Trading Symbol TSX:ARU

AURELIAN RESOURCES INC.

NEWS RELEASE

August 19, 2008

For immediate release

Aurelian Update on FDN Infill and Other Drill Results from Condor Project

TORONTO, ON – Aurelian Resources Inc. (TSX:ARU) today announced additional drill results from the Fruta Del Norte (“FDN”) gold-silver deposit discovered in its Condor Project in southeastern Ecuador. The majority of the results are from infill holes in the central high grade part of the system (9583300N to 9583700N). These new data come from exploration activity that was completed prior to the April 2008 suspension of activities but on which QA/QC, verification and review have just been completed. Aurelian also reported on other drilling on the Condor project to the east and the west of FDN.

The infill results from FDN include 95.56 metres grading 38.18 g/t of gold (“Au”) and 23.9 g/t of silver (“Ag”) in CP-08-198, 149.09 metres grading 25.40 g/t of Au and 23.1 g/t of Ag in CP-08-204, 134.95 metres grading 22.39 g/t of Au and 14.1 g/t of Ag in CP-08-206 all on section 9583350N and 202.65 metres grading 15.70 g/t of Au and 20.8 g/t of Ag in CP-08-201 on section 9583450N.

“The new drill results confirm the continuity of geology and grade in the central part of FDN,” said Patrick F.N. Anderson, President and CEO. “This drill program was intended to increase the drill density within the known resource envelope and to provide support for upgrading a portion of the existing Inferred Mineral Resource to the Indicated category. Unfortunately we were unable to complete the infill program due to the Mining Mandate suspension. While an updated resource estimate is underway by Micon International Ltd. and P&E Mining Consultants Inc., these same consultants anticipate that very little of the existing Inferred Mineral Resource will be upgraded to the Indicated category by using the currently completed drilling. Our consultants have also advised us that they do not anticipate the currently completed drilling will result in a significant material change in the tonnage or grade of the mineral resources at the deposit."

As of Aurelian’s press release dated October 4, 2007, calculations at the FDN deposit returned an initial Inferred Mineral Resource of 58.9 million tonnes grading 7.23 g/t of gold and 11.8 g/t of silver for 13.7 million ounces of contained gold and 22.4 million ounces of contained silver, determined at a cut off grade of 2.3 g/t gold-equivalent (Report titled “A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador” and dated November 15, 2007 filed on www.sedar.com). The results reported in today’s release were not included in that calculation.

FDN Results

Mineralized intercepts (uncut and cut) from 31 FDN drill holes are tabulated below. The intercepts are calculated with the 2.3 g/t Au Eq lower cut, the same used in the Inferred Mineral Resource estimate; this cut off is used in the description of results in the following text (unless otherwise stated). Maps, cross sections, photos, gold and silver assay data from this and previous press releases may be viewed at www.aurelian.ca.

The majority of holes were drilled from west to east (azimuth of approximately 90 degrees), with the exception of scissor holes CP-08-194, CP-08-199, CP-08-193, CP- 08-198, CP-08-210 and CP-08-213 which were drilled from east to west (azimuth of approximately 270 degrees). Geotechnical drill hole CP-07-183 is also an exception having been drilled obliquely across the deposit towards the NE at an azimuth of 45 degrees.

All drill holes have intersected the deposit in broad zones of epithermal stockwork and breccia style mineralization, with the exception of CP-08-210 which was abandoned due to technical reasons.

In addition, drill hole CP-08-217 is a step out drill hole completed at the south end of the FDN deposit on section 9582500N. The hole intersected weak epithermal stockwork veining and did not return any significant assay intervals.

With the results reported here, data for 141 diamond drill holes at FDN have been released, only 85 of which were complete and included in the initial Inferred Mineral Resource released in October 2007. While drilling operations have been suspended since April 2008, results for drill holes completed prior to the suspension will be released as analytical data are received, validated and compiled.

The FDN deposit is hosted by intensely silicified andesitic volcanic and intrusive rocks that are buried by clastic sedimentary rocks of the Suarez Formation of Jurassic age within a pull-apart basin. The hydrothermal system is characterized by multiphase quartz- carbonate-sulphide stock work veining and hydrothermal brecciation. FDN is interpreted to be an intermediate sulphidation epithermal gold-silver system that predates but is in part contemporaneous with infilling of the basin.

Drilling has outlined a mineralized envelope at FDN that is traceable continuously for over 1,400 metres along strike, exceeds 100 metres in width through the central and southern portions, has a vertical extent of over 350 metres (“m”) and dips moderately westward through to vertical with an eastern contact that dips steeply to the east south of 9583450N. Drill holes intersect this envelope at various angles and therefore drill hole intercept lengths reported in this and earlier press releases are not true widths. Inspection of drill cross sections allow the width of the mineralized envelope to be estimated visually.

Significance of the Recent FDN Infill Drilling Results

In support of the resource estimation work being carried out by Micon International Limited (“Micon”) and P&E Mining Consultants Inc. (“P&E”), a geostatistical review of the FDN drilling results was conducted by AMEC E&C Services (Inc.) (“AMEC”) of Phoenix, Arizona in early 2008. The work was carried out by Dr. Bruce Davis, Consulting Geostatistician, FAusIMM and was peer-reviewed by Dr. Harry Parker, Technical Director of AMEC, FAusIMM and Registered Geologist in California and Arizona. The results are summarized in a March 2008 report entitled “Preliminary Geostatistical Analysis for Fruta del Norte Property”. The report is not a Technical Report as that term is defined in National Instrument 43-101 but is available at www.aurelian.ca.

The key conclusion from the AMEC report was that “the drill spacing required to declare Indicated Mineral Resources and to support Probable Mineral Reserves is on the order of 25m for a production rate of 5,000 tpd, and on the order of 35m for a production rate of 10,000 tpd.” AMEC has consented to the presentation of this conclusion in this press release. The Preliminary Economic Assessment currently underway for FDN uses a base case production rate of approximately 5,000 tpd, and as such the infill drilling program was designed to reach the target of 25m by 25m drill spacing.

After reviewing the most recent drill data for FDN with Aurelian exploration staff, B. Terrence Hennessey, P.Geo., of Micon and Eugene Puritch, P.Eng., of P&E have provided the following comment on the data and its likely impact on the FDN resource estimate:

“As a result of the implementation of the Mining Mandate by the Ecuadorian government the recommended program has not yet been completed. While much of the initial phase of 50m spaced drilling was finished very little of the ultimately planned 25m spaced holes were started. As a consequence it is anticipated that very little of the existing Inferred Mineral Resource will be upgraded to the Indicated category by using the currently completed drilling in an updated mineral resource estimate.

Most of the drilling completed at FDN in 2008 was the infill program to raise the confidence level of the mineral resources. A review and comparison of the final QA/QC-approved intersections from the new 50m spaced drilling against the previous mineralized domain model has shown few surprises. It is anticipated that the new data will result in only modest changes to the mineralized envelope used to control the grade interpolation. It is not anticipated that the currently completed drilling will result in a significant material change in the tonnage or grade of the mineral resources at the deposit.”

Other Drill Results

The first of several deep drill holes, (CP-08-219), has been completed on section 9583500N, designed to test for the offset part of the FDN deposit at depth on the west side of the west fault. The hole was stopped at 1,343m and failed to intersect any epithermal mineralization of significance.

Results for drilling designed to test for mineralization east of FDN was received with two holes (CP-08-226 and CP-08-234) having been completed. Both holes intersected a broad zone of low grade epithermal mineralization that starts approximately 300m east of the FDN deposit and is characterized by weak epithermal quartz-carbonate-sulphide stockwork veining and brecciation in andesite. The two holes were both orientated to the east (azimuth 90°) and had dips of 55° (CP-08-226) and 50° (CP-08-234). At a 0.1 g/t Au lower cut, no upper cut and including up to 11m of internal waste, drill hole CP-08-226 returned an interval from 333.46m to 677.90m of 344.44m @ 0.37 g/t Au and 4.8 g/t Ag which includes 29.60m @ 0.95 g/t Au and 11.2 g/t Ag from 450m to 479.60m. Drill hole CP-08-234 returned an interval from 178.33m to 473.73m of 295.40m @ 0.18 g/t Au and 4.1 g/t Ag. The mineralization has not been intersected close to the surface and is buried below the post-mineralization Hollin formation sandstone which is estimated at up to 80m thick.

In addition, ten holes have been completed in the Suarez pull-apart basin as part of a three fence program drilled to test for buried mineralization and to better understand structures within this 2km by 12km sediment filled basin. The fences are very widely spaced, approximately 2 to 3 km apart and located at approximately 9581400N, 9579500N and 9576800N. Only two holes were completed on the southern fence before the Mining Mandate suspended drilling operations in April. The ten holes have failed to intersect any epithermal mineralization of significance.

Airborne Geophysical Survey

As previously reported in Aurelian’s Q1 2008 MD&A, an airborne geophysical survey of the entire Condor Project was begun in that quarter but was cancelled in light of the suspension of activities under the April 18, 2008 Mining Mandate. Approximately three percent of the planned survey area had been completed at the time of the suspension. The results of the airborne survey over this small area generally confirmed the results of previous ground geophysical surveys over the same area, but no new targets were identified.

Technical Information and Review

Drill core samples consist of half HQ, NQ, NTW and BTW-size diamond core that are split by diamond saw on site, prepared at the ALS Chemex laboratory in Quito, and assayed by 50g fire assay with an AAS or gravimetric finish at the ALS Chemex Lima Laboratory. The quality assurance-quality control (QA-QC) program of Aurelian includes the insertion of certified standards of known gold content every 20 samples, blanks at least every 20 samples and field or lab duplicates every 20 samples.

Samples from significant drill intercepts are sent to two additional independent laboratories to verify gold and silver analyses. Metallic screen fire analyses for gold are also run regularly as an additional QA-QC check. The half core remaining after sampling is retained on site for verification and reference purposes.

Stephen Leary (MAusIMM), Aurelian’s Exploration Manager, is the in-house Qualified Person (“QP”) in compliance with National Instrument 43-101 with respect to this release. He has reviewed the contents for accuracy.

This Press Release is available as an Acrobat PDF document from the following link:

http://aurelian.ca/dynamic/press/pr-...

Attachments:
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	1.FDN_satellite_August2008.jpg
	1.FDN_simplified_geology_Aug2008.jpg
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	9583350N.jpg
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	9583500N.jpg
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	CP-08-201_312.4mA.JPG
	CP-08-201_371.15mE.JPG
	CP-08-201_371.15mH.JPG
	X.Assay_Tables_Aug2008.pdf
	Report-159335-Preliminary-Geostatist...

About Aurelian

Aurelian Resources Inc. is a publicly-listed (TSX:ARU) company engaged in exploring, discovering and developing mineral wealth in Ecuador. The Fruta del Norte (FDN) discovery lies at the heart of the Condor Project, located in south-eastern Ecuador. The initial Inferred Mineral Resource for FDN was released in October 2007 and included 58.9 million tonnes grading 7.23 g/t gold and 11.8 g/t silver for 13.7 million ounces of contained gold and 22.4 million ounces of contained silver (Report titled “A Mineral Resource Estimate for the Fruta del Norte Deposit, Cordillera del Condor Project, Zamora-Chinchipe Province, Ecuador” and dated November 15, 2007 filed on www.sedar.com). Visitwww.aurelian.ca for more information.

On July 24th, 2008, Kinross Gold Corporation announced a friendly business combination with Aurelian Resources Inc. by way of a takeover bid. The Board of Directors of Aurelian has unanimously determined that the Kinross offer is fair and in the best interests of Aurelian shareholders, and has accordingly unanimously recommended that shareholders accept the offer and deposit their Aurelian shares under the Kinross offer.For details on the offer please visit www.aurelian.ca.