Auriga Gold Corp.
TSX VENTURE : AIA

Auriga Gold Corp.

April 12, 2011 06:30 ET

Auriga Gold Intersects Near Surface Mineralization Including 5.0 Meters Grading 6.59 g/t Gold at Maverick Gold Project, Manitoba

TORONTO, ONTARIO--(Marketwire - April 12, 2011) - Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") reports encouraging results from drilling at the Company's Maverick Gold Project, including initial results from the Phase 2 drilling program to test near-surface gold mineralization. The Maverick Gold Project, located 65 km northeast of Flin Flon, Manitoba, includes the past-producing Puffy Lake Mine and Mill, the adjacent Nokomis Property, and staked mining claims covering a total of 6,640 hectares (66.4 km²).

Drill hole A3-03 was drilled to confirm previously defined resource blocks in the northern area of the Puffy lake deposit on section 1000N. A3-03 identified two 1.50 meter wide zones grading 7.73 g/t and 7.88 g/t gold. The hole completes the confirmation drilling on this section of the existing deposit, which has shown excellent continuity and grade (See press releases dated March 7 and March 24, 2011).

Richard Sutcliffe, Auriga Gold's President and CEO stated, "We continue to demonstrate continuity of high-grade gold mineralization at the Puffy Lake deposit; and now plan to establish near-surface gold resources that could potentially contribute to a rapid restart of the past producing mine. The Maverick Gold Project has excellent location and infrastructure and we expect to quickly establish a mine development plan at Maverick Gold."

Holes A3-16 to A3-23 were drilled in the southern area of the Puffy Lake deposit to test near surface gold mineralization southeast of the mine portal in the vicinity of section 325N. A highlight includes A3-16 which intersected 5.0 meters grading 6.59 g/t gold from a depth of 8.20 meters. To date, mineralization in these holes has been less consistent than the northern section of the deposit. However, additional assay results are pending on a further six holes from this area which is one of three near surface targets that is being evaluated in the Phase 2 drilling campaign.

MAVERICK GOLD PROJECT – PUFFY LAKE PROPERTY
SUMMARY OF SIGNIFICANT ASSAYS
HoleLocationAzimuth/
Dip
From
(m)
To
(m)
Length
(m)
Gold
gpt
A3-03373310E/6100655N0/-9096.9898.481.507.73
and129.07130.571.507.88
A3-16373435E/6100181N0/-908.2013.205.006.59
incl.11.2013.202.0011.98
A3-17373435E/6100181N235/-4512.1014.502.402.77
A3-18373454E/6100152N0/-90no significant assays
A3-19373454E/6100152N235/-4518.5018.900.4019.06
A3-20373457E/6100102N0/-9010.8012.802.002.99
A3-21373457E/6100102N235/-458.6011.803.203.60
A3-22373457E/6100052N0/-9016.1017.601.501.29
and23.6029.105.501.18
A3-23373457E/6100052N235/-4513.2015.452.252.29
and22.5023.501.004.06
note: true widths are currently estimated at 85-100% of drilled widths

The Phase 1 drilling (15 holes for 3,350 meters) to confirm historical (pre NI 43-101) gold resources at the past-producing Puffy Lake mine has recently been completed and assay results on six remaining holes are pending. The Phase 2 program has commenced and includes 32 planned drill holes for a total of 1,600 meters to test the potential of shallow open pit mining of the mineralized vein system. Eight holes totaling 326 meters from the Phase 2 program are reported here and assays are pending on a number of additional holes.

A plan section showing the location of the diamond drill holes in relation to historical reserve blocks is available on the Company's website at www.aurigagold.ca.

About Auriga Gold

Auriga Gold Corp. is a Canadian mine development and exploration company with an experienced team focused on expanding gold resources and developing the combined Puffy Lake and Nokomis properties (the "Maverick Gold Project"). The Company plans to upgrade and expand the historic resources at the Maverick Gold Project 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 130 metres depth, is road accessible and close to existing mining infrastructure. In 1993, Kilborn Engineering Pacific Ltd. estimated that the property contained probable resources of 1,346,200 tonnes of mineralization @ 8.57 g/t Au and possible resources of 833,700 tonnes @ 7.15 g/t Au. The resource was estimated as part of a 1993 feasibility study prepared for Pioneer Metals and uses a cut-off grade of 3.5 g/t Au and a minimum mining width of 1.2 metres. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba.

NI 43-101: A qualified person has not done sufficient work to verify the historical resource estimates at Puffy Lake and Nokomis. These historic estimates predate NI 43-101, are not compliant with current definitions, have not been verified by the company and consequently should not be relied on by investors. The historical estimates are provided as an indication of historically reported estimates.

Qualified Person

The Company's Qualified Person ("QP") for the drill program at the Maverick Gold Project is Bruce Mackie, P.Geo. As QP, Mr. Mackie has prepared or supervised the preparation of the scientific or technical information for the property and has verified the data disclosed in this press release.

Sample Preparation, Analyses and Security

The assay and sample information as well as geological descriptions are taken from drill logs as prepared by the project geologists for the drill program. All drill cores are NQTW in size and assays are completed on split or sawed half-cores, with the second half of the core kept for future reference. The samples are put into rice bags which are sealed with security locks for shipping directly to Accurassay Laboratories, an accredited assay laboratory, in Thunder Bay, Ontario. The samples are analysed using standard fire assay procedures with an AA/ICP finish, using 50g aliquots. Assay results greater than 2.50 gram per tonne will be rerun using a gravimetric finish. In addition to the standard quality control of the laboratory, a series of blanks and standards are inserted in every shipment for quality control purposes.

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable.

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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