Augen Gold Corrects Information from Trelawney

The Board of Directors of Augen Gold Corp. ("Augen Gold" or the "Company") (TSX
VENTURE:GLD) announces that the calculation of locked-up shares included in the
press release of Trelawney Mining and Exploration Inc. ("Trelawney"), issued on
August 9, 2011, is incorrect.


In its press release, Trelawney erroneously indicated that shareholders
representing 53.7% of Augen Gold's issued and outstanding shares have entered
into lock-up agreements to support the Trelawney offer dated July 13, 2011 (the
"Offer") to acquire all of the outstanding shares of Augen Gold. Based on
lock-up agreements filed by Trelawney on SEDAR to date, a total of 69,600,065.
Augen Gold shares are subject to lock-up agreements with Trelawney, which,
together with the 4,515,502 Augen Gold Shares held directly or controlled by
Trelawney, means that Trelawney incorrectly believes that 57% of Augen Gold
shares are owned by Trelawney or locked-up to support the Offer. 


In fact, Augen Gold's transfer agent, Computershare Investor Services Inc.,
advises that as of the opening of business on August 10, 2011 there is now a
total of 143,105,036 Augen Gold shares outstanding. Therefore, only 48.6% of
Augen Gold shares outstanding are currently subject to lock-up agreements with
Trelawney. When shares held directly or controlled by Trelawney are included,
the total is only 51.8% of Augen Gold shares. 


On a fully diluted basis, assuming that all the in-the-money warrants and
options will be exercised, Trelawney currently has lock-up agreements for 40.5%
of the Company's shares. When shares held directly or controlled by Trelawney
are included in the computation, only about 43.1% of Augen Gold shares are owned
by Trelawney or locked up.


Please refer to the Augen Gold Directors' Circular, dated July 26, 2011 (the
"Directors' Circular"), in which Augen Gold's board of directors (the "Board")
considers the Offer to be inadequate and recommends that all Augen Gold
shareholders reject the Offer. 


The Directors' Circular, which sets forth in greater detail the Board's
recommendation and the underlying rationale, has been mailed to all Augen Gold
shareholders. As well, Paradigm Capital Inc. ("Paradigm"), the financial
advisors to the Special Committee of independent directors appointed by the
Board (the "Special Committee"), has provided a written opinion to the Special
Committee that, as of the date of such opinion, the consideration offered
pursuant to the Trelawney offer is inadequate, from a financial point of view,
to Augen Gold shareholders, other than Trelawney and its associates, affiliates
and joint actors. The full text of Paradigm's opinion, which Augen Gold
shareholders are urged to read in its entirety, is included in the Directors'
Circular.


If you have any questions or concerns, please contact Phoenix Advisory Partners,
Augen Gold's information agent, at: 


North American Toll Free Phone: [phone]  

Email: [e-mail] 

Toll Free Facsimile: 1-877-907-3176 

Banks, Brokers and Collect Calls: 1-201-806-2222 

About Augen Gold 

Augen Gold is a gold exploration company with 23,685 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 such a coherent ground position. Augen
Gold has performed a detailed airborne geophysical survey over the whole area.
The correlation of many gold showings with geophysical features indicates
excellent potential for the discovery of additional deposits. On July 18, 2011
Augen Gold announced an initial National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") compliant Mineral Resource
estimate at Augen Gold's Jerome Mine Project outlining a 1.03 million ounce
Inferred gold resource (18.7 million tonnes grading 1.7 g/t) at a cutoff grade
of 0.3 g/t. 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.


For more information on the Southern Swayze Project, please refer to the
Company's NI 43-101 compliant technical report "Amended and Restated Technical
Report on the Augen Gold Corp. Claims, Porcupine Mining Division, District of
Sudbury, Ontario, Canada" (effective April 8, 2008, available on the Company's
profile at www.sedar.com, along with the Company's other continuous disclosure
documents). 


The information contained in this news release has been approved by Augen Gold's
Project Geologist, Gordon McRoberts, P.Geo., who is a Qualified Person as
defined in NI 43-101. 


For more information on Augen Gold, visit our website at www.augengold.ca. 

Follow our blog at www.augengold.wordpress.com, and follow us on www.twitter.com
(#augengoldcorp).


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.


Shares outstanding: 143,105,036