AurCrest Gold Inc.

December 23, 2010 09:15 ET

AurCrest Closes 1st Tranche of Financing

TORONTO, ONTARIO--(Marketwire - Dec. 23, 2010) - AurCrest Gold Inc. ("AurCrest" or the "Company") (TSX VENTURE:AGO) wishes to announce that it has placed 2,040,000 Units priced at $0.185 per Unit for gross proceeds of $377,400. Each unit (a "Unit") consists of one (1) common share of the Company and one-half (1/2) share purchase warrant (each a "Warrant"). Each full Warrant entitles the holder to acquire an additional common share at the price of $0.30 per share for twelve (12) months following Closing. A cash fee of $7,400 and 40,000 broker warrants to acquire common shares at a price of $0.185 per share for 12 months from Closing was paid in respect of the closing of the first tranche of the offering.

All of the securities referred to herein are legended and restricted from trading until at least April 23, 2011.

The proceeds from the financing will be used for working capital. The Company currently has 28,208,828 common shares issued and outstanding.

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.

Contact Information