GLD GoldOn Resources Ltd

TORONTO, Sept. 24 /CNW/ -- Shares outstanding: 83,701,205 TORONTO, Sept. 24 /CNW/ - Augen Gold Corp. ("Augen Gold" or the "Company", TSX-V: GLD) is pleased to provide an update of gold exploration activity in the Jerome Mine area within its 100% owned South Swayze Property located approximately halfway between the mining centers of Sudbury and Timmins in Ontario and accessible by road year-round. Assay results from the last twelve holes drilled are now available and the highlight is a composite of 2.75 gt Au over 61.00 metres (156.00-217.00 m) in drill hole AG10-60. This drill hole is located 115 metres northwesterly and along trend of previously reported drill hole AG10-52 (Augen Gold News Release, July-20-2010) that had returned a composite of 2.64 gt Au over 29.50 metres (105.50-135.00 m). Drill hole AG10-52, inturn, is located 60 metres westerly and along trend of previously reported drill hole AG10-39 (Augen Gold News Release, June-21-2010) that had returned a composite of 2.25 gt Au over 25.88 metres (79.62-105.50 m). Maps depicting these recent results can now be viewed on our web site www.augengold.ca Highlights from recent assay results from the eleven other drill holes include 19.35 gt Au over 1.00 m (159.00-160.00 m) in drill hole AG10-54, 0.617 gt Au over 1.00 m (27.50-28.50 m) in drill hole AG10-56, 15.25 gt Au over 1.00 m (56.00-57.00 m) in drill hole AG10-57, 8.77 gt Au over 0.50 m (170.00-170.50 m) in drill hole AG10-58, 63.90 gt Au over 0.50 m (64.00-64.50 m) in drill hole AG10-59, 7.58 gt Au over 1.00 m (196.00-197.00 m) in drill hole AG10-61, 7.01 gt Au over 1.50 m (224.50-226.00 m) in drill hole AG10-62, 12.35 gt Au over 0.80 m (191.00-191.80 m) in drill hole AG10-63, 8.24 gt Au over 1.00 m (122.00-123.00 m) in drill hole AG10-64, 9.41 gt Au over 1.50 m (54.50-56.00 m) in drill hole AG10-65, and 2.92 gt Au over 1.00 m (62.70-63.70 m) in drill hole AG10-66. Augen Gold completed twenty-six drill holes between late May and late July of this year in the Jerome Mine area for a total of 3,803 metres J.David Mason, CEO, stated "these results are quite significant. This will be salient input for our computer model and may significantly increase the contained ounces. This will be most helpful for our NI43-101 resource assessment". Gold was determined at ALS Laboratory Group by fire assay AAS on 30 gram charges. Samples reporting more than 10 g/t Au were re-analyized by the fire assay-gravimetric method to produce the reported values, also using 30 gram charges. Most drilling was performed at dips of 45 and 50 degrees and therefore true width would be reduced to 75%. Drilling at Jerome was part of a property-scale exploration program that had started in late September of 2009 and that is continuous in other parts of the South Swayze Property. To date, approximately 350 line kilometres have been cut, approximately 300 line kilometres have been surveyed with geophysical methods and 69 drill holes totalling over 11,500 metres have been completed. Augen Gold has been successful in raising approximately $4.9 million in financings, in 2Q10, comprised of $1.5 million in flow through, and $3.4 million in hard dollars and is now well financed to achieve its next exploration milestones. Since inception in October 2006, the Company has raised a total of approximately $17 million for the South Swayze Project. About Augen Gold Augen Gold is a gold exploration company with 23,685 hectares of staked and patented mining claims in the Southern Swayze Greenstone Belt, including the formerly producing Jerome Gold Mine. The claims cover a 45 kilometre 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.  Augen Gold has performed a detailed airborne geophysical survey over the whole area, and its 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. The information contained in this news release has been prepared by Augen Gold's Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person for the Company's Jerome Project under the definitions established by National Instrument 43-101.   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 as a mineral resource. For more information on the South Swayze Porperty, 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 available on the Company's profile at www.sedar.com). For more information on Augen Gold, visit our website at www.augengold.ca The Company's documents may be accessed at www.sedar.com 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. pJ. David Masonbr/Chief Executive Officer and Directorbr/Augen Gold Corp.br/Tel: 416-915-4231br/a href="mailto:dmason@augengold.ca"dmason@augengold.ca/a/p

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