SOURCE: Auric Mining Company

June 23, 2010 16:00 ET

Auric Mining Provides Corporate Update

WILMINGTON, DE--(Marketwire - June 23, 2010) -  Auric Mining Corp. (PINKSHEETS: AUMY) (the "Company") announces that currently the Company is primarily focused on commencing work projects on its property known as the Dog Lake Project, located near Wawa in the "Canadian Shield" in Northern Ontario, Canada. Auric has a joint venture agreement for interest in a group of mineral rights located in the Dog Lake Project. Previous exploration in the Wawa area has resulted in the discoveries of numerous deposits of small diamonds within metamorphosed Archean basement rocks.

Canada continues to emerge as a dominant player in the world's diamond production, and now accounts for 15% of the world's supply, which ranks the country third in the world. Canada's diamond industry has grown quickly and has become a $1.7 billion industry with all indicators pointing to the potential for future growth. It is currently estimated that over 45% of world diamond exploration is now being conducted in Canada.

Numerous companies have been active in the prolific Wawa area to date including Dianor, which has discovered rocks with encouraging grades and stone size distribution directly south of the Mori-Metalex ground. Island Gold Mine has Proven and Probable Reserves of 1,013,854 tonnes at a grade of 8.55 g/t gold for a total of 278,711 ounces of gold (NI 43-101 compliant report by GENIVAR). Project has additional Measured and Indicated Resources 454,705 tonnes at a grade of 10.26 g/t for a total of 149,972 ounces (NI 43-101 compliant report by GENIVAR). Just north of Wawa, several companies have found significant quantities of the gems in an unusual host rock: the ancient volcanics that characterize the region.

These unique discoveries have piqued the interest of two of the world's biggest diamond producers. Kennecott Canada Exploration, the Canadian exploration arm of Rio Tinto, recently inked a rich option agreement with Band Ore Resources (BAN-T) that allows the major to earn a 70% stake in the junior's GQ diamond property, 15 km north of Wawa, in exchange for expenditures of $15 million over seven years. Meanwhile, De Beers is processing a 455kg sample from the neighboring Festival property owned by Pele Mountain Resources (YPN-V). Now that the unusual rocks that host these occurrences have been fairly well-characterized and ongoing overburden stripping is exposing new bedrock, finding diamonds in the Wawa area is becoming an almost everyday occurrence.

Auric is planning an extensive exploration program for this summer, which will include prospecting, sampling, some ground geophysics and an assaying program to be conducted over a period of approximately 2 months. There are also many interesting targets to examine on the Company's Dog Lake property, which may result in additional ground being staked and sampled if the Bird Twp program located next to the Company's property nets strong results in the coming months. Golden Chalice and its Diamond subsidiary were planning to drill a large anomaly in the spring and their property ties on to Auric's west boundary and the Dog Lake area and have the potential for base and precious minerals in large quantities. Other companies such as West Dome, Golden Goose, Richmond, and Spider Resources will also be active in the area as prospectors for gold this summer in a geological trend running east and west, with north south splays. It promises to be a busy summer in the area and Auric's management will be monitoring these work projects closely.

About Auric Mining Corp.:
Auric Mining Company (Auric or the Company) is an investment and management company focused on the mining sector and natural resources projects. The Company utilizes its resources by investing in on-going projects to establish immediate cash-flow for the company and provides profitability for its shareholders. Auric performs extensive research through numerous databases of public natural resources companies who have substantial findings already proven. Auric will invest in these companies in exchange for shares and revenue sharing. The Company is constantly seeking acquisition opportunities with significant exploration upside in the form of entire companies or packages of assets that provide an undeniable possibility of hosting base and precious metal mineralization. The Company possesses an unparalleled ability to identify successful mineral projects and uses a field-oriented management style with a flat organizational structure. The company is currently focused on developing its properties in the Wawa area of the Sault Ste. Marie Mining District in Ontario. In addition to its prolific history for gold mining, Wawa has shown promising signs of concentrated kimberlitic indicators, a favorable geological formation for diamond exploration. The company has a number of claims strategically located in this historic mining district. We have taken significant effort to assure our shareholders and potential investors that the properties we explore deserve investment of time, effort and financial commitment necessary to establish successful mineral production in the future. For more information please visit www.auricminingcorp.com

Forward-looking Statement:

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 - forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Auric Mining's stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information