|By Marketwired .||
|November 28, 2012 04:44 PM EST||
TORONTO, ONTARIO -- (Marketwire) -- 11/28/12 -- Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") has received an amended NI 43-101 Technical Report (the "Amended NI 43-101") by Watts, Griffis and McOuat Limited ("WGM") on its Jubilee-Surluga Gold Property (the "Property") in Wawa, Ontario. The Amended NI 43-101 contains revised recommendations from WGM that the initial phase of work be directed at improving the resource estimate of the known mineralization which can be summarized below.
Phase One would best be accomplished by re-logging the available historical core stored at the Hawk Junction storage facility ($100,000), and then drilling the untested or poorly tested targets south and down dip of the Jubilee mine ($1.1 million). Following these programs, any new geological information could be interpreted into the model ($75,000) and the resource estimate should be updated ($25,000).
A second follow up phase of drilling of the Surluga deposit has been targeted to upgrade the quality of the existing resource estimate ($2.5 million). This is accompanied by a series of widespread drill programs ($1.8 million) to test areas that are known or suspected to be mineralized, accompanied by some trenching ($10,000) and geophysics ($50,000) to develop additional exploration targets.
The original NI 43-101 Technical Report dated October 25, 2011 included an Inferred Mineral Resource estimate of 32,269,000 tonnes at a grade of 1.14 g Au/t for the Surluga Gold Deposit, or "Jubilee Shear". The following table illustrates the resources at different cut-offs:
Resource Estimate Sensitivity Analyses at Various Cut Offs ---------------------------------------------------------------------------- Cut-off grade Tonnes Grade Ounces of gold (g Au/t) (t) (g Au/t) Contained Category ---------------------------------------------------------------------------- 0.2 (base case) 32,169,000 1.14 1,182,000 Inferred ---------------------------------------------------------------------------- 0.5 22,355,000 1.49 1,072,000 Inferred ---------------------------------------------------------------------------- 1. Mineral Resources were estimated using an ordinary kriged block model. A grade capping factor of 200 g Au/t was applied. A base case lower cut- off grade of 0.2 g Au/t and a global specific gravity of 2.77 t/m3 is assumed. No deductions for mining recovery or otherwise were included in this estimate; 2. Mineral Resources were estimated using a three-year trailing average of US$960/ounce, and an exchange rate of US$0.90=C$1.00; 3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues; 4. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Resources as an Indicated or Measured Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured Mineral Resource category; 5. The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
The Amended NI 43-101 can be viewed on the Company's website at www.augustineventures.com and on SEDAR.
In addition, Augustine has now received payment of all principal and interest amounts due to it under a secured promissory note from Delta Uranium Inc. ("Delta") dated June 20, 2012 for the principal amount of $306,415. The Company has now released Delta of all obligations in connection with the note.
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest on 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 vein deposits and a large number of untested but documented gold occurrences on the property. Augustine also acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Wawa Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.
This press 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 annual information form filed with the 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.
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