Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

July 20, 2011 17:27 ET

Augen Gold Appoints Phoenix Advisory Partners and Recommends Shareholders Take No Action

TORONTO, ONTARIO--(Marketwire - July 20, 2011) - Augen Gold Corp. (TSX VENTURE:GLD) ("Augen Gold" or "GLD") announces that it has retained Phoenix Advisory Partners, one of Canada's leading proxy solicitation firms and information agents, to help Augen Gold ensure that shareholders of Augen Gold have proper information in relation to the announcement by Trelawney Mining and Exploration Inc. ("Trelawney") of its unsolicited offer to acquire all of the outstanding shares of Augen Gold in exchange for shares of Trelawney.

Augen Gold is concerned about misinformation in the marketplace, and advises Augen Gold shareholders that they should not deposit any common shares of Augen Gold to the offer made by Trelawney and should not take any action concerning the Trelawney offer until Augen Gold shareholders have received further communication from the Board of Directors of Augen Gold. The Board of Directors of Augen Gold will issue a directors' circular concerning the offer. The directors' circular will contain important information including the determination of the Board of Directors of Augen Gold with respect to a recommendation to Augen Gold shareholders.

Trelawney's offer is open for shareholders of Augen Gold to consider until 5:00 pm on September 1, 2011. Augen Gold shareholders are advised to take full advantage of the time until September 1, 2011 to consider the offer and the advice of the Board of Directors of Augen Gold, which will be forthcoming.

In the meantime, if you have any questions or concerns, please contact Phoenix Advisory Partners, Augen Gold's information agent, at:

North American Toll Free Phone: 1-866-521-4425
Email: inquiries@phoenixadvisorypartners.com
Toll Free Facsimile: 1-877-907-3176
Banks, Brokers and Collect Calls: 1-201-806-2222

About Augen Gold

Augen Gold is a gold exploration company with 23,685 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine. The claims cover a 45-kilometre long section of the Ridout Deformation Zone, believed to be the western extension of the Kirkland Lake/Larder Lake Break. The geological setting is comparable to the major gold camps of Timmins and Kirkland Lake, and the claims contain numerous gold showings that have received very little historical exploration. Augen Gold is the first company to have assembled such a coherent ground position. Augen Gold has performed a detailed airborne geophysical survey over the whole area. The correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. On July 18, 2011 Augen Gold announced an initial National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Mineral Resource estimate at Augen Gold's Jerome Mine Project outlining a 1.03 million ounce Inferred gold resource (18.7 million tonnes grading 1.7 g/t) at a cutoff grade of 0.3 g/t. The Company's objectives are to aggressively explore the gold showings that correlate with geophysical anomalies, continue resource definition at the Jerome Mine, and to expand its property portfolio with highly prospective mineral assets.

For more information on the South Swayze Project, please refer to the Company's NI 43-101-compliant technical report "Amended and Restated Technical Report on the Augen Gold Corp. Claims, Porcupine Mining Division, District of Sudbury, Ontario, Canada" (effective April 8, 2008, available on the Company's profile at www.sedar.com, along with the Company's other continuous disclosure documents).

J. David Mason, CEO and Director of Augen Gold, and a Qualified Person as defined in NI 43-101, has approved the contents of this press release.

For more information on Augen Gold, visit our website at www.augengold.ca.

Follow our blog at www.augengold.wordpress.com, and follow us on www.twitter.com (#augengoldcorp).

This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Shares outstanding: 127,711,347

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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