Corporate Presentation March 2010

1. New Intermediate Gold Producer
Investor Presentation
March 2010

2. Forward-Looking Statements and Cautionary Notes
Forward-Looking Statements
All statements made in this presentation, other than statements of historical fact, constitute forward-looking statements. The actual results of Aura Minerals may differ
significantly from those anticipated in the forward-looking statements and readers are cautioned not to place undue reliance on these forward-looking statements. Except as
required by securities regulations, the Company undertakes no obligation to publicly release the results of any revisions to forward-looking statements that may be made to reflect
events or circumstances after the above-stated date or to reflect the occurrence of unanticipated events.
Forward-looking statements include, but are not limited to, statements with respect to the future price of copper, gold, nickel and iron ore, the estimation of mineral reserves and
resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the
development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining
operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and the timing and possible outcome of litigation.
In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or state that certain actions, events or results
“may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied
by the forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions; risks related to international operations; risks related to joint
venture operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future
prices of copper, gold, nickel and iron ore; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction
activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-
looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-
looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements.
Disclaimer
Aura Minerals Inc. ("Aura Minerals") ("Aura Minerals" or the "Company") is a Canadian company and a reporting issuer in the Province of British Columbia and the Province of
Ontario, Canada. The Company has taken all reasonable care in producing and publishing information contained in this presentation, and will endeavor to do so regularly.
Material in this report may still contain technical or other inaccuracies, omissions, or typographical errors, for which Aura Minerals assumes no responsibility. Aura Minerals does
not warrant or make any representations regarding the use, validity, accuracy, timeliness, completeness or reliability of any claims, statements or information in this presentation.
Under no circumstances, including, but not limited to, negligence, shall Aura Minerals be liable for any direct, indirect, special, incidental, consequential, or other damages,
including but not limited to loss of profits, whether or not advised of the possibility of damage, arising from use, or inability to use, the material in this presentation. The information
herein is not a substitute for independent professional advice before making any investment decisions. The information in this presentation may be superseded by subsequent
disclosures.
This presentation presents a review of Aura Minerals' proposed acquisition of projects in Brazil and Honduras, and of its existing projects in Brazil and Mexico. Readers are
cautioned that Aura Minerals’ existing projects in Brazil and Mexico are at an early stage of exploration and production, respectively, and that estimates and projections contained
herein are based on limited or incomplete data. More work is required before the mineralization on the projects and their economic aspects can be confidentially modeled.
Therefore, the work results and estimates herein may be considered to be generally indicative only of the nature and quality of the projects. Estimates and projections relating to
the projects Aura Minerals proposes to acquire are based on data published by Yamana Gold Inc. No representation or prediction is intended as to the results of future work, nor
can there be any promises that the estimates herein will be confirmed by future exploration or analysis, or that the projects will otherwise prove to be economic.
The Toronto Stock Exchange has not reviewed the information in this presentation and does not accept responsibility for the adequacy or accuracy of it.
TSX:ORA 2

3. Corporate Update
• Creation of new intermediate gold producer through acquisition of three
producing gold mines
• Closed acquisition of the San Andres Gold Mine (Honduras)
– Closing of acquisition of Sao Francisco and Sao Vicente Gold Mines (Brazil),
expected in Q1/2010
– Average annual production of 220,000 oz. gold (Au) anticipated for the next five
years from these three mines
– Ongoing work at all three operations to increase production and reduce cash costs
– Large resource base with excellent potential to add to current reserves
• Updated resource estimate for Aranzazu Project (Mexico); planned restart of
mine in Q2/2010 which will add to production base and further reduce overall
mine site cash costs
• Excellent expansion upside over longer term at Aranzazu – drilling now
commenced to test depth potential
• Completed Preliminary Economic Assessment of Arapiraca Project (Brazil);
demonstrates robust economics
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4. Post-Acquisition Capital Structure
Share Structure Pro-forma1
Issued and outstanding shares 205 mm
Fully diluted 218 mm
Ownership Pro-forma1
Management and insiders 28%
Institutional 45%
Yamana Gold 10%
Financial Pro-forma1
Cash (approximately) US$100 mm
Long-term debt US$70 mm
1 Pro Forma Shares on completion of the Acquisition includes 14 million shares to be issued
to Yamana Gold Inc. on closing of Phase 2 of the Acquisition. Pro Forma Cash on
completion of the Acquisition includes payment of US$56 million to Yamana Gold Inc. on
closing of Phase 2 of the Acquisition.
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5. Gold Production Growth in 2010
San Andres Gold Mine
Aranzazu Copper-Gold-Silver
• Targeting greater than 90,000 oz of Au in 2010 at a Project, Mexico
cash cost of less than $500/oz Au
San Andres Gold Mine,
Honduras
Sao Francisco Gold Mine
• Targeting 90,000 oz of Au in 2010 at a cash cost of Inaja Project, Brazil
Sao Vicente (Under option
approximately $600/oz Au agreement to Vale)
Gold Mine,
Brazil
Sao Vicente Gold Mine
• Targeting 55,000 oz of Au in 2010 at a cash cost of
approximately $600/oz Au Sao Francisco
Gold Mine,
Aranzazu Copper-Gold-Silver Project Brazil
• Targeting restart in Q2/2010 with annualized production
of 25 mm lbs Cu and 16,000 oz Au eq. at cash costs of
below $1.00/lb Cu
Arapiraca Copper-Gold-
Arapiraca Copper-Gold- Iron Ore Project Iron Ore Project,
Operations Brazil
• Advancing to feasibility and reviewing strategic
Advanced development
alternatives
Exploration
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6. 2010 Strategic Focus
2010 Objectives Timeline
• Increase production at San Andres Gold Mine through commissioning of Q1/2010,
new crusher/conveyor system and operational improvements, with ongoing
corresponding reduction of cash costs
• Integrate Sao Francisco and Sao Vicente Gold Mines and identify key 2010
cost reductions and throughput and gold recovery improvement
opportunities
• Re-start Aranzazu Project and implement staged production increases Q2/2010
• Test depth potential at Aranzazu as part of a major expansion program Q1/2010
• Advance development of Serrote Deposit (Arapiraca Project) to Q3/2010
feasibility study level
• Continue to evaluate strategic opportunities focused on private or Ongoing
undervalued production or advance stage development gold projects
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7. OPERATIONS
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8. San Andres Gold Mine
Forecast • Approximately 70,000 oz. of gold production for 2009
Production • Long term production of greater than 80,000 oz. of gold expected annually
at an average cash cost below US$500/oz Au for a 7-year mine life
Capital • New crusher/conveyor line to increase throughput and to reduce haulage
Projects and operating costs
• Power connection with the national grid in evaluation
• Continuous gold mineralization between current mining operations at East
Ledge and the proposed mining operations at the Twin Hills zones are
expected to increase gold production
Category Tonnage (tonnes) Grade (g/t Au) Contained Metal (oz Au)
Total P&P Reserve 31,122,000 0.63 734,000
Total M&I Resource 120,511,000 0.60 2,328,000
Inferred Resource 4,704,000 0.79 120,000
Note: Resources are inclusive of reserves
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9. San Andres - Operational Improvements
• Full integration of new mining contractor on site
– Has led to a substantial increase in month-over-month mine production in
Q3/2009
• Focus on solution management
– Has led to highest monthly gold production during a rainy season month
(6,983 oz. produced in October 2009)
• Construction continuing on the new primary crusher/conveyor system
– Will significantly reduce haulage distances and increase throughput
• Commencement of metallurgical testwork on site
– Will optimize gold leach cycle and reagent dosage to increase recovery
• Implementation of a new stacking and leaching plan
– Will optimize gold recovery and reduce cash costs
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10. San Andres - Operational Improvements
• Mechanical completion of
the crusher in November
2009, with completion of the
conveyor system in Q1/2010
• Leach pad Phase IV
expansion and Retention
Pond 6 projects approved
for 2010
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11. San Andres – New Crusher Location – Increase
Throughput and Reduce Cash Costs
Current
New
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12. Sao Francisco Gold Mine
Operating • Producing since 2006
History • Gold production of 76,000 oz. in 2008 at cash cost of US$629/oz.
Forecasted • 75,000 to 85,000 oz. of gold production in 2009
Production • +/- 90,000 oz. of gold production in 2010
Capital • New mine plan implemented in 2008; improvements included better ore
Projects grade estimation and new geological modeling
• New mine fleet in place June 2009 – improved productivity and efficiency
• Enhanced mine productivity and cost reduction focus will continue in 2009 –
gravity plant, heap metallurgy and mine planning
Category Tonnage (tonnes) Grade (g/t Au) Contained Metal (oz Au)
Total P&P Reserve 31,882,000 0.71 727,000
Total M&I Resource 45,150,000 0.69 1,007,000
Inferred Resource 751,000 0.80 19,000
Note: Resources are inclusive of reserves
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13. Sao Francisco – Key Focus in 2010
• Improve grade control through changes to drilling and blasting practices
• Increase throughput of current crushing plant for improved recoveries
• Investigate potential to crush low grade dump leach ore to significantly
improve recoveries
• Improve heap operational parameters, including lime and cyanide
consumption
• Reconfigure and improve recovery of gravity circuit
• Evaluate reprocessing of existing tailings
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14. Sao Francisco – Typical Ore Section
QUARTZ VEINS
1ST MINERALIZATION
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15. Sao Francisco – Gold Mineralization
Above (left): Nuggets associated with Above (right): In quartz veins – massive
quartz veins or microscopic crystals and irregular grains, 1mm to 5mm in size.
associated with sericitic bands and Occurs in lamelar grains.
sulphides.
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16. Sao Francisco – Current Circuit
Crushing Plant Gravity Plant
Crushing Plant, Secondary and Tertiary
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17. Tabling of Gravity Gold
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18. Recovered Gold
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19. Recovered Gold
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20. Sao Vicente Gold Mine
Operating • Commenced commissioning December 2008
History • Commercial production achieved in Q3/2009
Forecasted • 40,000 to 50,000 oz. of gold production in 2009
Production • 50,000 to 55,000 oz. of gold production in 2010
• Estimated mine life of at least five years
• Potential for further upside through continued mine exploration
• 2010 focus – process plant, heap and metallurgy improvements, mine
exploration to convert additional resources to reserves
Category Tonnage (tonnes) Grade (g/t Au) Contained Metal (oz. Au)
Total P&P Reserve 16,018,000 0.65 335,000
Total M&I Resource 25,482,000 0.74 605,000
Inferred Resource 3,623,000 0.87 101,000
Note: Resources are inclusive of reserves
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21. Sao Vicente – Key Focus for 2010
• Conduct program of definition and expansion drilling to increase resource
base
• Review of current process plant for potential modification to significantly
increase recovery (grinding vs. gravity)
• Drill nearby targets identified for increased production
• Evaluate potential for reprocessing of historic dredge tailings
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22. DEVELOPMENT PROJECTS
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23. Aranzazu Copper-Gold-Silver Project
• Limited operating history under previous owner
History • Basically no exploration on property from early’80’s to 2007
• Located in centre of what appears to be a major copper gold silver district
Forecast • Planned re-start Q2/2010 at 2,600 tpd
Production • Planned run rate production of +25 mm lbs copper, +12,000 oz gold and
+250,000 oz silver – excellent upside on gold and silver production
• Stage 2 – next increase to 3,000 tpd
• By-product gold and silver contributes to low projected cash costs below
US$1.00 per lb copper
Capital • Estimated capex of approximately US$20 mm in 2009/10
Projects • Mine development and mill upgrades commenced October 2009
Category Tonnes Grade (Cu Grade Grade Cu Au
%) (Au g/t) (Ag g/t) (mm lbs) (000 oz.)
Total M&I Resource 12,847,000 1.34 0.50 11.87 379 207
Inferred 3,217,000 1.17 0.28 6.44 83 29
Note: Resources at a 0.8% Cu only cut-off
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24. Aranzazu Project – Significant Upside
Potential to Increase Resources
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25. Aranzazu Project - Arroyos Azules Zone -
Continues to Demonstrate Potential
Hole Dip From To Interval Cu1 Au Ag
# (o) (m) (m) (m) (%) (g/t) (g/t)
AZC-042 -63 192.00 211.50 19.50 3.07 0.93 34.21
AZC-043 -69 256.40 262.30 5.90 2.30 3.84 43.88
AZC-044 -46 138.00 190.50 52.50 1.56 1.33 14.79
AZC-048 -50 322.50 348.00 25.50 1.80 0.48 22.63
AZC-050 -45 175.50 189.00 13.50 1.62 0.64 19.87
AZC-057 -47 129.00 142.50 13.50 3.41 1.25 21.26
AZC-061 -70 252.00 313.50 61.50 1.89 1.03 26.58
AZC-062 -67 231.00 315.00 84.00 2.19 0.67 16.09
AZR-038 -47 217.90 230.10 12.20 1.07 1.16 12.68
1. Using a copper cutoff grade of 0.5%
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26. Overall Layout
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27. Mill Float Plant
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28. On-Going Plant Modifications
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29. On-Going Plant Modifications
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30. Aranzazu Project – Large Resource with
Exploration Upside
Deep High Grade
Intercepts
Red – 0.5% Cu grade shell
Black – mined out stopes and underground workings
Grey - untested
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31. Aranzazu Copper-Gold-Silver Project
Exploration • Only 50% of drill holes in database were assayed for gold
Upside • Precious metals grades are likely to improve with additional drilling
• Large resource base, open at depth
• 2010 drill program planned to target +50 million tonnes at lower Cu cut-off
(0.5% Cu) – if successful, will be the basis of a feasibility study on a larger
underground operation (potential sub-level caving)
November 2009: Resources at a 0.5% Cu only cut-off:
Category Tonnes Grade Grade Grade Cu Au
(Cu %) (Au g/t) (Ag g/t) (mm lbs) (000 oz.)
Measured 2,690,000 1.04 0.47 9.99 65 45
Indicated 21,121,000 1.01 0.39 8.96 470 265
Total M&I Resource 24,082,000 1.01 0.40 9.09 535 310
Inferred 8,674,000 0.82 0.18 4.39 157 50
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32. Aranzazu Project – Limited Deep Drill Results
Hole Dip From To Interval Cu Au Ag
# (o) (m) (m) (m) (%) (g/t) (g/t)
54200-4 -90 330.00 368.00 38.00 1.21 0.71 13.27
54300-3 -90 338.00 379.48 41.48 2.48 1.15 25.09
54350-2 -80 373.20 428.00 54.80 1.96 1.15 23.28
54375-1 -85 474.00 526.00 52.00 2.24 0.95 16.64
54475-2 -80 400.00 438.00 38.00 1.08 0.40 12.82
54475-2 -80 462.00 468.00 6.00 1.34 0.56 21.90
54475-5 -80 364.34 414.00 49.66 2.06 0.58 19.00
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33. Aranzazu Project – Major Surface and
Underground Drill Program Planned for 2010/11
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34. Aranzazu Targets
El Cobre Target
La Apuesta
Sedimentary
Target
Aranzazu
Strike
Extensions
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35. Arapiraca Project – Feasibility Stage
Copper-Gold-Iron Ore Deposit
Forecasted • Preliminary Economic Assessment completed September 2009, considers commissioning
Production Q4/2012
• Average annual production of 137 mm lbs copper, 27,000 oz. gold and 1.3 mm tonnes of
magnetite concentrate grading 67% Fe
• Low projected cash costs of US$0.65 – US$0.82 per lb of copper (net of by-products)
Capital • Capex US$490 million
Projects • Construction permit received August 2009 – now fully permitted
• Potential to enhance project economics with addition of oxide plant to produce an
additional 20 mm lbs copper cathode per annum
• Excellent infrastructure – access to roads, railway, ports, towns
Resources • Preliminary Economic Assessment does not consider additional resources at Caboclo
Deposit (drilling underway) – resource estimate update for Caboclo Deposit Q2/2010
Grade Grade Grade Cu Au
Mineral Resources Tonnes (Cu %) (Au g/t) (Fe %) (mm lbs) (mm oz.)
Serrote Total M&I Resource 195,727,000 0.49 0.09 15.46 2,139 0.57
Serrote Inferred 31,181,000 0.49 0.09 13.93 337 0.09
Caboclo Total M&I Resource 7,587,000 0.57 0.16 19.34 95 0.04
Caboclo Inferred 4,616,000 0.57 0.11 14.24 58 0.02
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36. Preliminary Economic Assessment Highlights
Arapiraca Project Years 1 to 3 Life of Mine
Mill Feed (Note 1) 40.2 million tonnes 169.6 million tonnes
Strip Ratio (Note 2) 3.7 to 1 3.12 to 1
Copper Grade 0.60% 0.51%
Arapiraca Project:
Gold Grade 0.103g/t 0.09g/t
Iron Grade 17.6% 14.8% Demonstrates
Copper Recovery 85% 85% Potential for Strategic
Gold Recovery 65% 65% Partnerships
Magnetite Recovery (Note 3) 92% 92%
Copper Production 155M lbs per annum 137M lbs per annum
Gold Production 29,750 oz per annum 26,850 oz per annum
Iron in Magnetite 874,000 tonnes per annum 767,000 tonnes per annum
Total Cash Cost per Pound Copper (Note 4) $0.65 $0.82
Project Total
Capital Costs $US 490M
Sustaining Capital Costs $US 76M
Mine Life 12 years
Economics – Post Tax (Note 5)
NPV@8% $US 417M
Note 1 Mined and processed resource is 92% classified as Measured and Indicated. In-pit Inferred
NPV@10% $US 325M resources amount to 8% of the total in-pit resources, and are mined at the end of the mine life.
Note 2 Strip ratio includes oxide material which may be processed by heap leach not considered in the
NPV@12% $US 250M Preliminary Economic Assessment
Note 3 Average magnetite concentrate production is estimated at 1.3 million tonnes per annum grading
IRR 25.4% 67% relative to an 11% mass pull for Fe
Payback 2.8 Years Note 4 Total cash cost per pound of copper includes treatment and transportation costs and royalties, as
well as by-product credits for sales of gold and iron ore
Note 5 Commodity prices assumed for financial analysis are US$2.00/lb Cu, US$800/oz Au, and
US¢85/dmtu Fe fines
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37. LOOKING AHEAD
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38. Compelling Valuation: Comparable Analysis
P/NAV1,2 AMC/P&P Recoverable Reserves1,3,4
1.60x $2,500
1.42x $2,173
1.40x 1.34x
$2,008
AMC / P&P Recoverable Reserves
$2,000
1.20x 1.07x
P / NAV
1.01x 0.97x 0.97x
1.00x $1,500
0.84x
(US$/oz Au)
0.75x
0.80x 0.67x
0.60x $1,000
$746 $701 $696
0.40x $470 $403
$500 $348
0.20x $170
0.00x $0
Minerals
Minefinders
Northgate
Minerals
Wheaton
Golden Star
Gammon
Golden
Wheaton
Northgate
Alamos
New Gold
Red Back
Minefinders
Gammon
New Gold
Alamos
Red Back
Minerals
Minerals
Gold
Mining
Gold
Mining
Aura
Star
Aura
Gold
Gold
Gold
Gold
2010E Production Price to Cash Flow 2010E1,2
600 13.3x
14.0x
511
500 12.0x
430
10.1x
Production 2010E (Au 000oz)
P/CF 2010E
400 10.0x 9.1x
344
325 317
8.0x 7.2x
300 6.5x
237 5.9x
185 6.0x 4.8x
200 167
3.8x 3.5x
4.0x
100 78
2.0x
0
0.0x
Northgate
Wheaton
Minerals
Minefinders
Golden
New Gold
Alamos
Red Back
Gammon
Minerals
Northgate
Wheaton
Minefinders
Minerals
Gold
New Gold
Golden
Alamos
Mining
Red Back
Gammon
Star
Minerals
Aura
Gold
Gold
Gold
Mining
Star
Aura
Gold
Gold
1. Share Price Information as at February 5, 2010
2. NAV based on a 5% discount rate and the following Canaccord Adams Research forecasts for gold prices: US$1,250/oz in 2010, US$1,100/oz in
2011, US$1,000/oz in 2012, US$900/oz in 2013 and US$850/oz in 2014+
3. Aura Minerals market capitalization on a pro-forma basis includes 14 million shares to be issued to Yamana Gold Inc. on closing of Phase 2 of the
Acquisition TSX:ORA 38
4. AMC = Basic market cap + net debt + working capital + estimated capex
Source: Canaccord Adams Research

39. Positioned for Growth
• Gold production continues to generate cash flow in 2010
– Sao Francisco and Sao Vicente Gold Mines expected to close in Q1/2010
– Aranzazu Project to re-start operations in 2010
• Operational plan promotes increased organic growth through mine
improvements and expansion potential
– Initiatives in place for improved efficiencies at all operations
• On-going evaluation of strategic initiatives focused on long-term growth
– M&A activity centred on private or undervalued assets
TSX:ORA 39

40. Aura Minerals Inc.
P.O. Box 10434 - Pacific Centre
777 Dunsmuir Street, Suite 1950
Vancouver, BC V7Y 1K4
TEL: 604-669-4777 FAX: 604-696-0212
EMAIL: info@auraminerals.com
www.auraminerals.com
TSX:ORA
TSX:ORA 40

41. Gold Mine Acquisition Summary
• Agreement to acquire a 100% interest in three gold mines from Yamana Gold
Inc. in June 2009 (the Acquisition)
– Closed the San Andres Gold Mine in August 2009 (Phase 1)
– Awaiting regulatory approval of Sao Francisco and Sao Vicente Gold Mines
(anticipated in Q1/2010 – Phase 2)
• Consideration includes the following:
– US$40 million in Aura Minerals stock at closing at a deemed price of C$2.00/share
– US$90 million in cash, paid in two tranches
– US$70 million in a 3 year promissory note
– Contingent consideration up to a maximum of US$40 million, based on operations
generating net free cash flow above certain milestones
• All net free cash flow generated from Sao Francisco and Sao Vicente Gold
Mines prior to closing will accrue to Aura Minerals in form of purchase price
adjustment
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42. Arapiraca Project - Large Land Position –
Over 177,000 Hectares
New Claims
Paved Roads
Railway
Original
Claims
Town of Arapiraca
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