Posted in | Gold

Auryx Gold Mobilizes Additional Drill Rigs to Otjikoto Gold Project

Auryx Gold Corp. (TSX:AYX) has provided the following corporate updates

Additional Drill Rigs Added at the Otjikoto Gold Project

An additional diamond drill rig and a reverse circulation ("RC") drill rig were mobilized to the Otjikoto Gold Project ("Otjikoto" or the "Project") in mid-September. A total of three drill rigs are currently turning on site as part of the Company's 12-month, 25,000 m, drill program that commenced in July 2010 (see press release dated 26 August 2010). The drill program is focused entirely on exploration with plans for up to 15,000 m (~60 drill holes) of diamond drilling and up to 10,000 m (~120 holes) of RC drilling.

Approximately 85% of the drilling is planned to be within 1 km of the known resources, as published in the NI 43-101 report by SRK in August 2009, with the remainder testing earlier stage targets further afield.

Extension of Exclusive Prospecting Licence ("EPL")

The Namibian Ministry of Mines and Energy has approved the Company's application to renew 54,125 ha of EPL 2410 with a new expiration date of 14 September 2012. EPL 2410 is the Company's main licence and contains the entire Otjikoto gold project and its associated NI 43-101 compliant resource.

The company also announces that it has allowed EPL 2417 to expire as it was deemed to be non-core. Auryx still has four EPL's at Otjikoto for more than 260,000 ha. This equates to more than 120 km of favourable strike.

New Member Added to Auryx Gold Namibia (Pty) Ltd's Board of Directors

Mr. Willie Viviers has joined the Board of Directors of Auryx's subsidiary, Auryx Gold Namibia (Pty) Ltd. ("AGNL"). AGNL is Auryx operating subsidiary in Namibia and holds Auryx 92% interest in Otjikoto. Mr. Viviers will be serving in the role of Financial Director for AGNL.

Mr. Viviers, CA (SA), served for 13 years as a partner with PricewaterhouseCoopers specializing in corporate governance and risk management services. He has also served as a strategic consultant to a number of companies and as a CFO of a private export business. In November 2009, he joined the Bright Equity, a Cape Town based private equity group and a founding shareholder of Auryx Gold Corp. which has seconded Mr. Viviers to the Project.

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.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit