The document provides a shareholder update from Aura Minerals regarding their Sao Francisco gold mine in Brazil. It discusses several options to improve the mine plan including continuing current operations, splitting the pit into phases, or dedicating 3-4 months to waste stripping. The preferred option is 4 months of waste stripping to create wider benches for safer and more efficient mining. This would expose higher grade ore, improve haul roads and operations, and allow maintenance. Retreating tailings could produce an additional 9,000-11,000 oz annually. With cost savings and higher production, cash costs are projected to decrease to $700-740/oz.

1. Shareholder Update
November 2010

2. Forward-Looking Statements
This presentation contains or incorporates by reference “forward-looking information” under applicable Canadian securities legislation. Except for statements of historical fact relating to the
Company, information contained herein constitutes forward-looking statements, including any information as to the Company’s strategy, plans or future financial or operating performance.
Forward-looking statements are characterized by words such as “plan,” “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements
that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date
the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially
from those projected in the forward-looking statements. These factors include, but are not limited to, the impact of general business and economic conditions, global liquidity and credit
availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating metal prices (such as gold, copper, silver, nickel and iron ore),
currency exchange rates (such as the Canadian dollar, Brazilian Real, Mexican Peso and the Honduran Lempira versus the United States dollar), possible variations in ore grade or recovery
rates, changes in accounting policies, changes in the Company’s corporate resources, changes in project parameters as plans continue to be refined, changes in project development and
production time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, steel, power, labour and other consumables contributing to higher
costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, final pricing for concentrate sales,
unanticipated results of future studies, seasonality and unanticipated weather changes, costs and timing of the development of new deposits, success of exploration activities, successful
completion of proposed acquisitions, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims,
limitations on insurance coverage and timing and possible outcome of pending litigation and labour disputes, as well as those risk factors discussed or referred to in the Company’s Annual
Information Form under the heading “Item 4.2 – Risk Factors”. 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 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. The Company
undertakes no obligation to update forward-looking statements if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law.
The reader is cautioned not to place undue reliance on forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in
understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and
may not be appropriate for other purposes.
Disclaimer
Aura Minerals Inc. ("Aura Minerals") ("Aura Minerals" or the "Company") is a Canadian company and a reporting issuer in the Provinces of British Columbia, Alberta, Saskatchewan,
Manitoba, Ontario and Nova Scotia, Canada. The Company has taken all reasonable care in producing and publishing information contained in this presentation, and will endeavour to do so
regularly. Material in this presentation 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' projects in Brazil, Honduras, and Mexico. Readers are cautioned that some of Aura Minerals’ 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. 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.
Forward-Looking Statements and Cautionary Notes
TSX : ORA 2

3. Introduction
TSX : ORA 3
Mine Plan Options:
1. Continue to mine with existing fleet and try to “catch-up” waste strip
2. Split pit North and South (2 phase)
3. Split pit East and West (2 phase)
4. Dedicated waste stripping for 3-4 months – complete waste push
back and change overall mine operations and development plan

4. TSX : ORA 4
Option 1
1. Continuing as is - not working
2. Waste catch-up is too slow – contractor fleet inadequate to
achieve mine plan and catch up on stripping; pit layout
completely inefficient to allow accelerated strip – Congested
operation
3. Operating costs for this option could impair asset
4. Waste dilution high and pit operations totally inefficient - refer to
photo on Slide 7

5. TSX : ORA 5
1. Split Pit either N/S or E/W
2. Has certain benefits in terms of phasing out waste strip and using
mined out areas for waste storage
3. Study showed that these options would still provide low grade ore for
several months and would still have ore dilution – though less than
current practice.
4. Layout of pit would also cause difficulties in implementing phased pit
Option 2 – Split Pit

6. Sao Francisco - Section
TSX : ORA 6
Low
grade
ore
blocks -
currently
being
mined
F/W H/W

7. 7TSX : ORA 6
Waste
bound
F/W H/W
Sao Francisco - Section

8. TSX : ORA 6
Higher
grade
ore
blocks
F/W H/W
Sao Francisco - Section

9. TSX : ORA 6
Waste
bound
Higher
grade
ore
blocks
Low
grade
ore
blocks -
currently
being
mined
F/W H/W
Sao Francisco - Section

10. Sao Francisco - Hanging Wall – Current Configuration
Narrow
benches -
congestion
Waste
dilution
Loading
operation
inefficient
TSX : ORA 7

11. Sao Francisco – Current Pit - 15m Wide Benches
m
TSX : ORA 8

12. Sao Francisco – Pit Layout Post Waste Push Back
Minimum 30
metre wide
benches
TSX : ORA 9

13. Sao Francisco – Current Section
TSX : ORA 10
F/W
H/W

14. Sao Francisco – Proposed
TSX : ORA 11
F/W
H/W
Proposed excavation
30m wide benches

15. Sao Francisco – 3-4 Month Waste Stripping Plan
TSX : ORA 12
Dedicated 3-4 months stripping plan
• Concentrate on mining waste
• Remove 4-5 Mt.
• Expose all ore in H/W and Footwall
• End up with 30 m wide operating benches,
• Ore grade after start-up will be 0.8 -1.0 g/t CGO and 0.37 g/t DLO.

16. 16
Sao Francisco – Benefits
TSX : ORA 13
Benefits include:
• Wider benches for better blasting and mining efficiency –
eliminate dilution
• Greater potential to mine in lifts – more efficient operations
• Building “wide bench” operating philosophy into operating
plan – double side loading and more efficient mining.
Convert backhoes to “front shovel” configuration
• Sustainable ore release
• Improved haulage roads, less congestion
• Maintenance time for plant / crusher / gravity circuit

17. 17
Crushing
Plant
Gravity
Plant
Smelted
Gravity
Gold
Existing
Ponds
Leach
Circuit
To Pads
30%
70%
of ore
Gravity
Slimes
CN
Sao Francisco – Gravity Tails Treatment
Thickener
25%
TSX : ORA 14
500 tpd
Storage Bin
Thickener
Solid Liquid Separation
5% by
mass
Pregnant Solution

18. Sao Francisco – Tailing Re-Treatment Economics
TSX : ORA 15
• Estimated Capex $12-14 million (depending on used
equipment availability)
• Estimated production – 9,000-11,000 oz/annum
• Cash costs $200-250/oz
• Payback <12 months

19. Sao Francisco – Cash Cost Reductions on Restart
TSX : ORA 16
• Independent studies indicate savings in operation of crushing/gravity
circuit of approximately $1.00/t treated. However, Company project
savings conservatively based on $0.50/t for $2.4 million/annum
• Savings of $0.45/t on replacement of crushed rock haulage contractor
with owners fleet or $1.9 million/annum – Majority of fleet available at
site
• Negotiation of new contracts for fuel and cyanide now complete for
savings of $4.8 million/annum
• Currency hedging – annualized savings of $2.4 million until mid-2012
• Above does not include potential cost reductions in mine contract due
to revised pit plan – negotiations to commence end November
• Total savings $8-10 million/annum

20. Sao Francisco – Cash Costs
TSX : ORA 17
• Production Forecast
– Heap and gravity – 90,000 -95,000oz/annum
– Tailings retreatment – 10,000-11,000 oz/annum
– Total production – 100,000 -106,000oz/annum
• Projected Annual Operating Costs - $74 million
• Projected Cash costs 700/oz – 740/oz

21. Thank You
Aura Minerals Inc. (TSX: ORA)
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
Web:
www.auraminerals.com