Augyva announces receiving notice of completion from Century Iron Mines corporation of its $14 million earn-in for the Duncan Lake iron property
TORONTO, ONTARIO–(Marketwire – Oct. 15, 2012) – Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva") announces that on October 08, 2012 Century Iron Mines Corporation ("Century") provided notice to Augyva that it had completed its $14 million expenditure to earn-in to a 65% interest in the Duncan Lake Iron Property (DLIP) in the James Bay area of Quebec under the Option and Joint Venture Agreement between Century and Augyva relating to DLIP dated May 2008. Century is the operator of the joint venture.
Confirmation of completion of the $14 million earn-in is subject to the customary financial and legal reviews. The Option and Joint Venture Agreement can be found on the Company's website at www.augyvamining.com.
About the Duncan Lake Iron Property
The DLIP, located approximately 570 km north of Mattagami and 50 km south of Radisson Québec, is approximately 130 km from the shore of James Bay and is accessed by paved road. The property incorporates 534 exploration claims covering 25,605 hectares.
Pursuant to the Option and Joint Venture Agreement on November 11, 2010, Century completed its funding of $6 million to earn an initial 51% interest and subsequently has provided notice to Augyva that it has increased its interest in the property to 65% by expending a further $14 million. Augyva will retain a 35% interest in the DLIP.
On August 27, 2012 Augyva issued a news release titled "Augyva Announces Updated Duncan Lake Iron Project NI 43-101 Compliant Resource Estimate, Exceeds Expectations". This news release can be found on the Company's website at www.augyvamining.com.
A Preliminary Economic Assessment ("PEA") for the DLIP is currently underway by Met-Chem and completion of the PEA is expected before year end 2012.
About Augyva Mining Resources Inc.
Augyva Mining Resources Inc. (TSX VENTURE:AUV) is an exploration and development company. Its major project is its interest in the DLIP in the western part of the La Grande Greenstone Belt in Quebec.
In addition to the Duncan Lake Iron Project, Augyva holds a 100% interest in four other mineral properties, namely: Yasinski and Kali in the James Bay region and Senneville and Malartic in the Abitibi region. At these mineral properties, the exploration focus is for other than iron.
George Wahl P. Geo. Augyva's QP has reviewed and approved this news release
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Augyva's disclosure documents on the SEDAR website at www.sedar.com. Augyva does not undertake to update any forward looking information except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.