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AurCrest acquires Swain Lake in Ontario

2011-01-25 11:55 ET - News Release

Mr. Ian Brodie-Brown reports

AURCREST GOLD ANNOUNCES STAKING IN BIRCH LAKE GREENSTONE BELT

AurCrest Gold Inc. has staked 336 mining claim units for a total of 13,440 acres located 80 kilometres east-northeast of Red Lake, Ont. The company's newly staked Swain Lake property is 100 per cent owned and covers the central portion of the Birch Lake greenstone belt situated between the previous 1930s gold producers, Bathurst mine two kilometres to the west and Sol d'Or mine three kilometres to the east. The Springpole gold project operated by Gold Canyon Resources Inc., which announced a diamond drilling intersection of 132 metres of 2.30 grams per tonne gold on Oct. 12, 2010, is situated 15 km to the northeast. The new Redgold project recently acquired by Premier Gold Mines Ltd. is located 10 km to the south.

The decision to stake these claim units by AurCrest was based on its assessment of the Ontario government's regional airborne magnetometer and electromagnetic survey coverage of the Birch Lake greenstone belt over the area of interest in the context of the identification of a series of historic gold occurrences from previous exploration and government mapping, and the northeast-trending Swain Lake deformation zone. AurCrest is continuing to stake claims in the area of the Birch Lake greenstone belt.

Recent discoveries in Red Lake have encouraged more risk capital to pursue new opportunities in the Red Lake region. AurCrest Gold believes that the belt east of Red Lake remains highly prospective. The presence of Premier Gold and the recent discovery by Gold Canyon supports the company's decision to refocus on gold assets in the area. AurCrest's exciting Richardson Lake property is located 20 km distance to the northeast, next to the past-producing Argosy gold mine.

Trevor Boyd, PGeo, a qualified person as defined by National Instrument 43-101, vice-president of exploration, supervised the preparation of the technical information contained in this press release in compliance with NI 43-101.

The financing announced Dec. 17, 2010, is now closed.