Aurogin Resources Ltd.

Aurogin Resources Ltd.

November 24, 2006 19:38 ET

Aurogin Clarifies Disclosure

TORONTO, ONTARIO--(CCNMatthews - Nov. 24, 2006) - Aurogin Resources Ltd. ("Aurogin" or the "Company") (TSX VENTURE:AUQ) is issuing the following press release to clarify its disclosure as a result of a recent technical review by the Ontario Securities Commission. Aurogin has not filed an independent technical report documenting the economic viability of the El Sastre Main Zone in support of its production decision announced in April 2006. However, the Company has completed in-house engineering studies and an updated independent National Instrument ("NI") 43-101 technical report on the El Sastre project will be filed within 45 days.

Aurogin's Engineering Study

In order to provide full disclosure of the current status and various parameters of the in-house engineering studies on the El Sastre Main Zone, the Company is providing the following detail:

Investors are cautioned that the following engineering study parameters and outcomes have not been prepared, reviewed or verified by an independent qualified person as required by NI 43-101.

The Company has developed the El Sastre Main Zone as an open pit (truck and shovel) heap leach operation. The first lift on the leach pad (20,000 tonnes) has been placed and leached. Carbon stripping and dore production (at a custom facility in the U.S.) will be carried out over the next few weeks. Plans call for mining 300,000 tonnes of indicated resources grading 2.5 to 4 grams/tonne gold ("g/t Au") which should produce 20,000 to 30,000 ounces of gold in 2007 based on metallurgical recovery of 80%. The company does not have any forward sales contracts and intends to sell gold in the open market. All permits including environmental, operating and exporting are in place and a reclamation bond has been posted. Operating costs will include a 1% royalty applicable under Guatemalan mining law. The Company can elect annually to have income taxes applied as either 30% of net income or 5% of revenue. The Company's Guatemalan subsidiary has elected 5% of revenue for 2006 and expects to maintain this election for 2007. Based upon a $550 gold price, the payback period is expected to be less than one year.

The Company's in-house engineering studies provided the following information:

Capital Budget

General site work $16,000
Pads 1,059,000
Ditches, ponds and piping 78,000
Recovery plant 925,000
Foundations and pumping 39,000
Support Facilities 120,000
Infrastructure 165,000
Engineering & Contingency 300,000

Total US$ US$ 2,702,000 (see Footnote (1))

Footnote (1): actual capital cost was approximately US$ 1.7 million

Operating Cost
Estimate (US$/tonne)

Mining Cost 5.61

Processing Cost 2.73

General & Admin 1.74

Total 10.08

US$ 177 per ounce

Note: Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mineral Resources

Aurogin has made disclosure of mineral resource estimates on the El Sastre Project which are not in compliance with NI 43-101. The Company wishes to clarify its mineral resource estimate by providing the following:

Resource Estimate for the El Sastre Project, Guatemala

Zone Name Cut-off Category Tonnes Grade Contained
Grade (g/t Au) (g/t Au) Au (oz)

El Sastre Main(1) 1.0 Indicated 370,000 4.10 49,251
1.0 Inferred 1,165,000 3.10 117,265

Lupita(2) 0.5 Inferred 13,000,000 1.24 518,000

1) El Sastre Main mineral resource estimate is from Aurogin's technical report on the El Sastre Project, Guatemala by T. Olsen (P.Geo.) and J. Paterson (P.Eng.) dated March 23, 2005. T. Olsen is the independent qualified person as defined by NI 43-101.

2) Lupita mineral resource estimate is from Aurogin's technical report on the Lupita and Bridge Properties, Guatemala dated February 8, 2006 by N. Gow (P.Geo.) who was an independent qualified person as defined by NI 43-101.

Potential Target

On Aurogin's website and in its corporate presentation and press releases, it has made disclosure regarding a potential resource target of more than one million ounces of gold on the El Sastre project which does not conform to NI 43-101. The Company maintains this view; however, it is also necessary to disclose tonnes and grade anticipated with such a resource. To clarify, the one million ounces of gold targeted on the El Sastre project would likely be contained in 15 to 20 million tonnes grading 1.5 to 2.5 g/t Au. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define the mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource. The potential target has been determined based on previous drilling and trenching results.

Economic Potential of the Lupita Property

In Aurogin's press release of February 24, 2006 it states: "With the Lupita resource estimate, we have quadrupled the 43-101 gold resources at the El Sastre Project, and are well on our way to defining our target of one million ounces of gold in the four known Zones. We are very excited about Lupita's economic potential. Given its extremely low strip ratio and its proximity to El Sastre, mining costs are expected to be very low."

These statements implying the economic potential and low mining costs of the Lupita property are potentially misleading given that they are based on a mineral resource estimate and derived through limited work. As a result, the Company retracts its statements regarding the economic potential of the Lupita property, as there has been no technical report filed to support such statements.

The information contained in this press release has been reviewed and approved by Darren Koningen, P.Eng., Vice President, Engineering for the Company, a qualified person as defined by NI 43-101.

Aurogin Resources Ltd. is an emerging gold producer focused on the acquisition and development of profitable gold deposits in the Americas. Aurogin's El Sastre Project in Guatemala, now in production, is an expanding resource that includes at least four mineralized zones. Management aims to define a resource approaching one million ounces of gold (hosted in 15 to 20 million tonnes grading 1.5 to 2.5 g/t Au).

Aurogin Resources Ltd.

Listed: AUQ: TSX-V

Issued: 61,842,721 common shares


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