Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

March 25, 2011 15:23 ET

Augen Gold Commences Independent Assessment

TORONTO, ONTARIO--(Marketwire - March 25, 2011) - Augen Gold Corp. (TSX VENTURE:GLD) is pleased to announce that it plans to commence a NI 43-101-compliant report on its South Swayze project. Located approximately halfway between Sudbury and Timmins in Ontario and accessible by road year-round, Augen Gold's 45-km-long property includes a large claim position in Chester Township, surrounding the Coté Lake gold discovery. 

Two well-respected Senior Geologists, Patrick Chance, M.Sc., P.Eng. and James G. Burns, B.Sc., P.Eng., will perform the principal work. Messrs. Chance and Burns, independent geologists with a combined experience of more than 80 years, have considerable in-depth knowledge of both the Superior Province and lode gold deposits. They will prepare a 43-101-compliant review of the South Swayze project. The preparatory work for the project assessment has been completed by two Qualified Persons, both employed by Augen Gold -- Gordon McRoberts, P.Geo., for work from 2009 onwards, & Chris Marmont, P.Geo., for work performed between 2007 and 2009. Messrs. Burns and Chance's CVs will be placed on Augen Gold's web site.

Additional information, including surveying of collars and obtaining specific gravity measurements, will be gathered in the next two weeks, before submitting data generated from Augen Gold's 2010 drilling to create an updated 3-D model for the near-surface portion of the Jerome deposit.

The final project report will also comment on the potential for several high-priority targets at the North Shore and West Coté Lake areas, as well as within the 46 claims of GLD's Option/Joint Venture with Sanatana (see press release dated 15 February 2011). GLD's property comprises the Jerome Mine property, plus patented, staked, and optioned claims within a large land position stretching from Chester to Esther Townships. The claims in Chester are contiguous with Trelawney Mining's property, on which the Coté Lake zone is situated.

This 43-101-compliant project assessment is to be the foundation of a more comprehensive 43-101-compliant resource assessment. Discussions are ongoing with several widely recognized geological consulting firms with the capability to complete the resource assessment. At this juncture, assuming staff is available, the resource assessment should be completed before the end of May.

About Augen Gold's South Swayze Project

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, and its sampling program has confirmed the historically reported gold values. The correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. 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.

The information contained in this news release has been prepared by Augen Gold's Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person for the Company's Jerome Project under the definitions established by National Instrument 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.

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).

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

The Company's documents may also be accessed at www.sedar.com

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: 127,691,347

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