Augyva Provides Operational Update and Comments on Successful Conclusion of Negotiations Between Century Iron Mines Corporati...
November 30 2011 - 1:04PM
Marketwired
Augyva Mining Resources Inc. ("Augyva" or the "Company") (TSX
VENTURE:AUV) is pleased to provide an update to its shareholders
concerning news relating to the Company's minority owned Duncan
Lake Iron Ore Project ("DLIOP" or the "Project"). On November 29,
Century Iron Mines Corporation (Century) and WISCO International
Resources Development & Investment Limited ("WISCO Resources")
announced that they have together concluded negotiations and agreed
upon the definitive forms of joint venture agreements that will
govern the joint ventures to be formed between Century and WISCO
Resources for the exploration and development of Century's Duncan
Lake, Attikamagen and Sunny Lake projects (the "Joint Venture
Agreements"). The Joint Venture Agreements will be executed
following completion by WISCO Resources of certain internal
formalities, at which time Century will provide a further news
release. Under the definitive joint venture agreements, WISCO
Resources will invest an aggregate of $120 million in exchange for
a 40% interest in each of the three Century projects listed
above.
Augyva entered into an Option and Joint Venture Agreement
concerning the DLIOP with Century and its related affiliates on
December 6, 2010 whereby Century acquired a 51% interest in the
Project and became Project Operator with an option to increase its
interest to 65% by incurring $14 mm of additional expenditures
relating to the Project. The successful conclusion of Century's
negotiations with WISCO Resources is a meaningful step in the
advancement of the DLIOP.
By way of update, Duncan Lake exploration Phase I drilling assay
results are expected to be released approximately within the next
week. Phase II drilling, as planned, is continuing with two drill
rigs at site. The drilling continues to define resources suitable
to enable completion of a full bankable feasibility study. Base
line environmental data collection is underway managed by Roche
Ltd., Consulting Group and consideration is also being given to a
preliminary economic assessment in the first half of 2012 prior to
starting work on a bankable feasibility study.
Peter R. Jones, Chairman and Interim CEO of Augyva said, "Augyva
wishes to congratulate its joint venture partner Century along with
WISCO Resources on having agreed upon definitive forms of joint
venture agreements which is inclusive of the DLIOP. Of note for
Augyva's shareholders, the Joint Venture Agreements provide for the
investment of $40 million into the DLIOP of a total of $120 million
investment among three of Century's projects. Augyva believes that
the involvement of WISCO Resources strengthens the existing Duncan
Lake Option and Joint Venture agreement between Augyva and Century
and significantly improves development opportunities for this major
iron ore project". He went on to say, "over the past several months
we have achieved a strong and cohesive working relationship with
the Century team and we look forward to the possibility of building
a working relationship with the WISCO Resources team".
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding five
(5) properties located in the James Bay and Abitibi regions of the
Province of Quebec. Its major project is its interest in the Duncan
Lake Iron Ore Property located in the western part of the La Grande
Greenstone Belt. The property is accessible by road and covers
5,848 hectares. A National Instrument 43-101 compliant technical
report on the mineral resource was prepared by Met-Chem Canada Inc.
and was released in March 2010. The Duncan Lake Iron Ore Property
is subject to a joint venture agreement between Augyva Resources
and Century Iron Mines Corporation which has earned a 51% interest
and is currently making additional exploration expenditures to
increase their interest to 65%.
In addition to the Duncan Lake Iron Ore 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 ore.
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.
Contacts: Peter R Jones Chairman and Interim CEO
416-309-2198www.augyva.com
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