Augustine Ventures Inc.
CNSX : WAW

Augustine Ventures Inc.

April 02, 2012 14:48 ET

Augustine Ventures Files Amended Interim Financial Statements

TORONTO, ONTARIO--(Marketwire - April 2, 2012) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") announces that it has filed amended unaudited interim financial statements for the three month period ended February 28, 2011, the six month period ended May 31, 2011 and the nine month period ended August 31, 2011.

Exploration expenditures on the Company's mineral properties were previously expensed and charged to operations as incurred in the financial statements for the 3, 6 and 9 month interim periods previously issued and filed by the Company. Exploration costs include exploration licences, property maintenance, mapping, trenching, drilling, assaying, technical personnel, site office and other similar costs. Capitalizing these costs to mining properties and expenditures provides a more accurate depiction of the asset base of the Company and is in accordance to the Company's stated accounting policy.

The restating of the previously issued financial statements results in the following adjustments:

Mining Properties and Expenditures Net Loss


Period Ended

Adjustment
($)
Previously Reported
($)

Restated
($)
Previously Reported
($)

Restated
($)
3 months
February 28 2011
254,799 506,001 760,800 (376,788) (121,989)
6 months
May 31 2011
831,891 506,001 1,337,892 (1,242,138) (410,247)
9 months
August 31 2011
1,065,046 506,001 1,571,047 (1,718,975) (653,929)

The restated unaudited interim financial statements for these periods have been filed on and are available at www.sedar.com.

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company which has secured an option to earn a 60% interest in the Surluga 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.

Augustine has recently acquired a 100% undivided interest in an additional 161 claim units totalling 2,576 hectares adjacent to its Surluga Gold Project known as the Oakley Lake Property situated in McMurray and Naveau Townships near Wawa, Ontario.

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