GoldMinerPulse Report: Aura Minerals Inc. Metal Value

Aura Minerals Inc. (ORA) NI 43-101 Metal Value Report

The Aura Minerals Inc. website is at www.auraminerals.com.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2011-11-12.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**Aura Minerals Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$121.38
Average Ore Value per Tonne	US$67.61
Metal Value Leverage (MVL)	98.82
Market Capitalization as a Percentage of Metal Value	1.0%
Recent Closing Stock Price	C$1.22 [note 1]
Fully Diluted Share Count	242.48 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	83%
Percentage In Situ Inferred Resource	17%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	4.48 M oz
Average Gold Ore Grade	0.3 g/t
Market Capitalization per oz of Gold In Situ	US$66.48 ( C$66.03 )
Gold Equivalent Ounces Estimate	17.05 M oz
Market Capitalization per oz of Gold Equivalent	US$17.46 ( C$17.35 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count taken from the June, 2011 financial statement.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Copper	Iron
Total Counts (reserves + resources)	4.48 M oz	13.57 M oz	1.53 M t	36.83 M t
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$3.89 / lb	$200.00 / ton
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$31.89	$1.88	$54.13	$33.48
Percentage of Total Metal Value	26.27%	1.55%	44.59%	27.59%
Metal Value Percentage Proven + Probable	0%	0%	0%	0%
Metal Value Percentage Measured + Indicated	79%	76%	83%	86%
Metal Value Percentage Inferred	21%	24%	17%	14%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	Copper	Iron	MI%	I%
Arapiraca	Alagoas, Brazil	$80.38 ( 66.2% )	US$81.43	712.64 K oz		1.18 M t	36.83 M t	85%	15%
San Andres	La Union, Honduras	$19.62 ( 16.2% )	US$30.67	2.76 M oz				74%	26%
Aranzazu	Zacatecas, Mexico	$17.72 ( 14.6% )	US$182.24	496.80 K oz	13.57 M oz	347.86 K t		77%	23%
Sao Francisco	Mato Grosso, Brazil	$2.38 ( 2.0% )	US$52.51	334.88 K oz				100%	0
Sao Vicente	Mato Grosso, Brazil	$1.27 ( 1.0% )	US$49.33	178.97 K oz				98%	2%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Aranzazu

Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT AND AUDIT OF THE PRELIMINARY RESOURCE ESTIMATE ON THE ARANZAZU PROPERTY ZACATECAS STATE, MEXICO
2008-07-15 (113 pages).

Updates: Aranzazu Reserves and Resources webpage (viewed November 2011).

Project Location: Zacatecas, Mexico.

Average Ore Value (all estimate types): US$182.24

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.77	388.50 K oz	0.680 g/t	17.77 M t
Silver	$1.42	10.27 M oz	17.980 g/t	17.77 M t
Copper	$9.43	266.55 K t	15,000.000 g/t	17.77 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.77	108.30 K oz	0.580 g/t	5.81 M t
Silver	$0.46	3.29 M oz	17.640 g/t	5.81 M t
Copper	$2.88	81.31 K t	14,000.000 g/t	5.81 M t

Estimate notes:

Arapiraca

Latest NI43-101 Report: MINERAL RESOURCE UPDATE SERROTE DA LAJE AND CABOCLO DEPOSITS OF THE ARAPIRACA COPPER-GOLD-IRON ORE PROJECT State of Alagoas Brazil
2009-04-09 (109 pages).

Updates: Arapiraca Reserves and Resources webpage (viewed November, 2011).

Project Location: Alagoas, Brazil. View the Arapiraca project on a Google Map.

Average Ore Value (all estimate types): US$81.43

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$4.03	566.82 K oz	0.090 g/t	195.89 M t
Copper	$33.95	959.86 K t	4,900.000 g/t	195.89 M t
Iron	$27.57	30.32 M t	154,800.000 g/t	195.89 M t

Estimate notes: Serrote Deposit Mineral Resource as of February 2009.
0.3% Cu equivalent cut-off grade.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.64	90.47 K oz	0.090 g/t	31.27 M t
Copper	$5.42	153.21 K t	4,900.000 g/t	31.27 M t
Iron	$3.98	4.38 M t	140,100.000 g/t	31.27 M t

Estimate notes:

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.28	39.03 K oz	0.160 g/t	7.59 M t
Copper	$1.53	43.25 K t	5,700.000 g/t	7.59 M t
Iron	$1.33	1.47 M t	193,400.000 g/t	7.59 M t

Estimate notes: Caboclo deposit mineral resource as of February 2009.
0.3% CuEq cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.12	16.32 K oz	0.110 g/t	4.62 M t
Copper	$0.93	26.31 K t	5,700.000 g/t	4.62 M t
Iron	$0.60	657.32 K t	142,400.000 g/t	4.62 M t

Estimate notes:

San Andres

Latest NI43-101 Report: AMENDED AND RESTATED TECHNICAL REPORT RESOURCES AND RESERVES ON THE SAN ANDRES MINE IN THE MUNICIPALITY OF LA UNION, DEPARTMENT OF COPAN, HONDURAS
2009-08-12 (105 pages).

Updates: Mineral Reserve and Resource Estimate webpage (viewed November, 2011).

Project Location: La Union, Honduras.

Average Ore Value (all estimate types): US$30.67

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$14.56	2.05 M oz	0.530 g/t	120.05 M t

Estimate notes:

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$5.06	711.29 K oz	0.630 g/t	35.12 M t

Estimate notes:

Sao Francisco

Latest NI43-101 Report: RESOURCES AND RESERVES ON THE SAO FRANCISCO MINE, MATO GROSSO STATE, BRAZIL
2011-03-30 (70 pages).

Updates: Aura Minerals Announces Updated Resource and Reserve Estimates for Brazilian Gold Mines, November 10, 2011 news release.

Project Location: Mato Grosso, Brazil.

Average Ore Value (all estimate types): US$52.51

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.37	333.62 K oz	0.950 g/t	10.92 M t

Estimate notes: Indicated resource is inclusive of the reserves.
0.25 g/t cut-off (DLO) and 0.40 g/t (CGO) cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	1.25 K oz	0.470 g/t	83.00 K t

Estimate notes:

Sao Vicente

Latest NI43-101 Report: RESOURCES AND RESERVES ON THE SAO VICENTE MINE IN THE MUNICIPALITY OF NOVA LACERDA, STATE OF MATO GROSSO BRAZIL
2011-03-30 (92 pages).

Updates: Aura Minerals Announces Updated Resource and Reserve Estimates for Brazilian Gold Mines November 10, 2011 news release.

Project Location: Mato Grosso, Brazil.

Average Ore Value (all estimate types): US$49.33

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.24	174.67 K oz	0.910 g/t	5.97 M t

Estimate notes: Measured + Indicated resources inclusive of reserves.
Reserves at cut-off of 0.25 g/t (DLO) and 0.40 g/t (CGO) cut-off.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	4.30 K oz	0.460 g/t	291.00 K t

Estimate notes:

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