Auriga Gold Announces $800,000 Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - July 13, 2012) - Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") announces a non-brokered private placement of up to 4,705,882 units of the Company (the "Units") at a price of $0.17 per Unit, for gross proceeds of up to $800,000 (the "Offering"). Each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Company at the exercise price of $0.25 per share for a period of 24 months from the closing date of the Offering.

The Company announces that it has closed an initial tranche of the Offering and has issued 2,352,942 Units. Common shares and Warrants issued in the first tranche are subject to a hold period that expires on November 11, 2012 and were subject to a cash commission plus agent warrants to purchase 235,294 common shares at a price of $0.17 for a period of 18 months. The Warrants issued in the first tranche of the Offering expire on July 11, 2014.

The Offering remains subject to the final approval of the TSX Venture Exchange. The final tranche of the Offering is expected to close before July 30, 2012.

The Offering is eligible to be purchased by subscribers who are "accredited investors" or who qualify under another exemption from prospectus in the jurisdictions where the offering is sold. Any securities to be issued pursuant to the Offering will be subject to a hold period of four months from the closing date in accordance with the rules and policies of the Toronto Stock Exchange Venture Exchange and applicable Canadian securities laws and such other further restrictions as may apply under foreign securities laws.

Proceeds of the Offering will be used for the planned development of the Company's Maverick Gold Project, Flin Flon, Manitoba, as well as general working capital.

About Auriga Gold

Auriga Gold Corp. is a Canadian mine development and exploration company focused on developing the Puffy Mine and expanding gold resources on its Puffy 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 Mine back into production. The Puffy 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. To view current images of the property and mill, please see www.aurigagold.ca/s/photogallery.asp.

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 closing of the second tranche of the private placement financings, TSX Venture Exchange approval, use of proceeds and the future develop the Maverick Gold property. 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 Nine Months ended December 31, 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.