Augen Gold Announces Settlement of Debt

    Shares outstanding: 32,534,695

    TORONTO, Sept. 1 /CNW/ - Augen Gold Corp. ("Augen Gold" or "the Company")
(TSX-V: GLD) has agreed to convert $15,000 owed to optionors of certain mining
claims contiguous to the Company's property into 150,000 common shares at a
deemed price of $0.10 per share. The claims were optioned by Augen Gold
pursuant to an option agreement made on July 7, 2008.
    Augen Gold has also agreed to convert a $14,514.08 debt owed for
professional services into 145,140 common shares at a deemed price of $0.10
per share.
    The common shares to be issued will be subject to a four-month hold
period from the date of issuance. The issuance of the common shares will not
result in a change of control.
    These transactions are consistent with Augen Gold's present goal to
preserve its cash and are subject to the approval of the TSX Venture Exchange.

    About Augen Gold

    Augen Gold is a gold exploration company with 24,335 hectares of recently
acquired mining claims in the southern Swayze Greenstone Belt, including the
formerly producing Jerome Gold Mine. The claims cover a 45 kilometer 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 and has performed a detailed airborne geophysical survey over the
whole area, and the Company's 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.

    For more information on Augen Gold, visit our website at
    The Company's documents may be accessed at

    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.

    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.

For further information:

For further information: J. David Mason, Chairman and Chief Executive
Officer, Augen Gold Corp., Tel: (416) 479-3300, Toll-free: 1-888-442-8436

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