Augustine Ventures Closes Property Acquisition in Wawa
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 09/27/11 -- Augustine Ventures Inc. (CNSX: WAW) ("Augustine" or the "Company"). is pleased to announce that further to its press release dated September 8, 2011, the Company has closed the agreement with Kalac Holdings Ltd. ("Kalac") for the purchase of 22 mining claims (the "Property Acquisition Agreement") totalling 161 claim units or 2,576 hectares, known as the Oakley Lake Property, in McMurray, Naveau Townships near Wawa, Ontario (the "Property").
Under the terms of the agreement, Kalac sold and transferred a 100% undivided interest in and to the Property to Augustine subject to a 2% Net Smelter Royalty ("Net Smelter Royalty") in consideration of $30,000 cash and the issuance of 2,000,000 shares in the capital stock of Augustine (the "Purchase Price") The shares issued are subject to a four month hold period as required by applicable securities regulation.
The parties have further agreed that Augustine shall have the option to purchase one-half of the Net Smelter Royalty (i.e. 1% of Net Smelter Returns) at any time up to the commencement of commercial production from the Property, for the price of $1,000,000.
Wayne Isaacs, Chairman and CEO of Augustine stated that, "As previously mentioned, this acquisition doubles our property package in Wawa. With the combination of this new property acquisition and our existing property interest in Wawa, we are well on our way to creating a world class gold exploration company for our shareholders".
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which is currently engaged in active exploration of its 4,921 hectares in Wawa, Ontario. The property interest consists of an option to earn a 60% interest in the Wawa Gold Project which encompasses 2,345 hectares in McMurray Township, southeast of the town of Wawa. 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 known depth extension to 600 meters, a history of past production from the known deposits and a large number of untested but documented gold occurrences on the property. Additionally, Augustine has recently acquired a 100% undivided interest in 2,576 hectares in McMurray, Naveau Townships adjacent to its Wawa Gold Project near Wawa.
Contacts:
Augustine Ventures Inc.
Wayne Isaacs
Chairman and CEO
(416) 363-2528
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Datum: 27.09.2011 - 16:59 Uhr
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News-ID 70279
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TORONTO, ONTARIO
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Mining & Metals
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