NEWSRelease 2004-2 AUROGIN RESOURCES LTD. ‘AUQ’ TSX-V February 3, 2004
Aurogin Acquiring Gold Deposits in Guatemala
Begins Phase II at Rambler
Aurogin Resources ("Aurogin" AUQ -- TSX Venture) is pleased to announce that it has reached an agreement to acquire a 50% interest in a property containing several known oxide gold deposits. The property is located on the prolific Motagua Fault Structure that bisects Guatemala and is associated with Glamis Gold Ltd.’s Marlin deposit and many of the projects Radius Exploration Ltd. and Goldfields Mining have been jointly exploring.
The main deposit, El Sastre, was outlined by trenching, drilling and tunneling by Radius in 2001 (see plan and section attached or visit our website at (www.auroginresources.com). The drill holes returned values in the 1 to 2 gram range over thicknesses of up to 12.2 m but the trenches returned values many times higher because of significant surface enrichment. One excavator trench cut 9.0 g/t over 7.0 m and a test adit encountered 4.9 g/t over 12.8 m. Aurogin plans to do fill-in drilling and metallurgical testing on the oxide material of El Sastre to see if it would be suitable for heap leaching and to further define the extent of the deposit. The property also hosts the Escondida and TBS/LTR zones which have trench and drill results indicating oxide gold mineralization but require further definition.
Aurogin must spend $1 million by August 2005, make payments of $190,000 and issue 650,000 shares by December 2006 to earn a 50% interest in the project.
“El Sastre provides Aurogin with an excellent opportunity to generate some production income.” said John Paterson, President and CEO. “The previous operators did a first class job of discovering and outlining the deposit and now we have the opportunity to extract the gold.”
Aurogin also announces that the second phase of work at the Rambler Project near Baie Verte Newfoundland is scheduled to begin February 16th. Detailed ground geophysics will be followed up by drilling in early March.
Aurogin is actively exploring in Canada and Guatemala. Further information can be found on the company’s web site at: www.auroginresources.com
Aurogin Resources Ltd.
Listed: ‘AUQ’ – TSX Venture
Issued: 21,909,055 common shares
For Information Contact: John H. Paterson, P.Eng. (416) 214-4809
E-mail: jpaterson@bellnet.ca
Website: www.auroginresources.com
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