Augen Gold Corp Amends Flow-Through Warrants

TORONTO, Sept. 22 /CNW/ - Augen Gold Corp (TSXV:GLD) ("Augen Gold" or the "Company") advises that yesterday it amended the terms of 13,600,000 flow-through warrants (the "Warrants") issued pursuant to three tranches of a private placement (the "Offering"). The Offering closed on October 27, 2009, December 17, 2009, and January 29, 2010 for an aggregate of 15 million units (each, a "Series B Unit") at a price of $0.10 per Series B Unit, each such Series B Unit consisting of one common share and one Warrant. Each Warrant entitles the holder to acquire one common share of the Company on a flow-through basis (each, a "Flow-Through Share") at an exercise price of $0.20 per Flow-Through Share for a period of 5 years from the date of issuance.

The Warrants have been amended to provide that the expiry date for all of the Warrants is October 27, 2014, and to remove a provision which allowed for the acceleration of the expiry date of the Warrants in the event that the closing price of the Company's common shares listed on the TSX Venture Exchange (the "TSXV") was equal to or above $0.70 for ten consecutive trading days. The amendment to unify the expiry date for the Warrants to October 27, 2009 was consented to by the holders of all of the Warrants issued on December 17, 2009 and January 29, 2010 other than 1,400,000.

The amendments to the Warrants were required in contemplation of listing the Warrants on the TSXV, as previously announced on July 28, 2010. The TSXV has approved the amendments to the Warrants, and the listing of the Warrants remains subject to regulatory approval.

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 a mineral resource.

For more information on the South Swayze Property, please refer to 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.

%SEDAR: 00025779E

For further information: J. David Mason, Chief Executive Officer and Director, Augen Gold Corp., Tel: [phone], [email protected]