AURYX GOLD SURFACE RIGHTS ACQUISITION AND DRILLING UPDATE FOR THE OTJIKOTO GOLD PROJECT IN NAMIBIA

TORONTO, Feb. 1 /CNW/ - Auryx Gold Corp. ("Auryx" or the "Company") (TSX: AYX, NSX: AYX) is pleased to provide an update on three items from the Otjkoto gold project: the fulfillment of the final conditions of the surface rights acquisition agreement, the results from the ongoing drill program, and results from the calcrete sampling program.

Surface Rights to the Otjikoto Gold Project
Auryx recently received the second of two waivers from the Namibian Government that are required in order for a foreign company to purchase farm/ranch land in Namibia.  This waiver completes the conditions precedent to the surface rights acquisition.  Auryx has agreed to purchase the surface rights to a land package of more than 14,700 ha surrounding the Otjikoto gold deposit and the entire 10km long geophysical anomaly with which it is associated.  The Company is currently undertaking work via a surface rights access agreement that expires in June of 2012.  The acquisition of the surface rights provides the Company with unhindered access to the ground for exploration and it is an essential step for the eventual development of the project.

Auryx's President, Mr. Searcy comments: "The receipt of the second waiver, allowing Auryx to acquire the surface rights will give the Company unhindered access to distant targets along strike from Otjikoto that have only received limited testing in the past.  This is important because the exploration program continues to intercept gold mineralization at the edge of the resource and in wide step-out holes further afield.  This is a strong indication that Otjikoto might be part of a significantly larger system."

Drill Results

Table 1: Otjikoto Drilling Results 01 February 2011


Hole ID
 
From

To

Intercept

Grade
True
Thickness
    (m) (m) (m) (g/t) (m)
OTR 268   54 59 5 0.64 4.5
OTR 272   24 29 5 0.65 4.5
OTR 273   81 84 3 0.48 2.7
OTR 282   104 106 3 0.89 2.7
 and   115 138 23 0.57 20.7
 including   134 138 4 1.40 3.6
GTR 50     no significant intercepts  
GTR 51   32 35 3 1.34 2.7
 and   45 49 4 0.71 3.6
GTR 52   36 59 23 0.61 20.7
GTR 53   69 72 3 0.90 2.7
GTR 54   38 41 3 2.94 2.7
 and   69 72 3 0.69 2.7
GTR 67   50 51 1 1.69 0.9
GTR 68   58 60 2 0.49 1.8
GTR69   54 61 7 0.82 6.3
GTR70   34 36 2 0.45 1.8
and   77 79 2 0.49 1.8
OT 205   259 268 9 0.55 6.3
    304 307 3 0.43 2.7
OT 207   223 232 9 0.43 8.1
 and   251 261 10 0.54 9.0
WH 17   243 247 4 0.97 3.6

The locations of these holes in relation to previous drilling can be found at http://auryxgold.com/_resources/imgs-jan-31-11/Holes-Released-Feb-2011-PR.pdf. The OTR holes (268, 272, 273, & 282) are all situated to the SW corner of the resource.  Holes 268, 272, and 273 intercepted envelop style mineralization.  Hole 282 intercepted shoot styled mineralization, but with lower grades than usual for shoots.

The GTR holes (50 - 54, 67, & 68) all come from a shallow zone, the Magnetite Zone, located 300m to 600m south of the Otjikoto resource.  The zone has been drilled previously, on wider spacing, and it is has not been included in any resource estimate on the project.  The results demonstrate a consistent grade and thickness with only one hole returning no intercepts. 

The three diamond drill holes, OT 205, OT 207, and WH17, all tested different areas.  OT 205 was drilled on the southeastern edge of the resource and OT 207 was drilled 200m southwest of the resource both holes intercepted envelop style mineralization.  WH17 was drilled 900m northeast of resource, its one intercept of 3.60m at 0.97g/t Au, is interesting for a step-out of that size.  However, the intriguing part of the intercept remained in the core-box.  As part of Auryx's QA/QC procedures, the Company consistently samples the southern half of core keeping the northern half for reference.  These links http://auryxgold.com/_resources/imgs-jan-31-11/WH17-VG.pdf are photos that show visible gold in the front and back of the core from north half of hole WH17 at 243m downhole.

Results of Calcrete Sampling

In July 2010, Auryx submitted for assay 570 samples of calcrete, meters 5 - 10 of 114 RC holes drilled by the previous operators.  Eight percent of the samples were mineralized to some extent.

Table 2: Results of Calcrete Sampling

Grade (g/t) No. of
Samples
From To
0.1 0.2 27
0.2 0.4 9
0.4 0.6 5
0.6 0.8 2
0.8 1 0
1 >1.0 2

A map displaying the results from all calcrete samples in relation to the high-grade shoots can be seen at http://auryxgold.com/_resources/imgs-jan-31-11/CALCRETE_HP_PWD_Au.pdf.  The calcrete samples that carry gold grade are most likely to immediately overly the sub-cropping high grade shoots.  None of these calcrete samples have been included in previous resource estimates.

Since acquiring the project, Auryx has drilled 31 DD holes for 9126m and 85 RC holes for 6919m at Otjikoto. As of today, results from 12 DD and 19 RC holes have been released. The location of all holes drilled at Otjikoto, including the 16 for which assays were most recently received, can be reviewed on drill hole plan maps on our website.

Quality Assurance/Quality Control

Auryx operates a rigorous QA/QC protocol on all aspects of sampling and analytical procedure. Drill core is checked, logged, marked for sampling and split in half. One half of the NQ core is maintained for future reference and the other half is sent for analysis.  Due to the significant nugget effect present at Otjikoto, Auryx consistently samples only the south half of the core in order to avoid personal bias from affecting the samples and, ultimately, the resource. Core and RC samples are both collected in one (1) meter intervals.  Each RC sample is riffle split twice to generate four further samples - primary assay, field duplicate, reference, and metallurgical. All core and RC samples are stored in the company's secure core shack in Otjiwarongo and are transported from there and beyond by independent couriers.

Samples are screen fire assayed at Genalysis and SGS laboratories, both of which are in located in Johannesburg, South Africa. Analysis is by screen fire assay process whereby the sample is pulverized and sieved with into +106μm and -106μm fractions. The +106 fraction is assayed until completion, typically 10g to 50g.  At SGS a 50g aliquot is split from the -106 fraction and assayed, while at Genalysis, two 25g aliquots are split and assayed. 

The final assay result is calculated by a weighted average of mass x grade of the two size fractions divided by the total mass of the un-split sample.  For both core and RC blanks are inserted at every 25th sample and standards (for each size fraction) for every 20th sample.  For the RC only, duplicates are submitted at every 20th sample. 

These 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 more detailed description of QA/QC procedures please see the SRK 43-101 report dated 31 March 2010.

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 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.

SOURCE Auryx Gold Corp.

For further information:

Auryx Gold Corp.
Direct:  +1 (416) 361-5996
Email: info@auryxgold.com

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Auryx Gold Corp.

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