Auryx Receives a Positive PEA for Otjikoto Pre-Tax NPV of USD301 Million & IRR of 42%

The press release is quoted as saying:

Mineral Resources

The mineral resource estimate (NI 43-101 compliant) presented in the PEA were first released on 3 February 2011. The resources have been reported according to the guidelines of the CIM Standing Committee.

Table 1: Otjikoto Mineral Resources reported above a 0.4g/t cut-off (effective as of 31 December 2010)*

Indicated Mineral Resources				Inferred Mineral Resources
COG (g/t)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (Moz)	Tonnes (Mt)	Au Grade (g/t)	Contained Metal (Moz)
0.4 – 0.8	9.34	0.60	0.18	7.21	0.59	0.14
> 0.8	15.78	1.94	0.98	8.37	1.94	0.52
Total	25.12	1.44	1.16	15.58	1.31	0.66

*Mineral resources that are not mineral reserves do not have demonstrated economic viability.

“We are very pleased with the results of the PEA. It demonstrates that the Otjikoto gold deposit is a very robust project, which benefits significantly from the local infrastructure. Road, rail, and water are accessed at site and grid power is available very close by, all of which positively impact the initial CAPEX estimate. Furthermore, a number of additional opportunities exist to improve on these results including new zones that have been discovered but not yet included into the mine model and the potential for saleable by-product concentrates of sulfides and iron-oxides.”