TORONTO, ONTARIO--(Marketwire - July 3, 2012) - Augustine Ventures Inc. (CNSX:WAW) ("Augustine" or the "Company") announces that further to various loans made to Delta Uranium Inc. (TSX VENTURE:DUR.H) ("Delta"), it has negotiated with Delta and been issued a secured promissory note in favour of Augustine for the principal amount of $306,415. The note bears an annual interest rate of 12% and is payable on demand. The principal amount and all accrued interest payable under the note is secured by a pledge by Delta of the 3,810,000 shares of Augustine owned by Delta. Delta is a related party to Augustine by virtue of a common director, officers and its shareholdings in Augustine.
Augustine continues to hold negotiations with Delta with respect to the repayment of the principal amount. The negotiations are being undertaken by independent directors of both Augustine and Delta. Further updates will be provided when available.
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 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.