Augen Gold Corp. Provides an Update for the Jerome Gold Mine

Shares outstanding: 76.76 million

TORONTO, Aug. 26 /CNW/ - Augen Gold Corp. ("Augen Gold", "the Company", or "GLD) (TSX-V: GLD) is pleased to announce the results of its ongoing work at the Jerome Gold Mine.

Since 2008, when present management first found and staked the property, the Company has pursued a strong strategic course. To that end, management has been able to raise a total of $16 million -- including $4.5 million in the very challenging current environment for exploration-stage companies.

Augen Gold has directed a portion of this capital into aggressive drilling and into modeling programs that have increased the potential range of the gold mineralization at the Jerome Gold Mine. Modeling of the potential deposit using Leapfrog software was performed by MPH Consulting Limited. The table below shows ranges for tonnages and grades for three ranges of threshold, using a 50 metre buffer.


  Leapfrog - 50 m Buffer  
Cut-off Grade (g/t Au) Tonnes Grade Au (g/t)
0.50 to 1.0 24,171,107 to 12,105,560 1.4 to 2.1
1.5 to 2.5 7,036,804 to 2,610,326 2.8 to 4.2
3.0 to 5.0 1,835,005 to 554,508 4.8 to 7.1

The Leapfrog program permitted the construction of a series of shells, nested like the layers of an onion that represent increasingly higher-grade volumes or rock. The higher-grade volumes are naturally smaller than, and nested inside, the larger, lower grade volumes of rock. Previous work has determined that the specific gravity of the mineralized zones at Jerome is 2.8. With this knowledge, the volume of rock between each grade surface was used to calculate an appropriate tonnage for each shell. By adding the tonnage and contained grams of gold in each shell, Augen Gold has calculated conceptual estimates of the average grade and total tonnage of the deposit above, or within, any given grade shell, as shown in the table above.

Muscocho Exploration Limited had prepared an historical range for the Jerome Gold Mine in 1989 of 523,900 tonnes at 6.86 g\t Au using a 3.94 g\t Au cut-off that was indicative of the potential mineralized zones but could not be relied on. Further drilling is needed at the Jerome Gold Mine to define a National Instrument 43-101 ("NI 43-101") compliant resource and a scoping study will be needed to select appropriate cut-off grades.

For further information on the Jerome Gold Mine, 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 and press release of January 23, 2009 available on the Company's profile at cr="true" href="www.sedar.com">www.sedar.com

About Augen Gold Corp.

Augen Gold Corp. is a gold exploration company with 24,042 hectares of mining claims over a 45-kilometre length located in Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine and directly adjacent to the Young Shannon gold deposit. The Company's objective is to aggressively explore the Jerome Gold Mine in order to determine the gold potential along strike on the contiguous mining claims, and to continue to expand its property portfolio with highly prospective mineral assets.

For more information on Augen Gold, visit our website at cr="true" href="www.augengold.ca">www.augengold.ca
The Company's documents may be accessed at cr="true" href="www.sedar.com">www.sedar.com

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Disclaimers:

The information set forth in this document contains "forward-looking statements". Statements in this document, which are not purely historical, are forward-looking and include statements regarding beliefs, plans, expectations or intentions regarding the future.

Except for the historical information presented herein, matters discussed in this document contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate," "anticipate," "believe," "plan", "intend", "expect", "may" or "should" or similar statements are forward-looking statements. Risks and uncertainties for the company include, but are not limited to, the risks associated with the impact of general economic conditions in countries in which the Company conducts business, the impact of competitive products and pricing, product demand and market acceptance, new product development, the continuation and development of key customer and supplier relationships, and the availability of high quality, qualified personnel and management.

Other risks include but are not limited to factors affecting development and expansion activities generally, including access to capital to meet all of the Company's financial requirements, and the Company's ability to control costs and the continue its exploration program. There can be no assurance that the Company's efforts will succeed or that the Company will ultimately achieve sustained commercial success. These forward-looking statements are made as of the date of this document, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this document are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate.

This press release refers to historical estimates of mineral resources. A 'qualified person', as defined in NI 43-101 (a "Qualified Person") has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and is not treating the historical estimate as current mineral resources or mineral reserves under NI 43-101. Accordingly, the historical estimates should not be relied upon. 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.

Gordon McRoberts, Exploration Manager for the Company, is the Qualified Person responsible for preparing or supervising the preparation of this press release.

SOURCE AUGEN GOLD CORP.

For further information: For further information:

J. David Mason
Chief Executive Officer, Director and Founder
Augen Gold Corp.
Tel: 416-915-4231

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AUGEN GOLD CORP.

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