Auryx Gold Corp.

Auryx Gold Corp.

October 27, 2011 11:38 ET

Auryx Gold Announces Filing of NI 43-101 Preliminary Economic Assessment

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - Auryx Gold Corp. ("Auryx" or the "Company") (TSX:AYX)(NSX:AYX) is pleased to announce the filing on SEDAR of its NI 43-101 Preliminary Economic Assessment on the Otjikoto Project prepared by SRK Consulting (South Africa) Pty Ltd. dated October 25, 2011 and entitled "Otjikoto Gold Project NI 43-101 Technical Report Preliminary Economic Assessment (the "Technical Report"). Details of the Technical Report were initially disclosed in the Company's September 12, 2011 press release.

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 300 km 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 southwest Africa, Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions. On October 11, 2011, Auryx announced the signing of a binding agreement with B2Gold Corp. to combine the two companies. The agreement is subject to the approval of Auryx shareholders, who are to vote at the Annual and Special Meeting to be held in December, 2011.

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 is based on Auryx Gold'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 conversion of inferred mineral resource estimates to indicated mineral resource estimates based on drilling results, ability to successfully add resources "in-pit", successful growth of the resource along strike at Otjikoto; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold's inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of 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; 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 Gold 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

  • Auryx Gold Corp.
    Andisheh Beiki
    Investor Relations
    +1 (416) 361-2213 or Mobile: +1 (647) 968-1920