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Growing Gold Resources in Namibia

TSX: AYX. Growing Gold Resources in Namibia. 4th Annual Investing in African Mining Seminar | Nov 2010. Disclaimer/Forward Looking Statement.

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Growing Gold Resources in Namibia

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  1. TSX: AYX Growing Gold Resources in Namibia 4th Annual Investing in African Mining Seminar | Nov 2010

  2. 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.

  3. Company Highlights AYX – A NEW GOLD COMPANY • Listed July 2010 • Strong institutional support • CAD 14.4 million in cash • NAMIBIA • Stable democracy • Mining friendly jurisdiction • Sparsely populated • Highly skilled professionals available locally Downtown Windhoek, the capital of Namibia

  4. Project History 1999: Discovery of Otjikoto by ARM’s predecessor Avmin 2005: ARM spun Teal out retaining 65% ownership while 35% was listed on the TSX 35% 65% 2009: Vale purchased 35% public float of TEAL + an additional 15% from ARM 50% 50% Sept 2009: Vale initiated process to divest Otjikoto Feb 2010: Auryx was named preferred bidder for Otjikoto June 2010: Auryx closed the transaction to purchase 92% ownership in Otjikoto for USD 28 million 8% 92% 2007: EVI purchased 8% ownership in Otjikoto from Teal Minerals

  5. 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 Namibia’s B1 National Highway, near Otjikoto

  6. Share Structure *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 6

  7. 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 & Operations • Qualified 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– Chairman • Currently 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 PIRIE • Former 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 HARWOOD • Johannesburg 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 HODGSON • Employed 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 7

  8. 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 8

  9. 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 Navachab (AngloGold) Rössing(Rio 69%) Langer-Heinrich (Paladin) Trekkopje (Areva) NamDeb (De Beers 50%)

  10. Otjikoto Land Package • LOCATED WITHIN A HIGHLY PROSPECTIVE GOLD DISTRICT • License Granted: >240,000 Ha; • Current Applications: ~720,000 Ha • FIRST WORLD INFRASTRUCTURE • 3 km from a paved national highway “B1” • 3 km from railhead • 15 km from a power grid “right-of-way” • ~30 km from a water grid tie in • Significant aquifer on site 10

  11. 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) 0.4 g/t cut-off and capped at 15 g/t 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.

  12. Cross Section – Line 7000N

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

  14. Genesis of the Damara Belt • The DamaraOrogenic belt represents the remnants of a failed continental rift from the late Proterozoic • Rift opens • Fills with clastic sediments, shallow marine sediments, MOR volcanism commences • Rift fails and closes • Kalahari craton collides with the Congo craton • Deep seated fractures are created (020) • Increase temperature and pressure, generates partial melts and squeezes fluids out of the sediments • These fluids migrate through the recently created fractures, dropping their mineralization in favourable horizons Otjikoto Navachab

  15. 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

  16. Comparable Deposits to Otjikoto *Haile 43-101 Technical Report by Gustavson Associates, LL December 3, 2009

  17. 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

  18. Potential for Upside at Otjikoto • 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 1.92 Moz resource recent addition of 0.170 Moz 10 km long alteration zone

  19. 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

  20. 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 • KnelsonOxide: 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

  21. 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” • Completed • Completed • Completed • Completed • On-going • On-going • On-going Going Forward – Focus of the Next 12 Months • 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 21

  22. July 2010-2011 Budget * $6 million Exploration & $1 million Development Studies

  23. Tim Searcy President & Director Elina Chow Investor Relations Manager 120 Adelaide Street West Suite 1204 Toronto, Ontario M5H 1T1 Canada +1 (416) 361 2213 (office) +1 (416) 400-0149 (mobile) +1 (416) 361 6455 (fax) info@auryxgold.com THANK YOU! Growing Gold Resources in Namibia

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