Augen Gold Corp.
TSX VENTURE : GLD

Augen Gold Corp.

September 14, 2010 13:22 ET

Augen Hits More Gold at Opeepeesway Lake

TORONTO, ONTARIO--(Marketwire - Sept. 14, 2010) - Augen Gold Corp. ("Augen Gold" or the "Company"), (TSX VENTURE:GLD) is pleased to provide an update of gold exploration activity at Opeepeesway Lake within its 100% owned South Swayze Property located approximately halfway between the mining centers of Sudbury and Timmins in Ontario and accessible by road year-round. 

Initial assay results for the testing at Opeepeesway are positive for gold.

Said J.David Mason, CEO

"To hit an intersection of almost ½ ounce of gold over more than a metre on a first pass over one particular anomaly, and also encouraging results in the next nearest anomaly is quite remarkable. We know that this area needs to be intensely explored as it has been speculated for decades by geologists that other gold deposits might be found in the same geological setting as the Jerome Mine, but several kilometers to the South-East of the mine(under Lake Opeepeesway East Arm and parallel on the North Shore)."

Augen Gold is currently drill testing three lake sediment Soil Gas Hydrocarbons ("SGH") anomalies under the east arm of Opeepeesway Lake using a barge as a drilling platform. Drilling commenced during the last week of July and six holes totaling 1,100 metres have been completed to date.

Assay results for three of these BT diamond core drill holes are on the website of Augen Gold at www.augengold.ca or by request to Augen Gold and highlights include 15.00 g/t Au over 1.20 m (138.50-139.70 m) and 2.29 g/t Au over 1.50 m (171.20-172.70 m) in drill hole OP10-67 and 3.04 g/t Au over 0.60 m (44.00-44.60 m) in drill hole OP10-70.

The targeted SGH anomalies are up to several hundreds of metres in width and are positioned along and near the regional auriferous trend that hosts the Jerome Mine to the west. 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 was determined at ALS Laboratory Group by fire assay AAS on 30 gram charges. Samples reporting more than 10 g/t Au were re-analyzed by the fire assay-gravimetric method to produce the reported values, also using 30 gram charges. Drilling was performed at dips of 60 and 65 degrees and therefore true width would be reduced to 50 to 60%.

In addition, the interpretation of the SGH analysis of 1,760 soil samples collected immediately north of the Opeepeesway Lake SGH anomalies will shortly be available and will be correlated with IP and magnetic anomalies recently defined by JVX Ltd. and with historic exploration data, including that from drill intersections of up to 12.94 g/t Au over 0.70 m. This combination has the potential to yield quality drill targets.

The current exploration program started in late September of 2009 and to date, approximately 350 line kilometres have been cut, approximately 300 line kilometres have been surveyed with geophysical methods and 69 drill holes totalling over 11,500 metres have been completed. This program includes recent detailed exploration in parts of the eastern end of the South Swayze Property adjacent to Trelawney Mining and Exploration Inc.'s promising new gold discovery.

Augen Gold has been successful in raising approximately $4.9 million in financings, in 2Q10, comprised of $1.5 million in flow through, and $3.4 million in hard dollars and is now well financed to achieve its next exploration milestones. Since inception in October 2006, the Company has raised a total of approximately $16 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 Property, please refer to 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: 83,701,205

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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