Augen Capital Corp.
TSX VENTURE : AUG

Augen Capital Corp.

December 07, 2011 19:03 ET

Augen Capital Announces Growth Strategy

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2011) - Augen Capital Corp. ("Augen" or "the Company") (TSX VENTURE:AUG) is pleased to announce a new business direction for 2012 and beyond. The company has begun actively seeking business opportunities in the mineral resource sector of Colombia. As part of that effort it has formed a subsidiary called Seven Stars Coal Corporation ("Seven Stars") through which it plans to operate in Colombia. The initial round of financing for Seven Stars has successfully raised $740,000 of capital.

At this time Augen is pleased to inform its investors that Seven Stars has acquired its first property of approximately 1,500 hectares, which is known to host metallurgical coal. Based upon extensive research conducted on each property prior to each acquisition, the Company intends to enter the coal industry in Colombia in conjunction with experienced local partners. In addition, the Company is pleased to announce that it has signed a memorandum of understanding with a strong local partner that has extensive production experience.

"I am pleased with our decision to pursue coal exploration and development in Colombia," said Alan Cruickshank, the Company's President and CEO. "The potential for coal in Colombia is well known, and the opportunities to create significant value for shareholders are very exciting."

Further updates will be made as information becomes available.

About Augen Capital

Augen Capital Corp. ("Augen") (TSX VENTURE:AUG) is a Toronto-based public merchant bank specializing in the financing of and investment in emerging resource companies. Augen manages a merchant banking hard dollar portfolio of emerging resource stocks.

For more information on Augen Capital, visit our website at www.augencc.com. The Company's public documents may be accessed at www.sedar.com.

Shares outstanding: 77,837,039

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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