochemical similarities to the Manitouwadge camp in Northern Ontario as well as VMS system characteristics similar to Sturgeon Lake and Hackett River. Two samples collected in 1998 assayed 1,632 and 3,400 g/t silver.
       In 2007, a two-week field program of prospecting and sampling assessed key elements of the geology of the area and evaluated results of a 2006 geophysical survey. Assays of the 72 samples collected yielded up to 2.4% zinc, 1.02% copper, 8.1% lead, 10 g/t gold and 51 ppm silver. In 1999, the Geological Survey of Canada reported up to 4.43% Cu, 0.8% Zn, 7.7% Pb, 0.56 ppm Au and 57 ppm Ag for samples taken in the same area.
       The Company’s chief scientist, Dr. Franklin concluded that the results at Greyhound demonstrate potential for both VMS and orogenic gold deposits. Enrichment in copper adjacent to the subvolcanic intrusion may indicate the presence of porphyry-style mineralization, a feature common in many VMS districts. Aura Silver’s team of geologists plan to further prospect abundant ultramafic strata that occur in close spatial association with a sulfide-rich iron formation for their Ni-Cu-PGE potential.
       Aura Silver is planning a major program at Greyhound beginning this summer. The program will include: further interpretation of airborne geophysical data, completion of airborne geophysics over the newly acquired ground and a field program of additional mapping, sampling and prospecting. This will be followed by ground geophysics to assess the airborne anomalies – all leading to an aggressive drilling program anticipated for early 2009.

       Aura Silver Resource’s strong and diversified property portfolio places the company well on a path to becoming a major precious metals exploration company. Aura Silver is exploring in some of the best silver ground in North America where it is assured a safe, legal and political environment for its activities. The company is well financed, and has ambitious drill programs upcoming this year.
       “We are excited about the significant potential of our Greyhound property, which is a compelling element of our project portfolio led by our flagship Taviche property in Oaxaca, Mexico,” says Aura Silver President and CEO Robert Boaz. “Our geologists performed comprehensive work on Greyhound to bring it to this stage of development. This demonstrates the potential growth in new discoveries that the Aura Silver team can provide to our shareholders”.