Auryx Gold Corp.
TSX : AYX

Auryx Gold Corp.

November 01, 2011 08:00 ET

Auryx Gold Releases Results of Exploration and Infill Drilling From Central and East Zones at the Otjikoto Gold Project in Namibia

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - Auryx Gold Corp. ("Auryx" or the "Company") (TSX:AYX)(NSX:AYX) is pleased to announce assay results from 34 diamond drill ("DD") and 7 reverse circulation ("RC") holes in the central and eastern region of the current modeled pit at the Otjikoto gold project in Namibia. These holes combine with previously drilled holes to define the Central shoot and East 1 Shoot. Please follow the link for the relative locations of the shoots and the drill holes reported below: http://auryxgold.com/projects/otjikoto_drill_program/plan_views/nov_2011/

All holes drilled on the Central shoot are located "in-pit". Exploration holes (OT) have been drilled into waste blocks or exploration targets with the purpose of discovering new zones of mineralization or extending known zones, whereas infill drilling (TC holes) is done to convert the 43-101 resource estimate from inferred to indicated in certain regions. Highlights from the results include 4 m of 6.21 g/t Au, 17 m of 1.45 g/t Au, 23m of 1.57 g/t Au, 23m of 1.29 g/t Au and 33 m of 0.80 g/t Au.

Auryx's CEO, Mr. Searcy comments: "Drill results from the Central Shoot have been successful in extending the shoot downplunge to the south and could positively impact on the ultimate pit design. Drilling to the east in the East 1 Shoot and further along line 7200 demonstrate that the mineralization at Otjikoto is much more extensive than previously demonstrated. Ongoing work continues to improve the geologic model which should positively impact resource growth and the economic potential of Otjikoto."

Drill Results

Table 1: Otjikoto Drilling Results 1 November 2011 – Central Shoot

Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
TC87 153 155 2 2.65 1.8
including 153 154 1 4.84 0.9
185 187 2 1.28 1.8
189 192 3 0.8 2.7
244 247 3 0.77 2.7
TC88 70 73 3 0.55 2.7
194 196 2 1.65 1.8
including 195 196 1 2.56 0.9
TC108 116 117 1 1.62 0.9
TC109 43 45 2 2.65 1.8
66 67 1 1.16 0.9
113 114 1 2.39 0.9
188 191 3 1.95 2.7
including 190 191 1 3.06 0.9
195 199 4 6.21 3.6
including 196 197 1 23.39 0.9
215 219 4 0.54 3.6
234 237 3 1.72 2.7
including 234 236 2 2.33 1.8
TC128 137 139 2 0.68 1.8
169 177 9 1.19 8.1
including 173 174 1 3.14 0.9
and 176 177 1 3.11 0.9
TC129 176 188 12 0.68 10.8
including 186 187 1 2.13 0.9

Table 2: Otjikoto Drilling Results 1 November 2011 – East 1 Shoot

Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
TC113 149 154 5 1.06 4.5
including 149 150 1 3.4 0.9
167 168 1 1.53 0.9
171 178 7 0.74 6.3
including 175 176 1 2.01 0.9
183 202 19 0.66 17.1
including 198 201 3 1.61 2.7
TC114 183 184 1 1.22 0.9
187 199 12 0.56 10.8
206 219 13 0.71 11.7
222 226 4 0.73 3.6
230 231 1 1.4 0.9
TC115 134 135 1 1.21 0.9
214 229 15 0.75 13.5
including 226 227 1 2.16 0.9
and 228 229 1 1.97 0.9
231 251 20 0.61 18.0
TC116 81 82 1 0.95 0.9
113 114 1 4.36 0.9
148 149 1 2.19 0.9
235 239 4 0.81 3.6
245 246 1 2.22 0.9
249 254 5 0.62 4.5
260 267 7 0.71 6.3
TC117 150 154 4 1.00 3.6
including 152 153 1 2.12 0.9
156 160 4 0.62 3.6
163 166 3 0.78 2.7
169 183 14 0.55 12.6
TC118 142 144 2 1.09 1.8
154 155 1 1.05 0.9
174 207 33 0.80 29.7
including 177 178 1 1.84 0.9
and 180 182 2 2.11 1.8
and 204 205 1 2.36 0.9
TC120 45 46 1 2.09 0.9
143 160 17 0.65 15.3
including 151 153 2 1.59 1.8
163 165 2 0.63 1.8
168 176 8 0.57 7.2
TC121 132 133 1 1.18 0.9
138 144 6 0.64 5.4
including 140 141 1 2.03 0.9
165 167 2 1.18 1.8
170 178 8 0.98 7.2
including 172 173 1 2.23 0.9
and 176 178 2 1.71 1.8
182 200 18 0.78 16.2
including 184 185 1 2.31 0.9
and 189 190 1 1.65 0.9
OT224 123 124 1 4.64 0.9
177 179 2 1.22 1.8
190 197 7 0.57 6.3
202 216 14 0.49 12.6
220 229 9 0.62 8.1
OT225 242 252 10 0.88 9.0
including 244 247 3 1.59 2.7
and 251 252 1 1.61 0.9
258 264 6 0.64 5.4
267 273 6 1.75 5.4
including 269 270 1 4.65 0.9
and 271 273 2 2.02 1.8
OT226 133 134 1 1.11 0.9
177 180 3 0.6 2.7
197 202 5 0.7 4.5
205 206 1 1.03 0.9
227 233 6 0.59 5.4
237 239 2 0.65 1.8
OT232 224 227 3 0.8 2.7
including 226 227 1 1.63 0.9
237 238 1 0.93 0.9
242 245 3 0.7 2.7
249 252 3 0.84 2.7
278 279 1 1.08 0.9
298 312 14 0.57 12.6
OT233 282 285 3 0.46 2.7
309 312 3 0.51 2.7
318 324 6 0.78 5.4
including 323 324 1 1.83 0.9
329 332 3 0.61 2.7
341 349 8 0.95 7.2
351 353 2 0.58 1.8
OT234 76 78 2 0.62 1.8
244 245 1 1.18 0.9
256 258 2 0.69 1.8
OT235 31 32 1 2.48 0.9
201 204 3 1.43 2.7
207 208 1 1.96 0.9
217 224 7 0.52 6.3
227 229 2 0.94 1.8
OT236 196 197 1 1.19 0.9
182 190 8 0.85 7.2
OT237 108 109 1 2.15 0.9
111 113 2 0.81 1.8
138 141 3 1.67 2.7
including 140 141 1 4.29 0.9
159 164 5 0.57 4.5
170 175 5 0.64 4.5
OT238 144 146 2 0.48 1.8
151 155 4 0.74 3.6
OT239 227 228 1 2.52 0.9
245 250 5 0.55 4.5
254 277 23 1.29 20.7
including 275 276 1 16.05 0.9
285 290 5 0.88 4.5
including 285 286 1 1.97 0.9
OT240 267 269 2 1.11 1.8
298 300 2 1.68 1.8
305 306 1 1.21 0.9
OT248 122 124 2 0.7 1.8
175 176 1 1.10 0.9
261 264 3 1.43 2.7
including 263 264 1 2.85 0.9
274 281 7 0.60 6.3
287 291 4 0.58 3.6
OT249 196 200 4 0.40 3.6
232 236 4 1.17 3.6
243 244 1 3.31 0.9
248 250 2 0.55 1.8

Table 3: Otjikoto Drilling Results 1 November 2011 – Line 7200

Hole ID From To Intercept Grade True Thickness
(m) (m) (m) (g/t) (m)
OTR263 14 15 1 1.05 0.9
21 25 4 0.52 3.6
32 33 1 1.22 0.9
36 37 1 2.38 0.9
54 57 3 0.53 2.7
OTR264 27 41 14 1.39 12.6
including 33 34 1 12.6 0.9
OTR265 10 11 1 1.19 0.9
25 27 2 0.61 1.8
37 40 3 3.75 2.7
45 46 1 1.05 0.9
73 75 2 0.7 1.8
OTR277 24 25 1 1.12 0.9
43 60 17 1.45 15.3
including 45 47 2 5.08 1.8
OTR278 47 70 23 1.57 20.7
including 56 58 2 7.47 1.8
and 62 63 1 3.47 0.9
96 99 3 0.80 2.7
OTR279 52 56 4 1.05 3.6
63 67 4 0.61 3.6
71 87 16 0.68 14.4
104 107 3 0.68 2.7
OTR280 51 52 1 1.21 0.9
76 77 1 13.1 0.9
83 101 18 0.80 16.2
including 83 84 1 3.72 0.9
OT216 272 275 3 0.67 2.7
287 289 2 0.82 1.8
OT217 186 191 5 1.19 4.5
including 186 187 1 3.47 0.9
383 386 3 0.52 2.7
OT219 248 250 2 0.78 1.8
306 307 1 0.97 0.9
315 318 3 0.46 2.7
OT228 287 290 3 0.51 2.7
296 297 1 1.41 0.9
313 317 4 0.44 3.6
320 323 3 0.45 2.7
OT229 274 276 2 0.63 1.8
352 354 2 0.60 1.8
361 365 4 0.49 3.6
OT230 212 213 1 2 0.9
366 369 3 0.56 2.7

Drilling is ongoing at Otjikoto with 5 DD rigs and 1 RC rig on site. Since taking over the project and as of 20 October, 2011, Auryx has drilled 192 DD holes for 46,700 m and 90 RC holes for 8,640 m at Otjikoto. As of today, results from 89 DD and 71 RC holes have been released. The location of all holes drilled at Otjikoto can be viewed on a drill hole map in plan view at:
http://auryxgold.com/projects/otjikoto_drill_program/plan_views/nov_2011/.

Quality Assurance/Quality Control

Auryx's QA/QC procedures provide several measures of data quality and assure the Company that the assay data is representative of the original sample. For a detailed description of QA/QC procedures please see the Auryx Gold press release dated 12 May 2011 or the NI 43-101 Technical Report by SRK Consulting (South Africa) Pty Ltd. dated 31 March 2010, available at www.sedar.com.

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.

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.

Contact Information