Dear Investor,
Our sincere apologies to those of you who did not receive our News Release on Monday and to those of you that are now receiving it a second time. Our service provider had experienced severe technical difficulties that affected our news dissemination but they have now advised us that the problem has been resolved. Many thanks for your understanding.
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Re: News - Monday, February 13, 2012
Aurion Options Logan Pass South to Terra Rossa Gold
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Aurion Resources Ltd. ("Aurion") (TSX VENTURE: "AU") is pleased to
report that it has signed a definitive option agreement with Terra
Rossa Gold Ltd. ("Terra Rossa"), a private exploration company, on the
southern portion (174 of 517 claims) of Aurion's Carlin-type Logan Pass
gold project.
Terra Rossa can earn an initial 60% interest by spending $3.75 million
over 5 years in staged work commitments, with a firm commitment to
spend a minimum $450,000 before July 1, 2013, and by issuing 500,000
Terra Rossa shares to Aurion. Share issuances start on the anniversary
date of the agreement following the first full drill season completed
by Terra Rossa. After earn-in, Terra Rossa can earn an additional 10%
(for a cumulative 70% interest) by spending a further $4.0 million over
3 years.
"We are very pleased to conclude this deal with Terra Rossa", commented
Mike Basha, President and CEO of Aurion. "In executing the prospect
generator business model and concluding deals for the advancement of
our properties, we believe projects must be matched with the right
company/team. The Terra Rossa team is credited with advancing the
multi-million ounce, carbonate hosted Gualcamayo gold deposit in
Argentina, which led to the takeover of Viceroy Exploration Ltd. by
Yamana Gold Inc. in 2006. This partnership with Terra Rossa is thus
consistent with our strategy and a solid endorsement of the merits of
the project."
The claims under consideration, in respect of the option agreement,
center over the Main Jasperoid, a significant Carlin-style gold
prospect characterized by oxide gold mineralization in altered and
silicified silty Carbonates of the Pogonip Group. This prospect was
outlined over an area of approximately 450 m (NW-SE) by 150 m by BHP in
1992-93 by surface sampling and limited RC drilling. Chip-channel
samples collected by Aurion at the Main Jasperoid area yielded 13.5 g/t
Au over 2.0 m, and the best length weighted average result of 7.2 g/t
Au over 5.8 m. All samples had elevated Carlin-style As-Sb-Hg-Tl
geochemistry.
The best reported BHP drill intersections at the Main Jasperoid include
2.3 g/t Au over 7.6 m, starting at 5 m below surface and 1.5 g/t Au
over 9.2 m starting at 7 m below surface. Two holes drilled by BHP
approximately 185 m SE and 250 m S of the Main Jasperoid intersected
oxide gold mineralization assaying 0.5 g/t Au over 13.7 m and 0.6 g/t
Au over 12.2 m respectively. The shallowly dipping mineralization is
open to the south and east but appears to be fault-offset
(down-dropped) to the west where it is a buried target.
The Logan Pass geological setting with flat-lying bedding replacement
gold mineralization, hosted by favourable rocks of the Pogonip Group
occurring proximal to base-metal vein and replacement mineralization in
tactite (previously reported in June 6, 2011, Aurion Press Release), is
directly analogous to several deposits and prospects in the Battle
Mountain-Eureka trend, particularly the multi-million ounce
Archimedes-Ruby Hill deposits. The property also lies in a similar
geologic setting to the Long Canyon deposit.
QA/QC
ALS Chemex, a certified commercial laboratory, performed the analytical
testing at their facilities in Vancouver, BC. Gold analyses were by 30
gm fire assay with an ICP finish. Multi-element analyses were by ICP.
A quality assurance/quality control program is in place from sample
collection through to laboratory analysis.
About Aurion
Aurion is focused on early stage precious metals exploration in the US,
Canada and Mexico. Its strategy is to generate or acquire early stage
gold projects and systematically advance them to a stage which will
attract potential joint venture partners.
Mike Basha, P.Eng., P.Geo., President and CEO of Aurion, a Qualified
Person as defined by National Instrument 43-101, is responsible for the
preparation of this release.
Forward-Looking Statement
Certain statements contained in this release constitute forward-looking
information. These statements relate to future events or future
performance. The use of any of the words "could", "intend", "expect",
"believe", "will", "projected", "estimated" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on the
Companies' current belief or assumptions as to the outcome and timing
of such future events. Actual future results may differ materially.
The forward-looking information contained in this release is made as of
the date hereof and Aurion is not obligated to update or revise any
forward looking information, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on forward looking
information. The foregoing statements expressly qualify any forward
looking information contained herein.
On behalf of the Board,
Michael Basha, President & CEO
For further information on Aurion Resources please visit our website at
www.aurionresources.com
or contact us:
Mike Basha at (709) 699-8300
Neither the 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.
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Copyright (c) 2012 AURION RESOURCES LTD. (AU) All rights reserved.
For more information visit our website at
http://www.aurionresources.com/ or send mailto:info@aurionresources.com
Message sent on Wed Feb 15, 2012 at 9:20:38 AM Pacific Time
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