Auriga Gold Announces Positive Updated Preliminary Economic Assessment for Open Pit and Underground Mining and On-Site Milling at Its Maverick Gold Project

TORONTO, ONTARIO, Jan 05, 2012 (MARKETWIRE via COMTEX) — Auriga Gold Corp. CA:AIA +7.14% (“Auriga Gold” or the “Company”) is pleased to report that it has received a positive Updated Preliminary Economic Assessment (“PEA”) for a proposed open pit and underground mining and milling operation at its wholly-owned Maverick Gold Project located 65 km northeast of Flin Flon, Manitoba. The combined open pit and underground mine plan and on-site processing rate were selected to improve the economics of the project.

The proposed operation includes the open pit mining of 530,000 tonnes of potentially economic mineralization; the dewatering of the historic Puffy Lake underground gold mine; and test stoping followed by underground mining. The existing Puffy Lake mill would be refurbished as part of the program. The PEA was conducted by ACA Howe International Limited (Howe) based on the mineral resource estimate (see August 4, 2011 news release) prepared by P&E Mining Consultants Inc. Currencies reported below are in Canadian dollars unless otherwise specified.

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