TORONTO, ONTARIO — (Marketwire) — 07/29/11 — Auriga Gold Corp. (TSX VENTURE: AIA) („Auriga Gold“ or the „Company“) today reports the release of its Management-s Discussion and Analysis („MD&A“) and Financial Statements („Financials“) for the year-ended March 31, 2011.
The MD&A and Financials are available at SEDAR at or on the Company-s website at . These documents can also be obtained from application to the Company.
Financial and Operating Highlights for the Fiscal Year ended March 31, 2011
Auriga Gold-s CEO, Richard Sutcliffe, stated, „This past year, we have been laying the ground work for a fast start-up to production at the Maverick Gold property, near Flin Flon, Manitoba. Our initial NI43-101 resource estimate for the Puffy Lake Deposit at Maverick Gold will be released in early August. Drilling has resumed on the property to test additional historical resources and gold showings that occur on the major 20 kilometer long gold bearing trend on our property that includes both the Puffy Lake Deposit and the Nokomis deposit.“
Outlook
The acquisition of the Puffy Lake property positions Auriga Gold as a new Canadian company focused on gold resource expansion, near-term production, and project acquisition in the Flin Flon greenstone belt and adjacent areas of central Canada. The Company has been acquiring assets in Manitoba and Saskatchewan over the past year. Management considers that these provinces currently offer a particularly favourable environment for mineral exploration and development. The Company intends to acquire quality advanced projects with defined resources in central Canada. The Company-s management has a proven record of discovery, resource expansion permitting and developing projects through to production.
Auriga Gold has combined its exploration and development activity of the Puffy Lake Property and Nokomis Property as the Maverick Gold Project. The Company has completed the first phase drilling program at the Maverick Gold Project to confirm the historical (pre-NI 43-101) gold resources at the Maverick Gold project, complete a NI43-101 resource estimate and form the basis for a preliminary economic assessment. P & E Mining Consultants Ltd. have been engaged to complete the NI43-101 resource estimate and results are anticipated at the beginning of the Company-s second quarter. The Puffy Lake property contains an historical gold resource, 1,000 tonne per day flotation concentrator for processing gold ores, a ramp developed to 130 meters depth and related mining infrastructure. These assets will potentially enable the Company to rapidly advance the project to production. The Company has reactivated environmental baseline studies and is in the process of developing a plan to initiate dewatering of the ramp at the Puffy Lake Mine. The Company resumed drilling at the Puffy lake deposit in July with the objective of expanding the known resource.
About Auriga Gold Corp.
Auriga Gold is a Canadian mine development and exploration company with an experienced team focused on expanding gold resources and developing the combined Puffy Lake and Nokomis properties (the „Maverick Gold Project“). The Company plans to upgrade and expand the historic resources at the Maverick Gold Project and bring the Puffy Lake Mine back into production.
Certain information regarding the Company including management-s assessment of future plans and operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. This press release is not and is not to be construed as an offer to buy or sell securities in the United States.
Neither 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.
Contacts: Auriga Gold Corp. Dr. Richard H. Sutcliffe President and CEO 416-214-2785
Auriga Gold Corp. Alison Tullis Manager, Investor Relations 416-214-2785
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