Augen Gold Provides Update on Jerome Mine Modeling and Regional Exploration

    Shares outstanding: 24,925,685

    TORONTO, Feb. 27 /CNW/ - Augen Gold: Augen Gold Corp. ("Augen Gold" or
"the Company") (TSX-V: AUJ) announced today that it has received encouraging
results from its detailed work at the Jerome Mine during 2008 and from a
first-pass of prospecting on its 100% owned claim holdings, that cover 43
kilometres of favourable geology along strike, from the Jerome Mine. The
results suggest the potential for additional resources at the Jerome Mine.
Elsewhere on Augen Gold's claims, several other high-grade gold occurrences
have been identified for follow-up exploration in 2009, with values of up to
270 g/t gold being obtained from grab samples. As reported on June 20, 2008,
Augen Gold's drill program was successful in confirming results obtained in
two historical drill campaigns. The strike extent of mineralization, over 2.5
kilometres and intersected gold mineralization within intense alteration zones
at depths of up to 700 metres was confirmed. All drill data has been
digitized, and a 3-D model of the mine has been created. The completed model
indicates conceptual resources containing up to 765,000 ounces of gold (Augen
Gold news release, January 23, 2009).

             Conceptual Grade and Tonnage Estimates, Jerome Mine
    Lowest Grade                                           Contained Gold,
    Shell, g/t Au           Tonnes           Grade, g/t        ounces
     1.0 to 2.5    11,800,000 to 2,300,000   2.0 to 4.0   765,000 to 290,000
     3.0 to 5.0      1,500,000 to 250,000    4.6 to 8.6   225,000 to 70,000

    An interactive version of this 3-D model may be viewed on Augen Gold's
website, and a still version can be viewed at MPH Consulting Limited's. booth
(no. 911) at the forthcoming Prospectors and Developers Association of Canada
(PDAC) meeting in Toronto, February 1-4.
    In the summer and fall of 2008, a program of prospecting was undertaken
over Augen Gold's extensive mining claims. 1,010 grab and channel samples were
collected and analysed for gold and a suite of metallic and trace elements. 68
samples returned gold values of more than 1 g/t, including nine samples that
assayed greater than 10 g/t Au, ranging up to 270.0 g/t Au (7.87 opt Au).
    Of particular interest were five grab samples containing visible gold that
returned assays of 270, 133, 69.3, 57.9 and 35.0 g/t Au from a location 22 km
from the Jerome Mine. Between two and three kilometers south of Jerome, two
gold occurrences associated with oxide iron formation were examined. The
Bi-Ore and Skye occurrences are about 2,300 metres apart on the same 10
kilometer-long structure, and returned values of up to 4.25 g/t Au and 13.5
g/t Au respectively.
    A cluster of gold occurrences in between 15 and 20 km along strike from
Jerome, proximal to the Ridout Deformation Zone and believed to be the western
extension of the prolific Larder Lake Break, returned values between 1.0 and
5.35 g/t Au,
    Two to five km east of Jerome, grab samples from historic showings
contained up to 4.04 g/t Au, up to 80.8 g/t silver, up to 3.96% lead, and up
to 10.1% zinc. A hole drilled by Cameco in 1994 within this general area
returned 12.6 g/t Au over a core length of 0.7 m.
    More detailed prospecting and exploring of the sites described above is
planned. This would include overburden stripping and soil sampling to
determine their extent and optimal locations for diamond drilling. Recent
analysis of Augen Gold's airborne geophysical data by MPH Consulting Limited.
has provided additional targeting guidance of areas for follow-up work.
Examples of this work can also be viewed at MPH's booth at the PDAC and on
Augen Gold's website.

    Sample Processing
    Most prospecting samples were collected by hammer and chisel, and some
were cut using a concrete saw. The samples, with standards and blanks inserted
at regular intervals, were taken directly by Augen Gold personnel to ALS
Chemex's preparation laboratory in Timmins. There, they were crushed and
pulverized and the pulps forwarded to ALS Chemex's analytical laboratories for
gold assay and multi-element trace geochemical analysis. Gold is determined by
fire assay AAS on 30 gram charges. Samples reporting more than 10 g/t Au were
re-analyzed by the Fire Assay-gravimetric method to produce the reported
values, also using 30 gram charges. Trace elements are determined using a
four-acid 'Total digestion' followed by ICP.

    About Augen Gold

    Augen Gold Corp. is a gold exploration company with 24,042 hectares of
mining claims over a 43 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 Mine, the gold potential along strike on its contiguous mining
claims, and to continue to expand its property portfolio with highly
prospective mineral assets.
    The information contained in this news release has been prepared by Augen
Gold's Senior Vice-President, Exploration, Christopher Marmont, P.Geo., who is
the qualified person for the Company's Jerome Project under the definitions
established by National Instrument 43-101.
    Please refer to Augen Gold's web-site for maps, photographs, geological
details and additional information.

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

    The TSX Venture has not reviewed and does not accept 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) 777-2007 Ext 224, Toll-free:
888-442-8436 Ext 224

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