AURYX GOLD CORP. ANNOUNCES EXERCISE OF CAD4.5 MILLION OVER-ALLOTMENT OPTION

/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES/

TORONTO, Dec. 2 /CNW/ - Auryx Gold Corp. ("Auryx" or the "Company") (TSX: AYX) today announced that the underwriters' of its CAD30,000,000 offering of common shares have exercised their over-allotment option in full to purchase an additional 4,500,000 common shares at a price of CAD1.00 per common share for additional aggregate gross proceeds to Auryx of CAD4,500,000.The exercise of the over-allotment option in full has resulted in Auryx issuing an aggregate of 34,500,000 common shares in connection with the offering for aggregate gross proceeds of CAD34,500,000.

The underwriting syndicate for the offering was co-led by Macquarie Capital Markets Canada Ltd. and Jennings Capital Inc. and included Canaccord Genuity Corp., Wellington West Capital Markets Inc., Cormark Securities Inc., GMP Securities L.P. and TD Securities Inc. PowerOne Capital Markets Limited acted as financial advisor to Auryx in conjunction with this transaction.

The Company expects to use proceeds received from the offering and the exercise of the over-allotment option to advance the Company's exploration on the Otjikoto Gold Project and the Otavi Exploration Area, to pay general and administrative expenses, and for general corporate and working capital purposes.

About Auryx Gold Corp.

Auryx Gold Corp. (TSX: AYX) is a Canadian, growth-focused, resource company engaged in the acquisition and exploration of gold projects in Namibia. The Company is currently advancing the Otjikoto gold deposit, located 300km north of Namibia's capital city, Windhoek.

By virtue of its location, the Project benefits significantly from Namibia's well established infrastructure with paved highways, a railway, power grids, and the water grid all close by.

Located in southwest Africa, Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions.

On behalf of the Board of Directors,

Tim Searcy, P.Geo.
President

Cautionary Notes

Certain information set forth in this press release contains "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking information which include management's assessment of Auryx Gold future plans and operations and are based on Auryx Gold current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. Some of the forward-looking information may be identified by words such as "expects" "anticipates", "believes", "projects", "plans", and similar expressions. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information necessarily involve known and unknown risks and uncertainties, which may cause Auryx Gold actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: successful completion of the proposed transactions referred to herein; the expected use of proceeds from the Offering; liabilities inherent in mine development and production; geological, mining and processing technical problems; Auryx Gold inability to obtain required mine licenses, mine permits and regulatory approvals required in connection with mining and mineral processing operations; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in commodity prices and exchange rates; currency and interest rate fluctuations; various events which could disrupt operations and/or the transportation of mineral products, including labour stoppages and severe weather conditions; the demand for and availability of rail, port and other transportation services; and management's ability to anticipate and manage the foregoing factors and risks. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Auryx Gold undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.

For further information:

Auryx Gold Corp.

Elina Chow - Investor Relations Manager
Direct: [phone]
Mobile: [phone]
Email: [email protected]