AURELIAN CERTIFICATION

Poor Aurelian Resources Inc. The mining firm that is exploring for gold in Ecuador got killed last week when the government there suspended mining projects.

Officials are pondering the future of the industry and the move comes just as the firm was making headway in an $40-million class-action suit involving warrants and the gold miner's move from tier-two to tier-one status on the Toronto Stock Exchange.

In a rare move, the class action was certified on consent in front of Ontario Superior Court Justice Paul Perrell and will be scheduled to go forward as a combined lawsuit in that province. The order now goes to an Alberta court for sign-off.

Investors in Alberta and Ontario sued Aurelian for negligence, breach of contract and breach of fiduciary duty over its handling of the warrants. The investors are represented by law firms Bennett Jones and May Jensen Shawa Solomon.

The investors argue they purchased units in 2003 that entitled them to one common share and a warrant.

The warrants allowed subscribers to purchase an additional common share at varying prices and they were issued for a four-year term, with the final two years being subject to a approval from the TSX Venture Exchange for Aurelian to move from a tier-two listing to a tier-one listing.

To do that, the company needed to meet minimum listing requirements.

The claim alleges Aurelian was able to meet those requirements, but failed to seek the necessary stock exchange approval, with the result that the warrants expired in 2005. The company later announced a signifcant gold find, sending its shares soaring and prompting the lawsuits in both Ontario and Alberta.

The certification allows the company to streamline the litigation and combine the separate class suits into one action. However, assuming an Alberta judge signs off on it, the action will be stayed while the firm fights a similar suit already wending its way through the commerical list, known as the Northfield action. It features a similar fight over warants but involves a different set of plaintiffs.

Might all be moot if the Ecuador government doesn't change its mind anytime soon.