Auryx Gold Corp.
TSX : AYX

Auryx Gold Corp.

August 11, 2011 08:30 ET

Auryx Gold Accelerates Delivery of a Preliminary Economic Assessment for the Otjikoto Gold Project, Namibia

TORONTO, ONTARIO--(Marketwire - Aug. 11, 2011) - Auryx Gold Corp. ("Auryx" or the "Company") (TSX:AYX)(NSX:AYX) is pleased to announce the anticipated accelerated delivery of the Preliminary Economic Assessment ("PEA") on the Otjikoto gold project by October 2011. On July 13th, Auryx advised that an updated resource would be completed in Q1 of 2012, and the resulting PEA, based on that new resource, was expected in Q2 of 2012. Notwithstanding, the Company has been evaluating options to materially advance the delivery of the PEA. Taking advantage of changes in NI 43-101 that allow for multiple PEAs per individual project, the Company has decided to proceed with the economic assessment for Otjikoto based on the current resource, which was completed in February 2011.

SRK of Johannesburg has been selected to act as the "qualified person" for the report for purposes of National Instrument 43-101 of the Canadian securities regulators ("NI 43-101"). The PEA will be based on technical studies completed by Auryx consultants.

Tim Searcy, CEO of Auryx Gold stated: "One of the defining characteristics of the Otjikoto Gold Project has always been the very high level of technical studies and development work that has already been completed on the project, albeit not to NI 43-101 standards. We are very pleased to now have the opportunity to demonstrate the economic potential of the project by way of an independent, economic assessment."

About Auryx Gold Corp.

Auryx Gold Corp. (TSX:AYX)(NSX:AYX) is a Canadian, growth-focused resource company engaged in the acquisition and exploration of gold projects in Namibia. The Company is currently advancing the Otjikoto gold deposit, located 300km north of Namibia's capital city, Windhoek. By virtue of its location, the project benefits significantly from Namibia's well established infrastructure with paved highways, a railway, power grids, and the water grid all close by. Located in the western part of southern Africa, Namibia is lauded as one of the continent's most politically and socially stable jurisdictions.

On behalf of the Board of Directors,

Tim Searcy, P.Geo., Chief Executive Officer

Cautionary Notes

Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which include management's assessment of Auryx's future plans and operations and are based on Auryx's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These risks and uncertainties include, but are not limited to: successful completion of the proposed PEA and exploration and development programs referred to herein; the actual results of current and future exploration and development activities, liabilities inherent in exploration, mine development and production; geological, mining and processing technical problems; Auryx's inability to obtain required licenses, permits and regulatory approvals required in connection with exploration, mining and mineral processing operations; competition for, among other things, capital, acquisitions of resources, reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; the availability of financing, and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Auryx undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

Contact Information