Auriga Gold Announces $4.5 Million Brokered Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Feb. 15, 2012) -

NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES.

Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") is pleased to announce it has entered into an agreement with Industrial Alliance Securities Inc. ("Industrial Alliance") and Secutor Capital Management Corporation ("Secutor") (collectively, the "Agents"), in connection with a brokered private placement offering (the "Offering") of up to 8,750,000 "flow-through" units at $0.40 per "flow-through" unit (the "Flow-Through Units") and up to 2,857,142 units at $0.35 per unit (the "Units") for aggregate gross proceeds to the Company of up to $4,500,000.

Each Flow-Through Unit will consist of one "flow-through share", as defined in subsection 66(15) of the Income Tax Act (Canada), and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Unit will consist of one common share and one Warrant. Each Warrant shall entitle the holder thereof to acquire one common share of the Company (on a non-flow-through basis) at a price of $0.50 until the date which is 12 months following the closing date of the Offering.

Richard Sutcliffe, Auriga Gold's President and CEO commented, "We are pleased to receive the support of Industrial Alliance and Secutor as we continue to develop our Maverick Gold property and move towards our targeted open pit test mining." Proceeds of the Offering will be used for exploration expenditures and development activities on the Company's projects in Manitoba and British Columbia and for general working capital purposes.

All securities issued in connection with the Offering will be subject to a hold period of four months and a day from the closing date of the Offering. The Offering is subject to the approval of the TSX Venture Exchange. In connection with the Offering, a cash commission of 7.5% of the aggregate gross proceeds from the Offering will be paid to the Agents.

About Auriga Gold

Auriga Gold Corp. is a Canadian mine development and exploration company focused on developing the Puffy Lake Mine and expanding gold resources on its Puffy Lake and Nokomis deposits (the "Maverick Gold Project"). The Company plans to upgrade and expand the resources at the Maverick Gold Project, initiate test mining, complete feasibility studies of mineral reserves, and bring the Puffy Lake Mine back into production. The Puffy Lake Mine includes a 1,000 tpd flotation mill, a developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba.

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Offering, use of proceeds, the future develop the Maverick Gold property and move towards targeted open pit test mining. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining such as economic factors as they effect exploration, future commodity prices, changes in foreign exchange and interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with development activities, employee relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in the Company's Management's Discussion and Analysis for the Three and Six Months ended September 30, 2011, available on www.sedar.com. Although Auriga Gold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Auriga Gold does not undertake to update any forward-looking information, except in accordance with applicable securities laws.