growing gold resources in namibia

Growing Gold Resources in Namibia

|4th Annual Investing in African Mining Seminar | Nov 2010

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Disclaimer/Forward Looking Statement

This presentation contains "forward-looking information" within the meaning of applicable Canadian securities legislation and United States federal securities laws. Forward-looking information includes, but is not limited to: information with respect to the proposed business combination between Auryx Gold Corp. (the “Company”) and Tova Ventures Inc.; the proposed subscription receipt financing transaction and acquisition of 92% of the Otjikoto Gold Project; the intended use of proceeds from the proposed subscription receipt financing transaction; future exploration and development plans; the adequacy of the Company's financial resources, business plans and strategy and other events or conditions that may occur in the future. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with the exploration, development and mining industry such as economic factors as they effect exploration, future commodity prices, obtaining financing, market conditions, changes in interest rates, actual results of current exploration activities, government regulation, political or economic developments, environmental risks, insurance risks, capital expenditures, operating or technical difficulties in connection with development activities, personnel relations, the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of resources and reserves; contests over title to properties, and changes in project parameters as plans continue to be refined. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made regarding, among other things: the Company's ability to successfully complete the proposed business combination with Tova Ventures Inc.; the proposed subscription receipt financing and acquisition of a 92% interest in the Otjikoto Gold Project; the timely receipt of any required approvals; the price of gold; the ability of the Company to obtain qualified personnel; equipment and services in a timely and cost-efficient manner; the ability of the Company to operate in a safe; efficient and effective manner; the ability of the Company to obtain financing on acceptable terms; the accuracy of the Company's resources estimates and geological; operational and price assumptions on which these are based and the regulatory framework regarding environmental matters. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

This presentation uses the terms “Measured”, “Indicated” and “Inferred” Mineral Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.


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Company Highlights

Downtown Windhoek,the capital of Namibia


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Project History

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2009: Vale purchased 35% public float of TEAL + an additional 15% from ARM

2005: ARM spun Teal out retaining 65% ownership while 35% was listed on the TSX

Sept 2009: Vale initiated process to divest Otjikoto

Feb 2010: Auryx was named preferred bidder for Otjikoto

65%

35%

50%

50%

8% 92%

June 2010: Auryx closed the transaction to purchase 92% ownership in Otjikoto for USD 28 million

2007: EVI purchased 8% ownership in Otjikoto from Teal Minerals

1999: Discovery of Otjikoto by ARM’s predecessor Avmin


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Project Highlights

OTJIKOTO GOLD PROJECT Advanced-stage gold property 1.2 Moz of indicated & 0.7 Moz of

inferred gold resources Excellent potential to expand

resources USD 26 million spent historically &

>76,000 m drilled Significant development work

completed by past operator Same age & tectonic environment to

Navachab, Anglogold’s operating mine in the jurisdiction.

Large concession: >240,000 Ha with an additional 720,000 Ha in application

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Namibia’s B1 National Highway, near Otjikoto


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Share Structure

Cash (in CAD) $41.5 million

Common Shares Outstanding 157,122,680

Fully Diluted 176,085,245

Agent Options Outstanding* 8,965,065

Options Outstanding** 9,997,500

Institutional Ownership ~85%

*Exercisable at $0.50 and $1.00 24 months from the closing of Auryx’s financings

**Auryx has a 10% rolling option plan

Information current as at November 25, 2010


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Management & Directors

MANAGEMENT & EXECUTIVE DIRECTORS

TIM SEARCY– President Over 15 years of experience in the mining business

Former President, CEO & Founder of Luna Gold Corp and former VP, Business Development & Founder of Nautilus Minerals Inc.

HEYE DAUN– President, Africa & OperationsQualified mining engineer with extensive mine

building and finance experience

Former Mine Superintendent at AngloGold’s Sadiola & Yatela Mines and a former Mine Manager at Gold Field’s Tarkwa mine in West Africa

Engaged in mining project finance and fund management in Africa and currently a partner with South Africa’s Bright Group

ALAN FRIEDMAN–VP, Corp. Development South African qualified attorney

Extensive experience in the acquisition of various assets, financings, and go-public transactions for client companies

Currently a director and co-founder of Adira Energy Ltd, Tova Ventures Inc and Rivonia Capital Inc. He is a director of the Canada-South Africa Chamber of Business

NON-EXECUTIVE DIRECTORS

BONGANI MTSHISI– ChairmanCurrently President of BSC Mining – a private, South

African exploration and development company

Mining Engineer and formerly with Anglo Platinum, Debeers/HUF Joint venture, and Sub Nigel Gold

GEORGE PIRIEFormer President & CEO of Breakwater Resources

and former President & CEO of Placer Dome (Canada) Ltd.

Over 25 years in all facets of the mining industry, including finance, operations, exploration, and development

TONY HARWOODJohannesburg based junior mining executive and

director, with 25+ years in exploration

Spent 8 years as VP of Generative Exploration in Africa and Asia for Placer Dome. Dr. Harwood previously lectured at Universities in South Africa and the UK

DAVID HODGSONEmployed by the Anglo American and De Beers

group of companies for over 30 years

Served as the Chief Operating Officer of Anglogold Ashanti from November 2001 through to his retirement in April 2005


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Our Namibian Partners: EVI Mining Ltd.

Namibian, Broad-Based BEE group

Vast network of well-regarded Namibian contacts

Contributing Partner:

2007: EVI purchased 8% interest of the Otjikoto Gold Project for

USD 4.5million

Option to purchase an additional 7% on commercial terms

EVI is led by Dr. Leake S. Hangala (Chairman)

PhD & MSc in Geology (Finland), Certificate in Management, Harvard.

Previously MD: Namibia Power Utility

Also former Permanent Secretary, Ministry of Mines and Energy, Namibia

Former Chairman of Standard Bank Namibia and director of various Namibian Companies


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Namibia: A Premier Mining Jurisdiction

STABLE, MINING FRIENDLY Mining >8% of GDP, >50% of forex earnings Sparsely populated with highly skilled

professionals available locally Stable democratic government, economy, legal

and mineral title regime Political and social support of mining with

stated ambitions to develop mineral resources Significant mining operations include:

EXCELLENT INFRASTRUCTURE Project area is linked by highways and railways

to Namibia’s port of Walvis Bay National highway, railway, high voltage (33, 66,

220, & 400 kV) overhead grid power, and water supply in nearby vicinity of project

Located between 2 fully serviced local towns, no need for mine village construction


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Otjikoto Land Package

LOCATED WITHIN A HIGHLY PROSPECTIVE GOLD DISTRICTLicense Granted: >240,000 Ha; Current Applications: ~720,000

Ha

FIRST WORLD INFRASTRUCTURE3 km from a paved national highway “B1”3 km from railhead15 km from a power grid “right-of-way”~30 km from a water grid tie inSignificant aquifer on site


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SRK 43-101 Mineral Resources

NI 43-101 resource estimate by SRK (August, 2009):

Indicated resource of 28.4 Mt @ 1.34 g/t Au

(1.2 Moz contained Au) Inferred resource of 17.2 Mt @ 1.28 g/t Au

(0.7 Moz contained Au)

Note: Auryx Gold has retained an external 43-101 compliant resource estimation specialist (Peter Bloy of BMRE), who is a recognized expert in modeling coarse gold mineralization.

0.4 g/t cut-off and capped at 15 g/t

Ore Type

Classification

kT Au (g/t)

koz

Oxide Indicated 2,941 1.36 129

Inferred 182 1.13 6

Fresh Indicated 25,474

1.33 1,093

Inferred 16,989

1.29 702

Total Indicated 28,415

1.34 1,222

Inferred 17,170

1.28 708


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Cross Section – Line 7000N

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Long Section

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High-Grade Structure at Otjikoto– high potential exists to continue hitting parallel structures with more step out drilling


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Genesis of the Damara Belt

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The Damara Orogenic belt represents the remnants of a failed continental rift from the late Proterozoic

1) Rift opens

2) Fills with clastic sediments, shallow marine sediments, MOR volcanism commences

3) Rift fails and closes

a) Kalahari craton collides with the Congo craton

b) Deep seated fractures are created (020)

c) Increase temperature and pressure, generates partial melts and squeezes fluids out of the sediments

d) These fluids migrate through the recently created fractures, dropping their mineralization in favourable horizons

Navachab

Otjikoto


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Damara Lineaments & Gold Showings

Recent interpretation of the Damara belt identifies multiple, deep seated NE trending (020) structures

The most westerly structure hosts Rossing, the middle structure hosts Navachab, and now Otjikoto has been discovered on the most easterly

Structures are deep seated, laterally continuous, and formed at the same time by the same process

Otjikoto

Navachab

Total field map with interpreted structures


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AURYX ROMARCO ANGLOGOLD

Background Information

Deposit Otjikoto Haile* NavachabLocation Namibia South Carolina, USA NamibiaSize of Concession (ha)

~240,000 1190

Metres Drilled to Date

>76,000 >169,000

Discovery 1999 2008 (1768) 1984

Geology

Host Rock Metasedimentary Metasedimentary - Metavolcanic MetasedimentaryAlteration Albite w lesser amphibolite-chlorite Silicification Veining Po, Py, Mag, Qtz, Carb, Grt Amph Qtz, Py, Po Fe-Amph, Qtz, Cpx, Grt, Po, Cpy, PyMetamorphism Amphibolite Greenschist Greenschist - AmphiboliteAge (in millions) 530 - 490 550 - 530 ~510Tectonic Environment

closing of continential rift accretionary island arc closing of continential rift

Fluid Source deep seated deep seated deep seated

Infrastructure

Road Paved Highway - B1 Paved Highway - 601 Paved Highway - B2Power grid grid gridWater grid and groundwater Potable water lines piped in (water grid)

Resource (Moz)

Measured - 1.684 0.33Indicated 1.2 1.439 2.51Inferred 0.7 1.072 1.49Reserve - 1.3 1.34Average Grade 1.3 g/t 1.82 g/t 1.1 g/t

MetallurgyRecovery (%) mid 90's 80 100+

Methodmilling, gravity, flotation, & cyanidation

of concentratesmilling, flotation, & cyanidation of

concentratemilling & CIP

ProductionStrip Ratio ~4.5:1 ~5:1 6.2:1Production Rate (oz/yr)

- - 68,000

*Haile 43-101 Technical Report by Gustavson Associates, LL December 3, 2009

Comparable Deposits to Otjikoto


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Navachab Comparison

NAVACHAB – FULL FEASIBILITY (1990): 11.8 Mt at 2.17 g/t

(0.77 Moz contained Au) 50,000 oz/yr SAG mill, CIP process

NAVACHAB (TODAY): 118 Mt at 1.14 g/t (4.33 Moz

contained Au) Mega-pit concept Plant feed of 1.2 to 1.8 g/t Dense Media Separator to take

production to ~80,000 oz/yr


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Otjikoto occurs at the northern end of a long and intensive alteration system

Only one of the first ten holes at Otjikoto hit economic mineralization

7 holes have been drilled in the 7 km of strike south of Otjikoto, and one hit gold mineralization, 1.5m of 0.8 g/t Au, within an envelope of albitite alteration

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Potential for Upside at Otjikoto

1.92 Moz resource

recent addition of 0.170 Moz

10 km long alteration zone


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2010-2011 Drill Targets

Mineralization occurs in “shoots” on three different levels

Some zones have not been fully tested down or up-shoot

Potential for the discovery of new, parallel shoots still exists

Mineralized calcrete has not been modeled in the resource

Hole OT96, 200m E of the “pit”, hit 8m of 1.2 g/t Au

Hole WHD 91, 600m N of the “pit” hit 9m of 0.8 g/t Au


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Metallurgical Test Work

Rock Hardness Oxides: Very soft Bond Ball Work Index of 6.5

kWh/t Sulfides: Moderately soft to hard Bond Ball Work

Index of 11.4 kWh/t Coarse, Visible Gold

50 grains found >500 µm 40% >106 µm

Gravity and Leaching Knelson

Oxide: 80 – 85% recovery with a 1 – 5% mass pullSulfide: 80 – 85% recovery with a 1 – 5% mass pull

FalconOxide: 70 – 80% recovery with a 20% mass pullSulfide: 80 – 90% recovery with a 20% mass pull

Intensive Leaching – 97% leach in 6 hours Gold Only Flotation

Oxide: 85% recovery with a 1-4% mass pull Sulfide: 90 – 95% recovery with a 3 – 8% mass

pull


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Technical Work Completed

Metallurgical Testwork (Mintek) Process Route identified (Mintek & Gecko Systems) Geotechnical studies & slope design (SRK) Scoping study updated (Aug 2009: GRD Minproc & Minxcon) Geohydrological studies ESIA close to completion, first Public Participation Meeting

conducted Further project development dependent on “right-sizing”

New Resource Re-estimate – Q1 2011 Exploration Program – 15,000 m of DD and 10,000 m of RC drilling Development work to focus on ESIA and Geohydrology

Completed CompletedCompletedCompleted

On-going

On-going

On-going

Going Forward – Focus of the Next 12 Months


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July 2010-2011 Budget

(C$MM)

As at

Cash on Hand 41.50 December 2010

Contingency for land acquisition

-4.00Possibly due within 3 to 12 months

37.50

Exploration & Development Costs*

-7.00 Jul 2010 – Jun 2011

G&A – SA/Canada

-1.75 Jul 2010 – Jun 2011

28.75

20% contingency

-1.75

Forecasted cash on hand

27.00 1 July 2011* $6 million Exploration & $1 million Development Studies


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23Growing Gold Resources in Namibia

THANK YOU!

Tim SearcyPresident & Director

Elina ChowInvestor Relations Manager

120 Adelaide Street WestSuite 1204

Toronto, Ontario M5H 1T1 Canada

+1 (416) 361 2213 (office)+1 (416) 400-0149 (mobile)

+1 (416) 361 6455 (fax)[email protected]

growing gold resources in namibia

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