Augustine Venture Inc.

April 20, 2011 12:27 ET

Augustine Clarifies Wawa Property Acquisition

TORONTO, ONTARIO--(Marketwire - April 20, 2011) - Augustine Ventures Inc. ("Augustine" or the "Company") wishes to update and clarify content in its previous news releases dealing with its acquisition of mineral property interests near Wawa, Ontario (the "Wawa Property") pursuant to an agreement with Delta Uranium Inc. ("Delta").

History of Delta and the Wawa Property

In 2009, Delta announced its intention to restructure and assign its interest in its non uranium assets to Carlisle Goldfields Limited ("Carlisle"), pursuant to which Delta had entered into an option agreement with Citabar Limited Partnership ("Citabar") and Citadel Gold Mines ("Citadel") (the "Wawa Option Agreement"). In June 2009, Delta announced the termination of the proposed transaction with Carlisle. In September 2010, Augustine entered into an agreement with Delta whereby Delta had assigned its interests in the Wawa Option Agreement to Augustine.

Background

On February 26, 2009, Delta and its subsidiary, Delta Precious Metals Inc. ("DPM") entered into an agreement with Carlisle by which Delta and DPM would assign their respective rights under the Wawa Option Agreement to Carlisle Goldfields. At the time, Delta was to receive 4 million common shares in Carlisle.

On April 21, 2009, Delta and its subsidiary DPM entered into an agreement with Citadel and Citabar with respect to Wawa Option Agreement.

On June 18, 2009, Delta and DPM terminated the agreement with Carlisle, however, Delta and DPM due to their respective adverse financial conditions remained desirous of entering into an agreement to assign its non uranium assets.

Wawa Property Acquisition by Augustine

On September 15, 2010, Delta entered into an Assignment Agreement with Citadel, Citabar and Augustine whereby Delta would assign the Wawa Option Agreement to Augustine (the "Assignment Agreement").

Under the terms of the Assignment Agreement, Augustine would pay Citabar as follows:
  1. 250,000 Shares of Augustine ("Compensation Shares") upon receipt of Ministry of Northern Development and Mines ("MNDM") consent to transfer the title to the mineral claims from Citadel to Citabar, which consent was received in November 2010 ("MNDM Consent to Transfer");

  2. 250,000 Compensation Shares on the first anniversary of the MNDM Consent to Transfer;

  3. 250,000 Compensation Shares on the second anniversary of the MNDM Consent to Transfer; and

  4. 250,000 Compensation Shares on the third anniversary of the MNDM Consent to Transfer.

On September 22, 2010, Delta entered into an agreement with Augustine (the "Delta Augustine Agreement") whereby Augustine would pay to Delta an amount of cash and common shares.

Under the terms of the Delta Augustine Agreement, Augustine agreed to pay Delta as follows:
  1. $100,000 cash on execution of the Delta Augustine Agreement, which has been paid as of the date hereof; and

  2. 3,810,000 common shares in the capital of Augustine (the "Consideration Shares") to be issued as follows:

i.2,310,000 Consideration Shares upon receipt of the MNDM Consent to Transfer;
ii.500,000 Consideration Shares on or prior to the first anniversary of receipt of the MNDM Consent to Transfer;
iii.500,000 Consideration Shares on or prior to the second anniversary of receipt of the MNDM Consent to Transfer; and
iv.500,000 Consideration Shares on or prior to the third anniversary of receipt of the MNDM Consent to Transfer.

As of the date hereof, 250,000 common shares have been issued to Citabar and pursuant to an amending agreement, all of the 3,810,000 common shares have been issued to Delta.

Share Dividend

It is Augustine's understanding that Delta intends to distribute (via dividend) some or all of those 3,810,000 common shares on a pro rata basis to the shareholders of Delta on a basis and record date still to be determined. This distribution would be subject to any and all necessary approvals.

The transaction between Augustine and Delta is not a related party transaction as defined by Multilateral Instrument 61-101. However, at the time that the agreement was signed, Mr. Isaacs and Mr. Kirk Boyd, the then Chief Financial Officer of Delta and Augustine, were each shareholders, directors and/or officers of each of Delta and Augustine.

About Delta Uranium Inc.

Delta is a TSX-V listed Canadian exploration company engaged in the acquisition, evaluation and exploration of uranium mineral properties in northeastern and northwestern Ontario and the Athabasca Basin, Canada.

About Augustine Ventures Inc.

Augustine Ventures Inc. was established in 1997 as Black Mountain Minerals Inc. ("Black Mountain") by statutory amalgamation of Triangle Capital Energy Corp. ("Triangle") and Per-X Minerals Inc. ("Per-X") pursuant to the provisions of the Business Corporations Act (Ontario). Augustine is a non trading reporting issuer in good standing in Ontario and Nova Scotia with its registered office in Toronto, Ontario, Canada. Augustine recently completed private placements for gross proceeds of $2,550,000 in flow through and non-flow through financing. The purpose of the private placements was to satisfy financial obligations with respect to the Wawa Option Agreement and for general and administrative purposes.

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