Augustine Ventures Inc.

Augustine Ventures Inc.

October 30, 2012 07:00 ET

Augustine Ventures Corporate Update

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2012) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") would like to announce that the Surluga Property Option Agreement ("Option Agreement") with Citabar Limited Partnership ("Citabar") to acquire a 60% interest in the Wawa Gold Project has been amended in an Amending Agreement such that:

  • The date for Augustine to have spent $2,000,000 on Eligible Expenditures, of which $1,250,000 has already been spent, has been extended from November 10, 2012 to June 30, 2013;
  • For consideration of Citabar entering into the Amending Agreement, Augustine has agreed to issue an additional 500,000 common shares to Citabar.

Dr. Robert (Bob) Dodds, President and CEO of Augustine states "We are pleased to have entered into the Amending Agreement with Citabar that better reflects current market realities and ensures Augustine will continue advancing its Wawa Gold Property."

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 contains 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 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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