Aurelian Announces Closing of Private Placement

About this update from Tesoro Minerals Corp.

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWS WIRE SERVICES/ Trading Symbol TSX:ARU TORONTO, July 28 /CNW/ - Aurelian Resources Inc. (TSX:ARU) today announced completion of the previously announced private placement financing by Kinross Gold Corporation consisting of 15 million Aurelian shares at a price of $4.75 per share for total proceeds of $71.25 million. Kinross announced earlier today that it has completed the mailing to Aurelian shareholders of the takeover bid circular and other documents relating to its offer to acquire all of the outstanding common shares of Aurelian (see July 24, 2008 press release). The offer expires at 6:00 p.m. (Toronto time) on September 3, 2008. The private placement represents a significant increase in Aurelian's working capital and a strategic investment in Aurelian by Kinross irrespective of the outcome of the proposed friendly combination with Aurelian. Proceeds of the private placement are intended for development of the Fruta del Norte gold-silver deposit and general corporate purposes. 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 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). Visit www.aurelian.ca for more information. Forward Looking Statement Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding future political events, potential mineralisation, metallurgy and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk and may not be within the control of the Company. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, the uncertainty of access to additional capital, and political risks in Ecuador. %SEDAR: 00017235E

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