AurCrest hires StockNetwork and Extends Financing
NEWS RELEASE FOR IMMEDIATE RELEASE
OCTOBER 24, 2012 TSXV Symbol: AGO
AurCrest Gold Inc. (the “Company” or “AurCrest”) (TSX‐V: AGO) is pleased to announce it has engaged StockNetwork Media as a consultant to assist the Company in its communication efforts and increase awareness of its new Richardson Lake gold discovery in the Birch‐Uchi belt of the Red Lake mining division.
Ian Brodie‐Brown, President of AurCrest states: “We are eager to begin our working relationship with StockNetwork Media and utilize the services and platforms they provide to reach a wider audience and showcase the opportunity that has presented itself at the new Richardson Lake Gold discovery”. The Richardson Lake discovery is located approximately equal distance between the historic Pickle Lake and Red Lake Gold camps and is associated with a quartz carbonate shear zone, in an iron formation and 150 metres away from an untested nose‐fold axis fault feature. The iron formation is approx 10kms from Gold Canyon’s Portage Zone discovery.
The previously announced ‐ RL‐12‐007 intersected grades of 15 metres of 1.83 g/t, including 4.0 metres of 6.0 g/t, including 3.0 metres of 7.4 g/t (previously discussed in the AurCrest April 30 News Release). In conjunction with these results, grab surface samples continued to produce consistently anomalous gold values with high grades of up to 14.3 g/t Au along a similar westerly trend as the aforementioned drilling results.
In summary, this favourable magnetic feature is approximately 1.5 km long and 200 metres wide and it is believed from these preliminary exploration results to represent a significant potential host for gold mineralization. This feature continues to the west beyond the airborne geophysical survey completed by AurCrest, and remains on AurCrest property.
There is currently a drill on site and follow‐up drilling of the new discovery is of the highest priority.
The Richardson Lake property is located 10 kms north of Gold Canyon’s Springpole Lake discovery and 110 kms east north east of Red Lake, Ontario.
AurCrest would also like to announce that it has extended the previously announced financing (See press release Sept 6th, 2012).
StockNetwork will be paid $7,000 per month starting January 1 2013 until April 1 when the fee will be reduced to $3,500 per month. Aurcrest has granted StockNetwork 200,000 options exerciseable for two years at $0.18 and a further 200,000 options exerciseable after March 31, 2013 for two years. StockNetwork has no interest in the securities of AurCrest other than the options.
Headquartered in Toronto, StockNetwork Media is a full service media solutions firm providing public companies with progressive investor communications and corporate compliance tools to increase exposure, reduce costs and meet regulation.
www.StockNetworkMedia.com
Trevor Boyd, PGeo, Vice‐President of Exploration, a qualified person as defined by National Instrument 43‐101, has reviewed and approved the technical information contained in this press release in compliance with National Instrument 43‐101.
About AurCrest Gold inc.
AurCrest Gold is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
Ian Brodie‐Brown
President and C.E.O.
(416) 368‐2929
(416) 601‐1450 (FAX)
www.aurcrestgold.com
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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.
Cautionary Note Regarding Forward‐Looking Statements: This Press Release contains forward‐looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward‐looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.