Augyva Mining Resources Inc.
TSX VENTURE : AUV

Augyva Mining Resources Inc.

June 17, 2010 16:22 ET

Augyva Will Carry Out an Environmental Scoping Study for Its Duncan Lake Iron Ore Project

MONTREAL, QUEBEC--(Marketwire - June 17, 2010) - Mr. Georges-Yvan Gagnon, President of Augyva Mining Resources Inc. ("Augyva" or the "Company") (TSX VENTURE:AUV) is pleased to announce that Augyva will award Roche Ltd, of Montreal, Quebec, the mandate to carry out an environmental scoping study (ESS) for its Duncan Lake claim blocks near Radisson. The objectives of the ESS is to identify early on, key environmental and socio-economic issues, constraints and opportunities for the development of Augyva iron mine project in Duncan Lake, to review regulatory framework applicable to the project and to outline the various steps leading to the development and implementation of the project.

Roche Ltd, Consulting Group, is a company of consulting engineers that has for many years worked in close cooperation with the mining industry in Quebec and abroad.

Augyva Mining Resources Inc. and the Duncan Lake Iron Ore Project:

Augyva Mining Resources Inc. is a Canadian exploration and development company with its major iron property located near Duncan Lake in the James Bay region of the Province of Quebec. The Duncan Lake Iron Ore Project is located at the Western Part of the La Grande Greenstone Belt and hosts iron ore deposits of the Algoma type, hosted by a volcano-sedimentary sequence. The property, directly accessible by road, is located in James Bay, 45 kilometres south of Radisson and covers 4,615 hectares. A 43-101 Technical Report was published in January 2008 listing historical resources (non 43-101 compliant) from work done in the 1960 and 70's. Augyva completed a drilling program of over 10,000 meters in May 2009 testing over 10 km of cumulative strike length of magnetic iron formation with encouraging results as published in the press release on June 19, 2009. Further analysis and metallurgical testing have been carried out and were followed by the release on March 2, 2010 of a National Instrument 43-101 ("NI 43-101") compliant technical report on the mineral resource estimate, prepared by Met-Chem Canada Inc. of Montreal, Quebec. The NI 43-101 Report is available on the Company web site and on SEDAR. Please refer to Augyva's press release dated February 4, 2010, for more detailed information concerning the mineral resource estimate reported and the additional potential tonnage.

The Duncan Lake property is being explored under an option agreement with Canadian Century Iron Ore Corporation ("Century"). Century can earn a 51% interest by funding $6 million by May 20, 2012 (of which $1.5 million was funded already). Century can increase its interest to 65% by funding an additional $14 million within four years thereafter. Augyva is the manager of the work programs of the Duncan Iron Project. 

About Canadian Century Iron Ore Corporation

Canadian Century Iron Ore Corporation ("Century"), a member of Century Iron Ore Group (the "Century Group") which is based in the Far East and has extensive network, experience and expertise in the international iron ore industry with the focus on developing iron ore resources targeted to and supplying iron ore products to China, the largest and fastest growing consumer of the raw material today. The Century Group has investments in iron ore assets in Canada, including the Duncan Iron Project, and other countries including China. 

This news release contains certain 'Forward-looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and 'Forward–Looking Information' within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements or forward looking Information and, therefore, involve uncertainties or risks that could cause actual results and future events to differ materially. There can be no assurance that such statements will prove to be accurate. Statements related to mineral resource statements and the exploration program performance may differ materially from the statements contained herein. Factors that could cause actual results to differ materially from such statements include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

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.

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