Augustine Ventures (CNSX:ZAO) Begins Trading on the CNSX - Video Summary of Company Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, June 14, 2011 - Toronto based Augustine Ventures
(CNSX:WAW) is one of the latest new listings on the Canadian National Stock
Exchange, better known as the CNSX.
To view the InvestmentPitch.com video news alert about Augustine Ventures, click
here. If the link is not enabled, please visit www.investmentpitch.com and enter
"Augustine" in the search box.
Augustine is a junior gold exploration company which has secured an option to
earn a 60% in a 2,345 hectare gold property, located two kilometres southwest of
Wawa, Ontario. The Wawa area was the site of one of the initial gold rushes in
Ontario.
Over the years more than $30 million was spent on the property. Between 1902 and
1991, 8 different operations produced more than 120,000 ounces of gold from the
property, mainly from four underground past producing mines.
Although there is no current 43-101 compliant mineral resource estimate on the
Surluga property, in 1996 a non-43-101 compliant resource report estimated
525,000 ounces of gold to a maximum depth of 350 metres.
In April, Augustine completed its initial program of 18 diamond drill holes
totalling 2,926 metres, over a 46 day period. 12 of those holes were exact twins
of historic holes, while 6 were shifted slightly.
These holes were designed to confirm and validate assay and geological data from
365 historic surface drill holes and 1,463 historical underground drill holes.
The company will combine the historic drill data with the new information to
derive a mineral resource estimate.
A major shear zone, the Jubilee Shear Zone, runs sub-parallel to the western
margin of the property. This zone, and its likely continuation, the Darwin Shear
Zone, are considered to contain the best targets for gold exploration at the
present time.
Management believes there is lots of upside potential as the majority of this
large property has never seen modern exploration. The company's immediate goal
is to prove up a one million ounce gold resource. Further exploration of known
gold deposits and numerous documented, undeveloped gold prospects may increase
the resource substantially.
During the period December 2010 to March 2011, IBK Capital raised the company
gross proceeds of $2,550,000 through the issuance of 12,750,000 units at $0.20
per unit, with 3,725,000 being flow-through units. Each non low-through unit
consists of one common share and one common share purchase warrant, with each
warrant entitling the holder to purchase one additional common share of the
Company at $0.40 for a period of two years following the closing date.
Each flow-through unit consists of one flow through share priced at $0.20 and
one half common share purchase warrant, with each full warrant entitling the
holder to purchase one common share of the company at $0.40 for a period of two
years to expire on December 22, 2012.
The expiry date for all warrants will be accelerated to thirty days from the
fifteenth consecutive trading day on which the shares of the Company close at or
above $0.60, provided that it occurs four months and a day after the closing
date. All securities issued pursuant to the offering were subject to the
statutory four month plus one day hold period from the closing date.
The company now has approximately 26 million common shares outstanding with
about 17 million in the public float.
For more information, please visit Augustine's website at
www.augustineventures.com, or contact Wayne Isaacs, Chairman & CEO at
416-363-2528 or by email at news(at)augustineventures.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
BMorgan(at)investmentpitch.com
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1523479]
Unternehmensinformation / Kurzprofil:
Datum: 15.06.2011 - 00:59 Uhr
Sprache: Deutsch
News-ID 55560
Anzahl Zeichen: 4618
contact information:
Kategorie:
Business News
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