Aurogin expands in Nfld.

Junior Aurogin Resources (AUQ-V) has increased the size of its Rambler copper-gold project in the Baie Verte area of Newfoundland.

To earn a 100% interest in two claim groups, Aurogin must pay $100,000 and issue 300,000 shares. The local vendor retains a 2% net smelter return royalty (NSR). The claims extend northeast of the Rambler East mine, which pumped out 4.6 million tonnes of copper-gold-silver ore before its closure in 1997. They overlie the same favourable rock formations and have yielded up to 4.4% copper and 4.1 grams gold per tonne in drilling.

Aurogin believes the claims host a down-plunge extension to the historic deposit or to mineralization thought to be reflected by three adjacent electromagnetic anomalies. The conductors are to be drill-tested by year-end, and several similar anomalies have been outlined at the new claims. To earn a 100% interest in Rambler, Aurogin must spend $825,000 over three years. The vendor retains a 3% NSR on precious metals production and a 2% NSR on base metals production.

Meanwhile, Aurogin is nearing completion of a non-brokered private placement of 1.7 million units priced at 30 apiece. A unit consists of two flow-through shares, one common share, and three warrants that expire a year after the deal closes and are exercisable at 15 apiece. Proceeds will be used to explore further in Newfoundland and Guatemala.