Augustine Ventures Inc.

April 27, 2011 16:31 ET

Augustine Ventures Completes Diamond Drill Program and Grants Options

TORONTO, ONTARIO--(Marketwire - April 27, 2011) - Augustine Ventures Inc. ("Augustine" or the "Company") is pleased to announce that the Company has completed its initial program of confirmation drilling on the Wawa gold property in northeastern Ontario. Eighteen diamond drill holes totalling 2,926 metres were completed in 46 days. Twelve of those holes were exact twins of historical holes, while six were shifted slightly from their "target" holes to avoid the possibility of drilling into underground workings.

The purpose of the diamond drilling program was to confirm and validate assay and geological data from 365 historical surface drill holes and 1,463 historical underground drill holes. Historical drill data will be combined with the new information to derive a mineral resource estimate. The company is in the process of re-evaluating the Jubilee Shear, an extensive gold-bearing zone on the Wawa property, as a large-tonnage, low-grade gold deposit that may potentially be amenable to open pit mining. Previous exploration programs, as well as previous attempts to place the Jubilee Shear into production, had concentrated on selective mining of relatively higher grade sections within the low-grade envelope, and had met with indifferent success.

In addition to a re-appraisal of the economic potential of the Jubilee Shear, the geological environment of the gold-bearing zones, and the possible genesis of the mineralization, is also being re-evaluated. Preliminary geological observations by Dr. Edward Walker, consulting geologist, have raised the possibility that the so-called Jubilee Shear may not be a conventional shear-hosted gold deposit.

Wayne Isaacs, Chairman & CEO states that "with the confirmation drilling now completed, we have cleared yet another hurdle on our way to completing our initial mineral resource estimate. In the upcoming months, we expect deliver news on our assay results and we further expect to engage a well known professional firm to complete our NI 43-101 Mineral Resource Estimate."

Augustine Ventures Inc. holds an option to earn a 60% interest in the Wawa property by making certain payments and share issuances, and spending $8,000,000 on exploration over a four-year option term.

Augustine is also pleased to announce that it has granted an aggregate of 865,000 incentive stock options to certain directors, officers, employees and consultants of the Company. Each option enables the holder to acquire common shares of the Company at an exercise price of $0.20 per common share on or before April 1, 2013. The granting of these options may be subject to regulatory approval.

Technical information in this news release has been prepared and/or reviewed by Dr. Colin Bowdidge, Ph.D., P.Geo., who is a Qualified Person as defined in NI 43-101.

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 deposits and a large number of untested but documented gold occurrences on the property. 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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