TORONTO, ONTARIO–(Marketwired
– May 13, 2014) – Aura Minerals Inc. (“Aura
Minerals” or the “Company”) (TSX:ORA) announces
financial and operating results for the first quarter of 2014.

This release does not
constitute management’s discussion and analysis (“MD&A”) as
contemplated by applicable securities laws and should be read in conjunction
with the MD&A and the Company’s condensed interim consolidated financial
statements for the three months ended March 31, 2014, which are
available on SEDAR at www.sedar.com and on
the Company’s website.

Highlights:

• Operating
  cash flow¹ of $9,005 for the three months ended March
  31, 2014 compared to $11,467 for the three months
  ended March 31, 2013;
• Net
  sales revenue in the first quarter of 2014 decreased by 27% over the first
  quarter of 2013;
• Gold oz
  production for the three months ended March 31, 2014 was
  14% lower as compared to the three months ended March 31, 2013;
  
• Copper
  concentrate sales are from the shipment of 7,422 dry metric tonnes
  (“DMT”) and 5,370 DMT of copper concentrate for the three months
  ended March 31, 2014 and 2013, respectively;
• Copper
  production at Aranzazu for the three months ended March 31, 2014
  and 2013 was 3,715,688 pounds and 2,855,500 pounds, respectively, an
  increase of 30%. On-site average cash cost¹ per pound of copper
  produced, net of gold and silver credits was $2.78 for the
  three months ended March 31, 2014 compared to $3.69
  for the three months ended March 31, 2013;
• Gross
  margin of $(1,656) for the three months ended March
  31, 2014, compared to a gross margin of $(7,195)
  for the three months ended March 31, 2013;
• Loss of $9,073
  or $0.04 per share for the three months ended March
  31, 2014 compared to a loss of $10,734 or $0.05
  per share for the three months ended March 31, 2013; and
• On March
  17, 2014, the Company obtained a $22,500 gold loan
  from Auramet International LLC which was utilized to settle the
  Company’s Credit Facility obligation.

¹ Please see cautionary note at the
end of this press release.

Jim Bannantine,
the Company’s President and CEO, stated “Building upon our 2013
operational results, and in light of the continued commodity price volatility,
Aura continues to focus on creating value through both operational efficiencies
and cost reduction. The first quarter of 2014 was relatively in-line with our
expectations and we are on track to meet 2014’s guidance.

At San
Andres, during late 2013 and continuing into 2014, we conducted
labor negotiations with the local union in order to achieve a necessary
reorganization which is now substantially complete and will realize further
cost reductions. We experienced a brief industrial action at San
Andres in January which resulted in three weeks of operational
down-time at the mine and which was peacefully resolved. We have continued to
consult with and engage the union and local communities on a number of key
matters. Despite the operational down-time, we were able to implement further
operational efficiencies and cost savings, and achieved the lowest cash cost
per ounce produced at San
Andres in the Company’s history.

Aranzazu’s first quarter of
2014 showed an increase in production and continued decreases in treatment
charges, refining charges and penalties through our blending program. The plant
expansion and partial roasting facility remain on hold pending financing. Our
mine development remains focused on near-term development.

The first quarter’s results
from the Brazilian Mines, primarily consisting of Sao Francisco, were affected
by exceptionally heavy rains. Mining at Sao Francisco was temporarily impeded
in the bottom of the pit. Sao Francisco did take the opportunity to create an
extra push-back in the south area of the mine which will extend its mine life
into 2015, but also caused a higher cash cost per ounce.

At Serrote, we continue to
pursue a number of options to realize the value of the project including
reviewing a revised development and operating plan. This plan would result in
lower capital expenditures and features an earlier phased execution schedule
than previously anticipated by the feasibility study.

As previously announced, we
obtained a $22.5 million gold loan facility which was used to
refinance our balance sheet. This has enabled us to continue negotiations on a
larger corporate financing package. The Company continues to work towards
obtaining a financing that will allow achievement of our future operating and
expansion goals.

Earlier today, we held our
2014 AGM in which shareholders re-elected the Board of Directors. I thank all
of our shareholders for attending the AGM in person or by proxy and for their
continued support.”

Production and Cash
Costs

The Company’s production
and cash costs for the three months ended March 31, 2014 and
2013 are summarized in the table below:

¹ Please see cautionary note at the
end of this press release.

Gold production at San
Andres in the first quarter of 2014 increased by 12% over the
comparable period primarily due to the improved recoveries in both the leaching
and carbon stripping processes. Average cash cost per oz of gold produced¹
in the first quarter of 2014 decreased by 32% over the first quarter of 2013.
Higher mining costs were experienced in 2013 due to the additional waste
material moved.

Gold production at Sao
Francisco in the first quarter of 2014 was 21% lower than the first quarter of
2013 due primarily to the lower plant feed. Average cash cost per oz of gold
produced in the first quarter of 2014 was relatively flat as compared to the first
quarter of 2013.

As a result of the
suspension of mining and plant operations at Sao Vicente in Q4 2013, there was
no material moved in the first quarter of 2014. A low volume of processing was
achieved through the plant as there was sufficient feed material from clean-up
of fill material around the plant area to keep the plant operating during Q1
2014. The average cash cost per oz of gold produced¹ in the first
quarter of 2014 was 42% lower than the first quarter of 2013 due to low cost
ore sourced from the clean-up, as well as the absence of mining costs, combined
with good gold recoveries during the exhaustion of the heap.

At Aranzazu, copper
concentrate production increased by 50% in the first quarter of 2014 as
compared to the first quarter of 2013, due to the effect of the increased ore
mined and milled, a 9% increase in copper grade, offset by a 3% decrease in
copper recoveries. Aranzazu’s mine development continued to be focused on near-
term development in the first quarter of 2014. This is expected to continue
throughout the year.

Average cash cost per pound
of copper produced¹ for the first quarter of 2014 decreased by 25%
as compared to the first quarter of 2013. These average cash costs are
inclusive of net realizable value write-downs of $0.29 and $0.34
for the first quarters of 2014 and 2013, respectively. The average arsenic
level in the copper concentrate was 0.86% during the first quarter of 2013.
Aranzazu continues to implement a successful program of blending to ensure that
value is maximized from the sales of concentrates. This has resulted in
significant improvements in the levels of arsenic encountered in the
concentrate production and accompanying decreases in treatment charges,
refining charges and penalties on the concentrate shipments.

Brazilian Assets –
Value Maximization

The Company continues to
investigate multiple options to maximize the closure value of the assets of the
Brazilian Mines, including the disposal of the plant and equipment and
utilizing key members of their operating teams at our other locations.

Revenues and Cost
of Goods Sold

Revenues for the three
months ended March 31, 2014 decreased by 27% compared to three
months ended March 31, 2013. The decrease in revenues resulted
from a 33% decrease in gold sales and a 20% increase in copper concentrate
sales.

The decrease in gold sales
is attributable to a 13% decrease in gold sales volumes and a 22% decrease in
the realized average gold price per ounce.

The increase in copper
concentrate net sales is primarily attributable to a 38% increase in DMT sold
offset by a 13% decrease in average price realized. Total revenues for the
three months ended March 31, 2014 at Aranzazu related to the
shipment of 7,422 DMT of copper concentrate compared to 5,370 DMT of copper
concentrate for the three months ended March 31, 2013. Total
concentrate shipment revenues for the three months ended March 31, 2014
and 2013 were $1,622 per DMT and $1,870 per DMT,
respectively. The lower concentrate shipment revenue per DMT is due to lower
commodity prices.

¹ Please see cautionary note at the
end of this press release.

For the three months ended March
31, 2014 and 2013, total cost of goods sold from San
Andres was $15,023 or $1,021 per oz
compared to $20,721 or $1,456 per oz,
respectively. For the three months ended March 31, 2014 and
2013, cash operating costs were $851 per oz and $1,189
per oz, respectively, while non-cash depletion and amortization charges were $170
per oz and $267 per oz, respectively. There were no write- downs
of production inventory to net realizable value for the three months ended March
31, 2014 or 2013, respectively.

At the Brazilian Mines, for
the three months ended March 31, 2014 and 2013, total cost of
goods sold was $35,671 or $1,294 per oz compared
to $62,028 or $1,794 per oz, respectively. For
the three months ended March 31, 2014 and 2013, cash operating
costs were $1,219 per oz and $1,404 per oz,
respectively, while non-cash depletion and amortization charges were $75
per oz and $390 per oz, respectively. The cash operating costs
for the three months ended March 31, 2014 included a write-down
of $5,193 or $188 per oz to bring production
inventory to its net realizable value (2013: $3,194 or $92
per oz).

Total cost of goods sold
from Aranzazu for the three months ended March 31, 2014 and 2013
was $15,989 or $2,154 per DMT and $13,031
or $2,427 per DMT, respectively. For the three months ended March
31, 2014 and 2013, cash operating costs were $1,632 per
DMT and $2,034 per DMT, respectively, while non-cash depletion and
amortization charges were $522 per DMT and $393
per DMT, respectively. The cash operating costs for the three months ended March
31, 2014 included a write-down of $1,238 or $166
per DMT to bring production inventory to its net realizable value (2013: $1,024
or $191 per DMT).

Additional
Highlights

Other expense items for the
first quarter of 2014 include general and administrative expenses of $3,535,000
(2013: $3,466,000) and exploration expenses of $218,000
(2013: $676,000). The decrease in exploration costs reflects the
Company’s overall reduction in exploration expenditures while it continues to
focus on refinancing.

Additionally, for the first
quarter of 2014, the Company recorded finance costs of $3,118,000
(2013: $1,460,000), and other losses of $1,090,000
(2013: gain of $1,817,000). Loss before income taxes for the
first quarter of 2014 was $9,612,000 (2013: $10,960,000).

For the quarter ended March
31, 2014, the Company recorded an income tax recovery of $539,000
(2013: $226,000) comprising a current income tax recovery of $288,000
(2013: income tax expense of $1,034,000) relating to the San
Andres Mine, and a deferred income tax recovery of $251,000
(2013: $1,260,000).

For the three months ended March
31, 2014, the Company recorded a loss of $9,073 which
compares to a loss of $10,734 for the three months ended March
31, 2013.

Outlook and
Strategy

Aura
Minerals’ future profitability, operating cash flows and financial
position will be closely related to the prevailing prices of gold and copper.
Key factors influencing the price of gold and copper include, but are not
limited to, the supply of and demand for these commodities, the relative
strength of currencies (particularly the U.S. dollar) and macroeconomic factors
such as current and future expectations for inflation and interest rates.
Management believes that the short-to-medium term economic environment is
likely to remain relatively supportive for commodity prices but with continued
volatility. In order to decrease risks associated with commodity price and
currency volatility, the Company will continue to evaluate available protection
programs.

Other key factors
influencing profitability and operating cash flows are production levels
(impacted by grades, ore quantities, labour, plant and equipment
availabilities, and process recoveries) and production and processing costs
(impacted by production levels, prices and usage of key consumables, labour,
inflation, and exchange rates).

Aura
Minerals’ production and cash cost per oz guidance for the 2014 year has
not changed from previous guidance and is as follows:

Aranzazu’s production for
2014 is expected to be between 18,000,000 and 19,500,000 pounds of copper at a
range of $2.60 to $3.15 average cash cost per payable pound of
copper.

To date, the indicators
have been that the pro-rata guidance will be achieved at each operating mine.

For 2014, total capital
spending is expected to be $36,000. Of this amount, $20,000
relates to the development and expansion of Aranzazu, while $12,000
relates to San Andres
plant upgrades, Phase V of the heap leach expansion and community expenditures.
The remaining portion is being spent on various miscellaneous projects in the
group, including the Serrote development project. The capital expenditure
programs for the expansion of Aranzazu and the development of Serrote remain
dependent upon successful completion of expansion financing.

Conference Call

Aura
Minerals’ management will host a conference call and audio webcast for
analysts and investors on Wednesday, May 14, 2014 at 9:00
a.m. (Eastern Time) to review the first quarter 2014 results.
Participants may access the call by dialing 416-340-9432 or the toll-free
access at 1-800-952-4972. Participants are encouraged to call in 10 minutes
prior to the scheduled start time to avoid delays.

Those who wish to listen to
a recording of the conference call at a later time may do so by dialing
905-694- 9451 or 1-800-408-3053 (Passcode 2201962#). The conference call replay
will be available from 2:00 p.m. on May 14, 2014,
until 11:59 p.m. (Eastern Time) on May 29, 2014.

Non-GAAP Measures

This news release includes
certain non-GAAP performance measures, in particular, the average cash cost of
gold per oz, average cash cost per payable pound of copper and operating cash
flow which are non-GAAP performance measures. These non-GAAP measures do not
have any standardized meaning within IFRS and therefore may not be comparable
to similar measures presented by other companies. The Company believes that
these measures provide investors with additional information which is useful in
evaluating the Company’s performance and should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with
IFRS.

Average cash costs per oz
of gold or per pound of copper are presented as they represent an industry
standard method of comparing certain costs on a per unit basis. Total cash
costs of gold produced include on- site mining, processing and administration
costs, off-site refining and royalty charges, reduced by silver by- product
credits, but exclude amortization, reclamation, and exploration costs, as well
as capital expenditures. Total cash costs of gold produced are divided by oz
produced to arrive at per oz cash costs. Similarly, total cash costs of copper
produced include the above costs, and are net of gold and silver by-products,
but include offsite treatment and refining charges. Total cash costs of copper
produced are divided by pounds of copper produced to arrive at per pound cash
costs.

Operating cash flow is the
term the Company uses to describe the cash that is generated from operations
excluding depletion and amortization, stock based compensation, impairment
charges and the effect of changes in working capital.

About Aura
Minerals Inc.

Aura
Minerals is a Canadian mid-tier gold and copper production company
focused on the development and operation of gold and base metal projects in the
Americas. The Company’s
producing assets include the copper- gold-silver Aranzazu mine in Mexico,
the San Andres
gold mine in Honduras
and the Sao Francisco and Sao Vicente gold mines in Brazil.
The Company’s core development asset is the copper-gold-iron Serrote da Laje
project in Brazil.

For further information,
please visit Aura
Minerals’ web site at www.auraminerals.com.

National Instrument
43-101 Compliance

Unless otherwise indicated,
Aura Minerals has prepared
the technical information in this press release (“Technical
Information”) based on information contained in the technical reports and
news releases (collectively the “Disclosure Documents”) available
under the Company’s profile on SEDAR at www.sedar.com.
Each Disclosure Document was prepared by or under the supervision of a
qualified person (a “Qualified Person”) as defined in National
Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
Readers are encouraged to review the full text of the Disclosure Documents
which qualifies the Technical Information. Readers are advised that mineral
resources that are not mineral reserves do not have demonstrated economic
viability. The Disclosure Documents are each intended to be read as a whole,
and sections should not be read or relied upon out of context. The Technical
Information is subject to the assumptions and qualifications contained in the
Disclosure Documents.

Cautionary Note

This news release contains
certain “forward-looking information” and “forward-looking
statements”, as defined in applicable securities laws (collectively,
“forward-looking statements”). All statements other than statements of
historical fact are forward-looking statements. Forward-looking statements
relate to future events or future performance and reflect the Company’s current
estimates, predictions, expectations or beliefs regarding future events and
include, without limitation, statements with respect to: the amount of mineral
reserves and mineral resources; the amount of future production over any
period; the amount of waste tonnes mined; the amount of mining and haulage
costs; cash costs; operating costs; strip ratios and mining rates; expected
grades and ounces of metals and minerals; expected processing recoveries;
expected time frames; prices of metals and minerals; mine life; and gold hedge
programs. Often, but not always, forward-looking statements may be identified
by the use of words such as “expects”, “anticipates”,
“plans”, “projects”, “estimates”,
“assumes”, “intends”, “strategy”,
“goals”, “objectives” or variations thereof or stating that
certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be
achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements
are necessarily based upon a number of estimates and assumptions that, while
considered reasonable by the Company, are inherently subject to significant
business, economic and competitive uncertainties and contingencies.
Forward-looking statements in this news release and related MD&A are based
upon, without limitation, the following estimates and assumptions: the presence
of and continuity of metals at the Company’s Mines at modeled grades; the
capacities of various machinery and equipment; the availability of personnel,
machinery and equipment at estimated prices; exchange rates; metals and
minerals sales prices; appropriate discount rates; tax rates and royalty rates
applicable to the mining operations; cash costs; anticipated mining losses and
dilution; metals recovery rates, reasonable contingency requirements; and
receipt of regulatory approvals on acceptable terms.

Known and unknown risks,
uncertainties and other factors, many of which are beyond the Company’s ability
to predict or control could cause actual results to differ materially from
those contained in the forward-looking statements. Specific reference is made
to the most recent Annual Information Form on file with certain Canadian
provincial securities regulatory authorities for a discussion of some of the
factors underlying forward- looking statements, which include, without
limitation, gold and copper or certain other commodity price volatility, changes
in debt and equity markets, the uncertainties involved in interpreting
geological data, increases in costs, environmental compliance and changes in
environmental legislation and regulation, interest rate and exchange rate
fluctuations, general economic conditions and other risks involved in the
mineral exploration and development industry. Readers are cautioned that the
foregoing list of factors is not exhaustive of the factors that may affect the
forward-looking statements.

All forward-looking
statements herein are qualified by this cautionary statement. Accordingly,
readers should not place undue reliance on forward-looking statements. The
Company undertakes no obligation to update publicly or otherwise revise any
forward-looking statements whether as a result of new information or future
events or otherwise, except as may be required by law. If the Company does
update one or more forward- looking statements, no inference should be drawn
that it will make additional updates with respect to those or other forward-looking
statements.

Contact Information:
Aura Minerals Inc.
Josh Perelman Sr. Financial Analyst
(416) 649-1056 or (416) 649-1033
(416) 649-1044 (FAX)
[email protected]
www.auraminerals.com