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AAG: Gold Results from Golden Crown

Deep Drilling at the Golden Crown Mine continues to confirm high-grade gold extensions of the main quartz reef. The latest hole returning a bonanza intercept of; 9.3 metres@ 14.65g/t Au from 712 metres, Including 3.4 metres@ 37.54g/t Au from 715.9 metres (main reef) The ore system remains open down plunge. Aragon Resources Limited (AAG; “Aragon” or “Company”) is pleased to announce that its latest diamond hole (CMD 00021) targeting extensions to the high-grade Golden Crown Reef has returned 9.3 metres @14.65g/t Au from 715.9 metres. The intercept is considered to have intersected the down-plunge southern portion of the main reef approximately 40 metres below the current resource boundary and includes apparent quartz splays and wall-rock alteration of the main reef. It is estimated that the true width of the intercept is approximately 7.5 metres at this location. Within this intercept, the main reef is manifested as a 3.4 metre quartz reef assaying 37.54g/t Au and which also exhibits abundant visible gold. A wedge cut from CMD0021 has also been completed and has intersected the main reef approximately 15 metres to the east at a similar depth and has returned a visually similar lode. The results of this hole are yet to be received. Golden Crown Mine The Golden Crown mine is located within the Day Dawn goldfield approximately 6km south of Cue in the Murchison Goldfield of Western Australia. The quartz reef is located just 500 metres south of the historically significant Great Fingall Mine which has produced 1.9 million tonnes @ 19.5g/t Gold for approximately 1.2 million ounces. Production to date from the Golden Crown Mine is recorded as 648,000 tonnes @ 13.8g/t Gold for approximately 288,000 ounces. Golden Crown was first mined in 1897 and until 1902 was developed to a vertical depth of 80 metres on relatively low gold grades resulting in minor gold production. This activity was coincident with mining on the nearby Great Fingall reef where bonanza grades and generous widths of reef were encountered from surface. In 1935, the mine was acquired by Western Mining Corporation and after a modest diamond drilling program the lease was relinquished due to lower than expected results. It was 1969 when Australian Consolidated Mines (‘ACM’) acquired the mining rights and additional drilling of the near surface area again returned lower than expected results. It was not until 1983 that ACM drill tested deeper zones and discovered that the old workings were actually in what appears to be a depletion zone. Further drilling beneath a vertical depth of 120 metres returned highly encouraging results and ACM commenced development of the mine by shaft sinking in December 1983. The mine was officially opened in May 1986 as an integrated shaft and small on surface CIP plant. In 1991, ACM was taken over by Posgold, a division of Normandy Mining Limited. Mining continued and the ore was then trucked to and processed at the Big Bell plant in a blended feedstock with Big Bell open pit ores. Posgold continued to operate Golden Crown for a further five years (up to 1996) before placing the mine on care and maintenance. Mining was halted apparently due to the fact that development could not keep up with production demands brought on by the large capacity 3.2mtpa Big Bell processing facility. The current remaining total identified mineral resource estimate for Golden Crown contains 63,000 ounces of gold and the nearby Great Fingall Mine contains 275,000 ounces of remnant gold resources. Aragon’s Strategic Plan Aragon holds a land position in the Central Murchison of 33,400 hectares including the three historically significant goldfields of Big Bell, Cuddingwarra and Day Dawn. Historic production from the Aragon land package totals 5 million ounces. The total estimated resource inventory within Aragon’s tenure is 11,490,000 tonnes @ 4.0g/t Au containing 1.5 million ounces (refer to appendix 1 for JORC categorisation breakdown). Aragon refers to the total package as its CentralMurchison Gold Project (“CMGP”). The Golden Crown mine is just one of the exciting opportunities for future gold production in this impressive package. Aragon’s strategic plan is to delineate sufficient mining reserves from its resource base and develop multiple mines in the CMGP to enable sustainable gold production at approximately 100,000 ounces per annum with an initial 6 to 8 year mine life. Aragon is currently evaluating the defined resources, drill testing for primary extensions and performing open-pit and underground mining studies as integral steps in fulfilling its strategic plan. It is anticipated that these works will continue through 2010 followed by the completion of a detailed feasibility study during 2011.