Augen Gold Corp. Applies for Listing of Flow-Through Warrants

TORONTO, July 28 /CNW/ - Augen Gold Corp. (TSXV:GLD) ("Augen Gold" or the "Company") advises that it has applied to the TSX-V for listing of its flow-through warrants sold this past January. An offering was completed last January for 15 million units consisting of one common share and one full warrant, with each unit priced at $0.10. The 'B' Units have a flow through warrant exercisable at $0.20.

The Company has obtained a CRA Advance Income Tax Ruling that provides that the common shares of the Company issuable on the exercise of the Company's listed flow-through warrants will qualify as "flow-through shares" under the Income Tax Act (Canada) entitling any person exercising any of the Company's listed flow-through warrants to a CEE deduction for the full $0.20 amount of the exercise price of the warrant.

The Company believes that this is the first time that anyone has applied to list flow-through warrants for trading in Canada. The Company believes this could become a terrific financial planning tool, as a result of the five year exercise window.

The TSX-V is reviewing the application for trading the flow-through warrants and the Company is hopeful that trading will begin in 3 weeks subject to regulatory approval.

About Augen Gold:

Augen Gold is a gold exploration company with 23,877 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 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.

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.

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