TORONTO, ONTARIO--(Marketwire - July 5, 2011) - Augen Gold Corp. (TSX VENTURE:GLD) is pleased to announce that it now has a 3D model of its Jerome Mine area deposit, available on the home page of its website, and that it has, as well, posted two new maps on the North Shore Trend to its blog at www.augengold.wordpress.com and its website at www.augengold.ca.
The 3D model provides the first graphical depiction of the resource at Jerome. The maps, entitled 'GLD North Shore Mag with DDH (west)' and 'GLD North Shore Mag with DDG (east)', outline the in-process and completed drill holes on the North Shore of Lake Opeepeesway. Held side by side, the two maps clearly show the strong east-west anomalies that have guided the Company's drilling to date on the North Shore.
"These developments highlight the speed at which we are building our understanding of the overall GLD deposit," said J. David Mason, President and CEO of Augen Gold Corp. "The 3D model is a tremendous advance; for the first time we can begin to visualize how our deposit at Jerome is shaped. The maps of the North Shore enable stakeholders to track GLD's drilling and assaying with real immediacy. We are extremely pleased with the progress of our geological team, both in-house and independent."
Providing the background data for the 3D model is the preliminary resource summary for the Jerome Mine area, the final element of the anticipated 43-101-compliant report on Jerome. The 43-101, now in draft, will be published shortly.
Further to the Company's release dated June 23, 2011, the 250,000 options assigned to Pinnacle Capital Markets are priced at $0.485, have a term of five years and will vest 1/3 on each of the first, second, and third anniversaries of the date of grant, being 28 June, 2011.
Follow our blog at www.augengold.wordpress.com, and follow us on www.twitter.com (#augengoldcorp).
About Augen Gold
Augen Gold is a gold exploration company with 23,685 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine. The claims cover a 45-kilometre long section of the Ridout Deformation Zone, believed to be the western extension of the Kirkland Lake/Larder Lake Break. The geological setting is comparable to the major gold camps of Timmins and Kirkland Lake, and the claims contain numerous gold showings that have received very little historical exploration. Augen Gold is the first company to have assembled such a coherent ground position. Augen Gold has performed a detailed airborne geophysical survey over the whole area, and its sampling program has confirmed the historically reported gold values. The correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. The Company's objectives are to aggressively explore the gold showings that correlate with geophysical anomalies, continue resource definition at the Jerome Mine, and to expand its property portfolio with highly prospective mineral assets.
The information contained in this news release has been prepared by Augen Gold's Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person for the Company's Jerome Project under the definitions established by National Instrument 43-101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the target being delineated as a mineral resource.
For more information on the South Swayze Project, please refer to the Company's NI 43-101 compliant technical report "Amended and Restated Technical Report on the Augen Gold Corp. Claims, Porcupine Mining Division, District of Sudbury, Ontario, Canada" (effective April 8, 2008, available on the Company's profile at www.sedar.com).
For more information on Augen Gold, visit our website at www.augengold.ca.
The Company's documents may also be accessed at www.sedar.com.
This news release contains forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares outstanding: 127,691,347Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.