AurCrest Gold Inc.
TSX VENTURE : AGO

November 18, 2011 08:00 ET

AurCrest Closes $1,063,500 Financing

TORONTO, ONTARIO--(Marketwire - Nov. 18, 2011) - AurCrest Gold Inc. ("AurCrest" or the "Company") (TSX VENTURE:AGO) is pleased to announce the closing of a non-brokered flow-through private placement of $750,000 with the MineralFields Group and a non-brokered working capital financing of $313,500.

The Company placed 4,054,054 flow-through units (each a "FT Unit") of the Company at a price of $0.185 per FT Unit, for gross proceeds of $750,000. Each FT Unit consisted of one (1) flow-through common share of the Company and one-half (1/2) non flow-through share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire an additional common share at $0.30 per share for a period of twenty-four (24) months following closing.

Limited Market Dealer Inc. received a finder's fee of $45,000, a due diligence fee of $15,000 plus H.S.T. and 324,324 Broker Options exercisable into a non-flow-through unit (each a "Unit") of the Company at $0.185 per Unit for a period of twenty-four (24) months following closing. Each Unit consisted of one (1) common share of the Company and one-half (1/2) of a share purchase warrant with each full warrant exercisable at $0.30 for a period of twenty-four (24) months following closing.

The Company also placed 2,090,000 working capital units (each a "WC Unit") of the Company at a price of $0.15 per WC Unit, for gross proceeds of $313,500. Each WC Unit consisted of one (1) common share of the Company and one (1) share purchase warrant (a "WC Warrant"). Each WC Warrant entitles the holder to acquire an additional common share at $0.25 per share for a period of twenty-four (24) months following closing.

Securities issued pursuant to the above referenced private placements are legended and restricted from trading until March 18, 2012.

The proceeds of the private placement will be used for working capital and to perform work on the Company's Richardson Lake property including an IP survey, re-building the camp on the property and performing 1000 metres of drilling to test IP targets on the Discovery West area.

The current issued and outstanding capital of AurCrest is 39,313,147 common shares. This financing supercedes and replaces the financing announced by Press Release dated September 29, 2011.

"We are very pleased to be renewing our relationship with MineralFields Group" said Ian Brodie-Brown, President and Chief Executive Officer. "This is an important milestone in the growth of the Company and we look forward to working with MineralFields Group as we develop our projects."

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. The sector focus is on gold and precious metals, base metals, rare earths and lithium, potash, uranium, oil, coal and gas. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®, and have raised over $1 billion in their 10 year history.

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

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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