Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

May 04, 2011 11:21 ET

Augen Gold Maps Newly Recognized Auriferous Trend Near Historical Jerome Mine

TORONTO, ONTARIO--(Marketwire - May 4, 2011) -Augen Gold Corp. (TSX VENTURE:GLD) is pleased to draw your attention to a new map of the Company's gold exploration of the North Shore Trend on Lake Opeepeesway, within its 45-kilometre-long South Swayze Property, located approximately halfway between the mining centres of Sudbury and Timmins in Ontario. The new map, entitled "North Shore Area Updated Mag line Ground Mag with DDH Locations 3 May 2011" is posted on the Company's website, www.augengold.ca, and can be found directly at http://tinyurl.com/5ugsvyb. This map further illustrates Augen Gold's strategy for drilling and developing the North Shore Trend.

"Our recent announcement of a gold intersection of 6.72 g/t over 11.19 metres (see release dated April 20, 2011) is part of a newly recognized auriferous trend at the heart of a prominent 1.8-kilometre-long gold anomaly on the North Shore of Opeepeesway Lake," said J. David Mason, President and CEO of Augen Gold. "We have re-mapped that area in order to indicate more clearly the length and direction of that trend.

"Geomagnetic or 'mag' transition, enhanced by soil-gas hydrocarbon (SGH) and I.P. modeling, combine to clarify our understanding of the North Shore Trend. We are seeking gold at porphyry contacts within the context of that modeling," Mason continued.

The newly recognized auriferous trend strikes west-northwest for more than 1,600 metres immediately south of a narrow magnetic high attributed to magnetite-bearing Timiskaming sediment and volcanic, and dips steeply to the south. The trend is located near feldspar porphyry intrusions, intersects a flexure in stratigraphy and projects westerly towards an extensive airborne magnetic low thought to mark fault-controlled alteration.

Between October 27, 2010 and March 15, 2011, GLD completed 34 drill holes for 8,240 metres along the North Shore Trend, northeast of Jerome. The drilling tested several SGH gold soil anomalies interpreted as potentially indicative of gold mineralization, as well as I. P. chargeability anomalies and historic gold showings.

Previously reported assays so far available for 8 of 12 of the drill holes that outlined this new mineralized trend within the largest and strongest of the SGH gold anomalies show highlights of 6.72 g/t Au over 11.19 metres (51.00-62.19 m) in drill hole NS11-111, 22.30 g/t Au over 0.37 m in drill hole NS10-89 (238.00-238.37 m) and 26.30 g/t over 0.70 m in drill hole NS10-96 (242.00-242.70 m) (Augen Gold News Releases, February 01, 2011 and April 20, 2011).

SGH geochemistry is organic and detects hydrocarbon-based compounds that provide a signature directly related to bacteriological interaction with a target such as a hidden gold deposit. Gold in drill core samples was determined at ALS Laboratory Group by fire assay AAS on 30 gram charges. Samples reporting more than 10 g/t Au were re-analyized by the fire assay-gravimetric method, also using 30 gram charges. Drilling was performed at a dip of 45 degrees and therefore true width would be reduced to 75%.

Since inception in October 2006, Augen Gold has raised more than $25 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 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

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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