Aurion Resources Ltd.
TSX VENTURE : AU

March 21, 2011 08:00 ET

Aurion Acquires Two Nevada Gold Properties

ST. JOHN'S, NEWFOUNDLAND--(Marketwire - March 21, 2011) - Aurion Resources Ltd. ("Aurion") (TSX VENTURE:AU) is pleased to report that it has acquired two new gold properties in Nevada, both of which are prospective for Carlin-type gold deposits. 

Bull Property

The Bull property is located in east-central Nevada, approximately 30 km southeast of Eureka, on the southern extension of the prolific Battle Mountain-Eureka Trend, approximately 6 km east of Midway Gold's Pan gold deposit.

The property hosts several small outcrops of gold-bearing jasperoid in a shallow pediment at the contact between the Joanna Limestone and Chainman Shale. In 1992, BHP drilled 7 shallow reverse circulation holes. The best intercept was 3 m of 2.05 g/t Au within a 9.15 m intercept grading 1.15 g/t Au starting at approximately 15 m below the surface. Gold mineralization is associated with low silver, high antimony, arsenic and mercury values typical of the geochemical signature in Carlin-style mineral deposits. The area characterized by shallow cover amenable to surface geochemistry and geophysics.

Aurion signed an agreement with a private company, Genesis Gold Corp. ("Genesis"), whereby Aurion has an option to purchase a 100% interest in 16 unpatented claims, subject to a 2% NSR, by making annual cash payments starting at US$10,000 (paid) increasing to a maximum US$125,000 beginning in year 6. The option to purchase can be executed at any time by making a one-time US$3 million cash payment less any payments already made. Aurion also staked an additional 283 claims covering prospective geology surrounding these claims.

Quinn Property

The Quinn property is located in Nye County, southeastern Nevada, approximately 150 km SE of Eureka. 

The property hosts several gold-bearing oxidized jasperoids within silty carbonate rocks of the Pogonip Group. In the eastern portion of the Quinn property these jasperoids comprise a 3 kilometer long trend alongthe contact between the Pogonip sedimentary rocks and altered Tertiary volcanic rocks. Primary targets are Carlin-type stratabound gold deposits in the permissive carbonate stratigraphy and cross-cutting silicified structures. Anomalous gold values ranging from nil to 2.36 g/t Au as well as highly anomalous As, Sb, Ba, Tl, Te, and Se are associated with the jasperoids.

Aurion signed an agreement with Genesis, whereby Aurion has an option to purchase a 100% interest in 10 unpatented claims, subject to a 2% NSR, by making annual cash payments starting at US$10,000 (paid) increasing to a maximum US$125,000 beginning in year 6. The option to purchase can be executed at any time by making a one-time US$3 million cash payment less any payments already made. Aurion also staked an additional 248 claims covering prospective geology surrounding these claims.

"We are very pleased to have acquired these early stage, high quality exploration opportunities in one of the worlds most well-endowed and gold mining friendly jurisdictions, commented Mike Basha, President and CEO of Aurion, "moreover, this adds significantly to our property portfolio and augments the Logan Pass Property acquisition in southeastern Nevada. We intend to complete compilation, initial geological mapping and geochemical sampling to advance these to the joint venture stage asap".

Aurion also wishes to report that in accordance with its stock option plan it has issued 1,250,000 stock options priced at $0.55 to directors, officers and employees of the corporation.

About Aurion

Aurion is focused on early stage precious metals exploration in the Mexico, USA, and Canada. Its strategy is to advance its projects to a stage which will attract potential joint venture partners. Aurion recently optioned its La Bandera Gold project in Mexico to Gammon Gold which will see Gammon spend a minimum $1 million in exploration this year. Aurion continues to evaluate other gold-silver projects for acquisition in Mexico, Nevada and globally.

About Genesis

Genesis Gold Corporation is a private gold exploration company operating principally in Nevada. The Company has an experienced team with a strong background in the acquisition and exploration of precious metal mining projects. Genesis controls a 100% interest in several gold projects strategically located along or near Nevada's most productive gold trends.

Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of this release. 

Forward-Looking Statement

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Companies' current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Aurion is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

On behalf of the Board,

Mike Basha, President & CEO

Neither the 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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