Auryx Gold Corp.
TSX : AYX

Auryx Gold Corp.

October 08, 2010 10:59 ET

Auryx Gold Corp. Announces Updates at the Otjikoto Gold Project and its Namibian Subsidiary

TORONTO, ONTARIO--(Marketwire - Oct. 8, 2010) - Auryx Gold Corp. ("Auryx" or the "Company") (TSX:AYX) is pleased to provide the following corporate updates:

Additional Drill Rigs Added at the Otjikoto Gold Project

An additional diamond drill rig and a reverse circulation ("RC") drill rig were mobilized to the Otjikoto Gold Project ("Otjikoto" or the "Project") in mid-September. A total of three drill rigs are currently turning on site as part of the Company's 12-month, 25,000 m, drill program that commenced in July 2010 (see press release dated 26 August 2010). The drill program is focused entirely on exploration with plans for up to 15,000 m (~60 drill holes) of diamond drilling and up to 10,000 m (~120 holes) of RC drilling.

Approximately 85% of the drilling is planned to be within 1 km of the known resources, as published in the NI 43-101 report by SRK in August 2009, with the remainder testing earlier stage targets further afield. SRK's NI 43-101 report on Otijkoto is available on SEDAR at www.sedar.com.

Extension of Exclusive Prospecting Licence ("EPL")

The Namibian Ministry of Mines and Energy has approved the Company's application to renew 54,125 ha of EPL 2410 with a new expiration date of 14 September 2012. EPL 2410 is the Company's main licence and contains the entire Otjikoto gold project and its associated NI 43-101 compliant resource.

The company also announces that it has allowed EPL 2417 to expire as it was deemed to be non-core. Auryx still has four EPL's at Otjikoto for more than 260,000 ha. This equates to more than 120 km of favourable strike.

New Member Added to Auryx Gold Namibia (Pty) Ltd's Board of Directors

Mr. Willie Viviers has joined the Board of Directors of Auryx's subsidiary, Auryx Gold Namibia (Pty) Ltd. ("AGNL"). AGNL is Auryx operating subsidiary in Namibia and holds Auryx 92% interest in Otjikoto. Mr. Viviers will be serving in the role of Financial Director for AGNL.

Mr. Viviers, CA (SA), served for 13 years as a partner with PricewaterhouseCoopers specializing in corporate governance and risk management services. He has also served as a strategic consultant to a number of companies and as a CFO of a private export business. In November 2009, he joined the Bright Equity, a Cape Town based private equity group and a founding shareholder of Auryx Gold Corp. which has seconded Mr. Viviers to the Project.

About Auryx Gold Corp.

Auryx Gold Corp. (TSX: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 southwest Africa, Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions.

On behalf of the Board of Directors

Tim Searcy, P.Geo. President

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 Gold future plans and operations and are based on Auryx Gold 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 transactions referred to herein; the satisfaction of the Escrow Release Conditions; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold 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.

Qualified Person Statement.

Tim Searcy, PGeo, Auryx Gold's President, is a Qualified Person as defined under National Instrument 43 -101. Mr. Searcy has reviewed and approved of all of the technical disclosure in this document.

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