New Intermediate Gold Producer

Investor PresentationJanuary 2010

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 differsignificantly from those anticipated in the forward-looking statements and readers are cautioned not to place undue reliance on these forward-looking statements. Except asrequired 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 reflectevents 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 andresources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of thedevelopment of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of miningoperations, 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 whichmay cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or impliedby the forward-looking statements. Such factors include, among others, risks related to the integration of acquisitions; risks related to international operations; risks related to jointventure operations; actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; futureprices 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 constructionactivities. 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 notplace 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 ofOntario, 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 doesnot 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 informationherein is not a substitute for independent professional advice before making any investment decisions. The information in this presentation may be superseded by subsequentdisclosures.

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 arecautioned that Aura Minerals’ existing projects in Brazil and Mexico are at an early stage of exploration and production, respectively, and that estimates and projections containedherein 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 tothe 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, norcan 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.

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Forward-Looking Statements and Cautionary Notes

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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Post-Acquisition Capital Structure

Share StructureIssued and outstanding sharesFully diluted

Pro-forma1

187 mm201 mm

OwnershipManagement and insidersInstitutionalYamana Gold

Pro-forma1

35%38%12%

FinancialCash (approximately)Long-term debt

Pro-forma1

US$45 mmUS$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

San Andres Gold Mine• Targeting greater than 80,000 oz of Au in 2010 at a

cash cost of approximately $500/oz Au

Sao Francisco Gold Mine• Targeting 90,000 oz of Au in 2010 at a cash cost of

approximately $600/oz Au

Sao Vicente Gold Mine• Targeting 55,000 oz of Au in 2010 at a cash cost of

approximately $600/oz Au

Aranzazu Copper-Gold-Silver Project• 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- Iron Ore Project• Advancing to feasibility and reviewing strategic

alternatives

Aranzazu Copper-Gold-Silver Project, Mexico

Arapiraca Copper-Gold-Iron Ore Project, Brazil

San Andres Gold Mine,Honduras

Sao Francisco Gold Mine,

Brazil

Sao Vicente Gold Mine,

Brazil

Inaja Project, Brazil(Under option agreement to Vale)

Operations

Exploration

Advanced development

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Gold Production Growth in 2010

2010 Strategic Focus

2010 Objectives Timeline

• Increase production at San Andres Gold Mine through commissioning of new crusher/conveyor system and operational improvements, with corresponding reduction of cash costs

Q1/2010,ongoing

• Integrate Sao Francisco and Sao Vicente Gold Mines and identify key cost reductions and throughput and gold recovery improvement opportunities

2010

• Re-start Aranzazu Project and implement staged production increases Q2/2010

• Test depth potential at Aranzazu Q1/2010

• Advance development of Serrote Deposit (Arapiraca Project) to feasibility study level

Q3/2010

• Continue to evaluate strategic opportunities focused on private or undervalued production or advance stage development gold projects

Ongoing

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OPERATIONS

San Andres Gold Mine

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

Forecast Production

• Approximately 70,000 oz. of gold production for 2009• 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

CapitalProjects

• New crusher/conveyor line to increase throughput and to reduce haulage 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

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Note: Resources are inclusive of reserves

San Andres - Operational Improvements

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• 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

• 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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San Andres - Operational Improvements

Sao Francisco Gold Mine

OperatingHistory

• Producing since 2006• Gold production of 76,000 oz. in 2008 at cash cost of US$629/oz.

Forecasted Production

• 75,000 to 85,000 oz. of gold production in 2009• +/- 90,000 oz. of gold production in 2010

CapitalProjects

• New mine plan implemented in 2008; improvements included better ore 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

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Note: Resources are inclusive of reserves

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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Sao Francisco – Typical Ore Section

QUARTZ VEINS1ST MINERALIZATION

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Sao Francisco – Gold Mineralization

Above (left): Nuggets associated with quartz veins or microscopic crystals associated with sericitic bands and sulphides.

Above (right): In quartz veins – massive and irregular grains, 1mm to 5mm in size. Occurs in lamelar grains.

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Sao Francisco – Current Circuit

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Crushing Plant, Secondary and Tertiary

Gravity PlantCrushing Plant

Sao Vicente Gold Mine

OperatingHistory

• Commenced commissioning December 2008• Commercial production achieved in Q3/2009

Forecasted Production

• 40,000 to 50,000 oz. of gold production in 2009• 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

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Note: Resources are inclusive of reserves

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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DEVELOPMENT PROJECTS

Aranzazu Copper-Gold-Silver Project

OperatingHistory

• Limited operating history under previous owner• Aura Minerals increased production from 600 tpd at time of acquisition

(June 2008) to 1,200 tpd by December 2008

Forecast Production

• Planned re-start Q2/2010 at 2,600 tpd• 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

CapitalProjects

• Estimated capex of approximately US$20 mm in 2009/10• Mine development and mill upgrades commenced October 2009

Category Tonnes Grade (Cu %)

Grade(Au g/t)

Grade(Ag g/t)

Cu(mm lbs)

Au(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

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Note: Resources at a 0.8% Cu only cut-off

Aranzazu Copper-Gold-Silver Project

Exploration Upside

• Only 50% of drill holes in database were assayed for gold• 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)

Category Tonnes Grade (Cu %)

Grade(Au g/t)

Grade(Ag g/t)

Cu(mm lbs)

Au(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

November 2009: Resources at a 0.5% Cu only cut-off:

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Aranzazu Project – Significant Upside Potential to Increase Resources

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Aranzazu Project - Arroyos Azules Zone -Continues to Demonstrate Potential

Hole#

Dip(o)

From(m)

To(m)

Interval(m)

Cu1

(%)Au

(g/t)Ag

(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

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1. Using a copper cutoff grade of 0.5%

Aranzazu Project – Large Resource with Exploration Upside

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Red – 0.5% Cu grade shellBlack – mined out stopes and underground workingsGrey - untested

Deep High Grade Intercepts

Hole#

Dip(o)

From(m)

To(m)

Interval(m)

Cu(%)

Au(g/t)

Ag(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

Aranzazu Project – Limited Deep Drill Results

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Arapiraca Project – Feasibility Stage Copper-Gold-Iron Ore Deposit

ForecastedProduction

• Preliminary Economic Assessment completed September 2009, considers commissioning 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)

CapitalProjects

• Capex US$490 million• 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 CabocloDeposit (drilling underway) – resource estimate update for Caboclo Deposit Q2/2010

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Mineral Resources TonnesGrade (Cu %)

Grade(Au g/t)

Grade(Fe %)

Cu(mm lbs)

Au(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

Preliminary Economic Assessment Highlights

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Arapiraca Project Years 1 to 3 Life of MineMill Feed (Note 1) 40.2 million tonnes 169.6 million tonnesStrip Ratio (Note 2) 3.7 to 1 3.12 to 1Copper Grade 0.60% 0.51%Gold Grade 0.103g/t 0.09g/tIron Grade 17.6% 14.8%Copper Recovery 85% 85%Gold Recovery 65% 65%Magnetite Recovery (Note 3) 92% 92%Copper Production 155M lbs per annum 137M lbs per annumGold Production 29,750 oz per annum 26,850 oz per annumIron in Magnetite 874,000 tonnes per annum 767,000 tonnes per annumTotal Cash Cost per Pound Copper (Note 4) $0.65 $0.82

Project TotalCapital Costs $US 490M

Sustaining Capital Costs $US 76M

Mine Life 12 years

Economics – Post Tax (Note 5)NPV@8% $US 417M

NPV@10% $US 325M

NPV@12% $US 250M

IRR 25.4%Payback 2.8 Years

Note 1 Mined and processed resource is 92% classified as Measured and Indicated. In-pit Inferredresources 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 thePreliminary Economic Assessment

Note 3 Average magnetite concentrate production is estimated at 1.3 million tonnes per annum grading67% relative to an 11% mass pull for Fe

Note 4 Total cash cost per pound of copper includes treatment and transportation costs and royalties, aswell 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, andUS¢85/dmtu Fe fines

Arapiraca Project: Demonstrates

Potential for Strategic Partnerships

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LOOKING AHEAD

Compelling Valuation: Comparable AnalysisP/NAV1,2

1. Share Price Information as at December 31, 2009 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

Acquisition4. AMC = Basic market cap + net debt + working capital + estimated capexSource: Canaccord Adams Research

AMC/P&P Recoverable Reserves1,3,4

2010E Production Price to Cash Flow 2010E1,2

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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

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Aura Minerals Inc.P.O. Box 10434 - Pacific Centre777 Dunsmuir Street, Suite 1950

Vancouver, BC V7Y 1K4TEL: 604-669-4777 FAX: 604-696-0212

EMAIL: info@auraminerals.comwww.auraminerals.com

TSX:ORA

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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New ClaimsPaved Roads

Railway

Town of Arapiraca

Original Claims

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Arapiraca Project - Large Land Position –Over 177,000 Hectares