TORONTO, ONTARIO--(Marketwired - Jun 11, 2013) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") would like to update shareholders on its work plan aimed at enhancing the development of the Wawa Gold Project located near Wawa, Ontario. Management is confident that its previously announced NI 43-101 resource of 22.355 million tonnes at 1.49 grams per tonne gold containing 1.07 million ounces extends in both directions at shallow depths based on previous drilling cores that are being re-logged and sampled. Management is further encouraged by the large number of documented but untested gold occurrences on the property, as well as the history of production from a number of past producing mines on the property in the same geological formation which produced a total 120,000 ounces.
As part of its phased exploration program outlined in the 25 October, 2012 NI 43-101 Technical Report, the Company plans to balance the continuing exploration program with qualification studies and targeted drilling to help assess the feasibility of putting the known gold resource into production.
In addition to the resource expansion drilling mentioned above and an airborne magnetic survey, the following qualification studies are planned:
Open Pit Optimization and High Grade Underground Zone Definition;
Analytical Lab Testing, Conceptual Mill Design;
Mapping of Environmental Permit Process, Schedules and Cost Estimates;
Employee Requirement, Hiring and Training Strategy, Costs for 2,000 tpd mill; and
Power Supply Process and Cost.
The information from these qualification studies will not only assess the feasibility of a production decision but will optimize the exploration drilling program.
Dr. Bob Dodds, CEO and President states, "There are many advantages to conducting these qualification studies at this time compared to just drilling and geophysics. It gives the Company options in its exploration and development program. If production becomes feasible, the Wawa Gold Project has clear development benefits including,
ready infrastructure with roads already in place connected to a Provincial highway, the community of Wawa within several kilometers, power line nearby and paved airstrip within several kilometers,
no issues with respect to recent changes to the Mining Act in Ontario and exploration permits since the targeted exploration and development are all on patented claims,
strong support from the community and nearby First Nations, and
the property is monitored as part of a Closure Plan and retains in good standing an Amended Environmental Compliance Approval for a tailings disposal site."
Dr. Dodds goes on to say: "At the conclusion of the exploration and development program, it is our strategy to determine a possible path to production. The Board and Management of Augustine can give no assurance that there will be a production decision at this time but given the specific 'brownfield' nature of the Wawa Gold Project, the Board and Management feels it is prudent to vigorously test production scenarios. Based on those production scenarios, it can be determined sooner, rather than later, if the project can return suitable economics for a positive production decision."
Technical information in this news release has been reviewed by Dr. Ed Walker, Ph.D., P. Geo., a Qualified Person as defined in NI 43-101.
Filing of Notice and Access
Augustine also announces that the Company will be taking advantage of the new Notice-and-Access rules to further its cost cutting efforts by reducing printing and mailing costs associated with the dissemination of annual information to shareholders. Notice-and-Access rules allow companies to post electronic versions of annual financial statements, management's discussion and analysis and proxy related materials on a non-SEDAR website, rather than mailing paper copies of the materials.
In accordance with the rules, the Company has filed a first time notice of use of Notice-and-Access, which is available on the Company's profile at www.sedar.com. The Company has posted the annual financial statements, management's discussion and analysis and proxy related materials on the Company's website at www.augustineventures.com in respect of its upcoming annual and special meeting of shareholders to be held on July 11, 2013.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has an option to earn up to a 75% interest on the Wawa Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the Town of Wawa, Ontario. Over 95 percent of the property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The property has a gold resource of 1.07 million ounces at 1.49 grams per tonne (NI 43-101 compliant) with known depth extension to 600 meters, a history of past production from the known vein deposits and a large number of untested but documented gold occurrences. Augustine has also acquired a 100% undivided interest in an additional 161 claim units known as the Oakley Lake Property totalling 2,576 hectares adjacent to its Wawa Gold Project.
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.
