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Share Name | Share Symbol | Market | Type |
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TSXV:AIA | TSX Venture | Common Stock |
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Auriga Gold Corp. (TSX VENTURE:AIA) ("Auriga Gold" or the "Company") is pleased to announce an Electric Service Agreement with Manitoba Hydro to provide grid electric power from Sherridon, Manitoba to its Maverick Gold Project located near Flin Flon, Manitoba. The total cost to construct a power line from the Sherridon sub-station to the Maverick Gold Project mine site is $1.1 million and Auriga Gold has paid an initial deposit of $250,000. Manitoba Hydro has begun the process to rebuild and reconnect the power line and expects to have on-site power restored in September 2012. Richard Sutcliffe, Auriga Gold's President and CEO reflected, "Over the past year, we achieved a number of significant milestones at our Maverick Gold Project including the successful completion of a Preliminary Economic Assessment on an open pit and underground mining operation at the past producing Puffy Lake Mine. Having completed this initial phase, we are turning our attention to the development activities needed to restart operations at the Puffy Lake mine and mill. I look forward to continued progress in obtaining the necessary approvals and completing various development tasks to meet our planned objective of bringing the Puffy Lake Mine into test mining this year." About Auriga Gold Corp. Auriga Gold is a Canadian mine development and exploration company focused on developing the Puffy Lake Mine and expanding gold resources on its Puffy Lake and Nokomis deposits (the "Maverick Gold Project"). The Company plans to upgrade and expand the existing NI 43-101 resources at the Maverick Gold Project and bring the Puffy Lake Mine back into production in 2012. The Puffy Lake Mine includes a 1,000 tpd flotation mill, a developed underground ramp to 135 metres depth, is fully road accessible and close to existing mining infrastructure. The Maverick Gold Project is located in the Flin Flon Greenstone Belt of Central Manitoba. Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be achieved nor that the proposed operations will be economically viable. This press release is not and is not to be construed as an offer to buy or sell securities in the United States.
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