• Total Measured and Indicated resource of 83 million tonnes grading 4.1% P2O5, using a cut-off grade of 3% P2O5 and an additional 21.8 million tonnes grading 3.7% in the inferred category.
• Measured and Indicated resource of oxidized material occurring at surface of 5.3 million tonnes grading 8.8% P2O5, using a cut-off grade of 3% P2O5.
• Measured and Indicated resource of fresh rock located immediately under the oxidized material of 77.9 million tonnes grading 3.8% P2O5, using a cut-off grade of 3% P2O5.
• The Measured and Indicated resources could support five years of production mining oxidized material and an additional 15 years mining fresh rock at a production rate of 300 thousand tonnes per year of phosphate concentrate.
TORONTO, CANADA September 19, 2017 – Brazilian fertilizer developer Aguia Resources Limited (ASX: AGR, TSXV: AGRL) (“Aguia” or the “Company”) is pleased to report to shareholders that the Company has completed the modeling and update of the Três Estradas Phosphate Resource. The entire dataset was subject to independent revision and auditing by Millcreek Mining Group who have signed off on the new resource statement for the project (the “Mineral Resource Statement”). The resource estimate meets the criteria required to be compliant with both JORC and NI 43-101 standards.
The Mineral Resource Statement is based on the results of an extensive drilling campaign carried out by Aguia between December 2016 and June 2017. During this period, Aguia completed 61 core holes (9,708m) and 90 reverse circulation holes (4,496m). The primary goal of this drilling campaign was to increase the geologic assurance and classification of the inferred resources identified in the 2016 resource statement related to the Tres Estradas project. The drilling campaign was successful in converting most Inferred Resources in the 2016 resource estimate to Measured and Indicated categories as well as discovering and delineating additions to the Tres Estradas deposit, including a new extension to the deposit.
The Mineral Resource Statement now includes 83 million tonnes grading 4.1% P2O5 of Measured and Indicated resources. Thus, 79% of the current resource model now falls in the Measured & Indicated category, whereas the previous model comprised only 21% of Measured and Indicated resources.
In addition to a high rate of conversion of Inferred Resources to Measured and Indicated resources, the Mineral Resource Statement also identified a new shallow zone of mineralization within the existing borders of the Tres Estradas pit shell.
With a 41% larger resource, the Company has the option to select a higher cut-off grade as feedstock for the planned operation, which subject to completion of the ongoing Bankable Feasibility Study (“BFS”), is anticipated to have an annual output of 300,000 tpy of phosphate concentrate

 Mineral Resources are not mineral reserves and have not demonstrated economic viability. All figures are rounded to reflect relative accuracy of the estimates. The mineral resources are reported within a conceptual pit shell using a cut-off grade of 3.0% for all mineralized domains. Optimization parameters include a mining recovery of 100%, 0% dilution, process recovery of 87% P2O5 for saprolites and 80% P2O5 recovery for fresh rock, concentrate grade of 35.0% for saprolite and 32.0% for fresh rock, pit slopes of 34° for saprolite/51° & 55° for fresh rock, selling price of US$215 for P2O5 concentrate and exchange rate of 3.2 R$ to US$.
The key changes between the Mineral Resource Statement and the previous estimate presented in 2016 include:
• The previous estimate in 2016 identified 15.07 million tonnes (MT) of Measured plus Indicated resources at a P2O5 grade of 4.75% using a 3.0% cut-off. The new estimate identifies 83.2MT of Measured plus Indicated resources at a 4.11% P2O5 grade using a 3.0% cut-off. Inferred Resources have decreased from 58.9MT to 21.8MT in the Mineral Resource Statement.
• Tighter estimation parameters have been implemented in the Mineral Resource Statement.
• Rock density values have been incorporated into the block model versus the usage of average density values for each of the mineralized domains.
• The 2016 mineral resource statement included resources for the Joca Tavares deposit. There has been no additional work done at Joca Tavares and resources from that deposit are not included in this Mineral Resource Statement.

Technical Director Dr. Fernando Tallarico commented “After an extensive drilling campaign we are very excited by this outcome. Not only were we able to expand the global resource, but the current 83 MT of Measured and Indicated resources is bigger than the global resource we reported previously. This resource expansion together with the exceptional conversion rate to Measured and Indicated categories will allow important optimizations of the mining plan, including choices of higher cut-off grades of the run of mine that ultimately we expect will improve the production costs of the project”.
Managing Director Justin Reid added, “The drilling program was expanded due to excellent results. Not only have we had a very high conversion rate from Inferred to Measured & Indicated resources, the identification of the new limb in the southeast zone has allowed us to add to the resource within the existing pit borders. The results we have now prove that this is a high quality, consistent phosphate asset that will now form the basis for the BFS which is laying out the development plan for the Três Estradas project. The option of an increased cut-off grade means we will mine the highest-grade, lowest strip, most profitable rock. I am optimistic this will result in a material impact to our overall mining costs and calculated strip-ratio as we finalize the ultimate mine plan.”

Qualified Persons
The scientific and technical information contained in this news release pertaining to the Tres Estradas project has been reviewed and approved by the following Qualified Person under NI 43-101, Mr. Steven B. Kerr P.G, C.P.G., Principal Consultant (Geology), who consents to the inclusion of his name in this release and who is independent of Aguia.
In accordance with the requirements of the Australian Securities Exchange (the “ASX”), the Company has lodged a Mineral Resource Statement with the ASX. Shareholders may access the Mineral Resource Statement on the ASX website at http://www.asx.com.au/asx/share-price-research/company/AGR. The Company is preparing a technical report in accordance with Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, which will be filed with Canadian securities regulators within 45 days and will then be available under the Company’s profile on SEDAR at www.sedar.com.
For further information, please contact:
Justin Reid, Managing Director
E: jreid@aguiaresources.com.au
T: +1 416-216-5446
Spyros Karellas, Investor Relations North America
E: spyros@pinnaclecapitalmarkets.ca
T: +1 416-433-5696
Released through: Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448
Follow Aguia on Twitter: @ Aguia_Resources

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