Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

November 09, 2010 09:53 ET

Augen Gold Completing Road Into Camp, Readying for Winter Drilling on the North Shore of Lake Opeepeesway

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2010) - Augen Gold Corp. ("Augen Gold" or the "Company")(TSX VENTURE:GLD)

Highlights of the Release

• All-season corduroy (log trestle) road over low, marshy area into North Shore camp being completed

• Camp preparing for winter drilling on SGH anomalies running along trend (see "SGH North Shore" map on page: http://www.augengold.ca/docs/?page_id=63)

• SGH indicates sizeable target equivalent to or greater than Jerome findings

Augen Gold Corp. ("Augen Gold" or the "Company")(TSX VENTURE:GLD) is pleased to announce the completion of construction of a corduroy road built to provide access to the newly established camp on the north shore of Lake Opeepeesway. The camp has been created to explore and develop GLD's prime Soil Gas Hydrocarbon (SGH) anomalies on the north shore of Lake Opeepeesway, a highly prospective part of its 100%-owned South Swayze Property, between the Sudbury and Timmins in Ontario (please see press releases dates 05-October-10 and 19-October-10 providing details on the significant gold trend intersected on the north shore of Lake Opeepeesway).

"Our Soil Gas Hydrocarbon (SGH) mapping has given us a substantial additional target to the east of the area immediately proximal to the old Jerome Mine, where we have already delineated more than one million ounces of gold (as described in the press release of 19 October, 2010)," said J. David Mason, CEO of Augen Gold Corp. "This deposit east of Jerome extends at least seven kilometres, and with the corduroy road now in place, we are ready to begin drilling and will continue through the winter. Diamond drill holes will be collared on a NW-to-ESE trend to test the SGH anomalies."

Please see the "SGH North Shore" map on page: http://www.augengold.ca/docs/?page_id=63, and the "Opeepeesway Lake SGH Anomalies" map on the first page of the Company's website at www.augengold.ca. SGH geochemistry can detect hydrocarbon-based materials directly related to a target such as a hidden gold deposit.

The current exploration program for the South Swayze Project started in late September of 2009 and to date, approximately 350 line kilometres have been surveyed with geophysical methods, 3,640 soil and lake sediment samples have been analysed for their SGH signature, and more than 80 drill holes totalling over 12,500 metres have been completed.

Augen Gold has been successful in raising approximately $9.1 million in financings in 2010 and is focused on achieving its exploration milestones. Since inception in October 2006, the Company has raised over $20 million for the South Swayze Project.

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, 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 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: 102,269,182

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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