Aurogin Resources Ltd. and Morgain
Minerals Inc. have signed a formal amalgamation agreement to create
a new, growth-oriented gold producer to be called Castle Gold
Corp. Each shareholder of
Aurogin will receive one common share of Castle Gold for each two Aurogin shares
held immediately prior to the date on which the transaction becomes effective.
Each shareholder of Morgain will also receive one common share of Castle Gold
for each two Morgain common shares held. Castle Gold will apply to list its
shares on the TSX Venture Exchange.
Aurogin Drills 4.56 m of 40.1% Pb at
Lone Mountain
Toronto, ON -- July 30, 2007 -- Aurogin Resources Ltd.
(TSX-V: AUQ) and Morgain
Minerals Inc. (TSX-V: MGM)
Aurogin Resources Ltd. has received the final lead assays from the
exploration drill program at its Lone Mountain property in Eureka, Nev.
As reported in Stockwatch July 25, 2007, from 114.30 to 118.87, the lead
values were greater than 20 per cent Pb. Final lead results (listed in the table
of drill results) averaged 40.1 per cent lead over 4.56 metres. These results
are in addition to the zinc which averages 41.3 per cent over 4.56 m from 150.88
m to 155.45 m.
DRILL HOLE 07-1, LONE MOUNTAIN PROPERTY, NEVADA
From (m) To (m) Length (m) Ag g/t Pb% Pb ppm Zn% Zn ppm
114.30 115.82 1.52 <0.2 25.67(i) 987
115.82 117.35 1.52 0.3 51.24(i) 2360
117.35 118.87 1.52 0.3 43.47(i) 1.36
150.88 152.40 1.52 1.4 2330 48.4
152.40 153.92 1.52 1.4 1.71 36.6
153.92 155.45 1.52 1.4 2.30 38.8
(i) New results
Lead assays for values greater than 20 per cent Pb were completed by ALS
Chemex in Vancouver using acid digestion and volumetric titration with EDTA.
Neil Gow, PGeo, is the qualified person on this project.
The Lone Mountain property, consisting of 88 unpatented lode
mining claims, is located 25 kilometres northwest of Eureka. A small abandoned
zinc and lead mine exists on ground held by third parties about 300 m from hole
07-1. Records show that the adjacent mine produced zinc and lead from high-grade
pods of zincite, hydrozincite and cerussite. Only minor amounts of sulphide
minerals are recorded. Mineralization obtained in hole 07-1 appears to be mainly
in non-sulphide minerals. As mineralization in the old mine was contained in
irregular pods, no estimate of true thickness of the intersection reported above
can be obtained. The company is completing further check assaying and expects to
initiate a program of follow-up Diamond drilling.
During 2006, Aurogin completed CSAMT surveying, mapping,
surface geochemical sampling, and acquired gravity and airborne magnetic data
covering the property. This geophysical survey provided the basis for the
targeting of the five drill holes completed. Neil Gow, PGeo, is the qualified
person on this project.
Aurogin is currently a Canadian junior gold producer focused on
the acquisition and development of profitable gold deposits in the Americas.
Its 50% owned El Sastre Main Zone
gold mine is only one part of the overall El Sastre Project, an expanding
resource that includes at least four mineralized zones.
Morgain is a Vancouver based emerging gold exploration and
development company focused on the acquisition and development of profitable
gold mines in Mexico. Morgain is
currently developing its 100% owned Castillo Gold Project located in the State
of Durango, Mexico.
For further information, please
contact:
Coal Harbour
Communications Inc. - (604) 662-4505 or Toll-free
1-877-642-6200.
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy of this news release.
Dale Paruk
Coal Harbor Communications Inc.
Suite 701, 555 Jervis Street
Vancouver BC V6E 4N1
Tel: 1+ (604) 662-4505
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Aurogin Resources Ltd.
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EXPLORATION STAGE |
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CODE : AUQ.V |
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Aurogin Res. is a producing company based in Canada. Aurogin Res. holds various exploration projects in Canada and in Guatemala. Its main exploration properties are WEMINDJI and BATCHA in Canada and LAS MINAS and BRIDGE ZONE in Guatemala. Aurogin Res. is listed in Canada. Its market capitalisation is CA$ 16.1 millions as of today (US$ 17.2 millions, € 12.6 millions). Its stock quote reached its lowest recent point on June 27, 2003 at CA$ 0.03, and its highest recent level on April 21, 2006 at CA$ 0.61. Aurogin Res. has 64 334 721 shares outstanding. |