Minister of Mines Advises That Existing Licences Not to Be Affected
TORONTO, ONTARIO -- (Marketwire) -- 04/29/11 -- Auryx Gold Corp. ('Auryx' or the 'Company') (TSX: AYX)(NSX: AYX) notes recent market commentary regarding statements made by the Minister of Mines in Namibia concerning the involvement of the state owned mining company, Epangelo Mining (Pty) Ltd, on specific strategic minerals, including gold.
The Minister has since advised the Chamber of Mines of Namibia that his speech does not affect existing Exclusive Prospecting Licences ('EPLs'), Mining Licences ('MLs'), and Mineral Deposit Retention Licences ('MDRLs').
Auryx Gold's Otjikoto Gold deposit is located within EPL 2410 which was recently renewed for a period of two years, as of 15 September 2010. EPL 2410 consists of more than 54,000 ha which hosts 40 km of favourable strike. Of that 40 km, only the 3 km which hosts Otjikoto has been significantly tested. The company has a further 360,000 ha of current EPLs within Namibia.
On behalf of the Board of Directors,
Tim Searcy, P.Geo., CEO
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 Goldcurrent 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.
Contacts:
Auryx Gold Corp.
Direct: 1 (416) 361-5996
info@auryxgold.com