Augen Gold Announces Listing of Unique Flow-Through Warrants

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2010) - Augen Gold Corp. ("Augen Gold" or the "Company") (TSX VENTURE: GLD.V) announced today that its unique innovation, the world's first warrants to buy flow-through shares, are now listed on an internationally recognized exchange, the TSX- Venture, as GLD.wt. These Warrants entitle the holder to acquire one common share of the Company on a flow-through basis at an exercise price of $0.20 per Flow-Through Share until October 27, 2014.

"Our flow-through warrants are currently in the money and we expect them to trade at a premium to their intrinsic value - the difference between share price and exercise price - owing to both their long life and their tax write-off potential," said J. David Mason, President and CEO of Augen Gold.

"At any time during the next four years the holder of these warrants can exercise them and get a full write-off of the investment," Mason added. "We think the flow-through warrant is an excellent hedge against gold price fluctuations. The warrant holder may also benefit from our aggressive exploration and development at our large, 45-km-long property at South Swayze in 'gold country' between Sudbury and Timmins, Ontario. So far, we have scoped more than a million ounces of gold at one target area alone, and there are three additional target areas that have outstanding potential for much more."

Further to the Company's press releases dated July 28, 2010 and September 22, 2010, effective November 11, 2010, 14,600,000 amended flow-through warrants issued pursuant to three tranches of a private placement have been listed.

The Offering closed on October 27, 2009, December 17, 2009, and January 29, 2010 for an aggregate of 15 million units (each, a "Series B Unit") at a price of $0.10 per Series B Unit, each such Series B Unit consisting of one common share and one warrant. Each such warrant entitled the holder to acquire one Flow-Through Share at an exercise price of $0.20 per Flow- Through Share for a period of 5 years from the date of issuance.

Financial planners should find Augen Gold's flow-through warrant very useful. Planners will recognize the opportunity for their clients to avail themselves of a tax write-off, anytime over a long period, if, as and when the warrants are in the money.

International investors can trade the warrants and capitalize on the intrinsic values attached, although ultimately the warrants will be exercised by Canadian residents. However, if gold prices increase and new reserves are added, these warrants will represent a highly leveraged proxy for the underlying company.

The Company announced on September 22, 2010 that 13,600,000 of the warrants issued pursuant to the Offering had been amended to fix the expiry date for all of such amended warrants at October 27, 2014, and to remove a provision which allowed for the acceleration of the expiry date of the Warrants in certain circumstances. Subsequently, an additional 1,000,000 of such warrants were identically amended.

Augen Gold has been successful in raising approximately $9.1 million in 2010 and is focused on achieving its exploration milestones. Since inception in October 2006, the Company has raised over $20 million for the South Swayze Project.

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, and its sampling program has confirmed the historically reported gold values. The correlation of many gold showings with geophysical features indicates excellent potential for the discovery of additional deposits. 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 Augen Gold, visit our website at www.augengold.ca.

The Company's documents may be accessed at www.sedar.com.

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: 102,269,182

Neither 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.

Contacts

J. David Mason
Augen Gold Corp.
Chief Executive Officer and Director
416-915-4231
dmason@augengold.ca
www.augengold.ca