Augyva Mining Resources Inc.
TSX VENTURE : AUV

Augyva Mining Resources Inc.

December 07, 2010 08:33 ET

Augyva and Century Plan Phase II Drilling at Duncan Lake Iron Ore Project

MONTREAL, QUEBEC--(Marketwire - Dec. 7, 2010) - Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva") and Canadian Century Iron Ore Corporation ("Century") are pleased to announce that Phase II of the drilling program will begin shortly on the Duncan Lake Iron Ore Project ("DLIOP") (Augyva 49% and Century 51%) located in the James Bay Region of Quebec. 

A minimum of 8,000 metres of drilling is scheduled to commence in mid-December. The drilling program is designed to define additional tonnage in the extensions of deposits 4, 6 and mainly 3. Based on the NI 43-101 compliant technical report on the mineral resource estimate prepared by Met-Chem, the DLIOP deposits have been relatively well outlined by drilling and geophysical surveys completed to date. However, additional drilling is required in order to convert Inferred Resources into the Measured or Indicated Mineral Resource category.

Based on Met-Chem's report, the mineral resource estimates based on the 2008-2009 drilling program are in the Measured category at 5,7 million tonnes at 23,29% FeT, and in the Indicated category at 25,6 million tonnes at 23,48% FeT. In the Inferred mineral category, mineral resources are estimated at 821 million tonnes at 24.6% FeT.

Mr. Georges-Yvan Gagnon, President and CEO of Augyva commented "As announced in the Company's press release of November 11, 2010, Century has completed its funding of $6,000,000 to earn a 51% interest in the Duncan Lake property. Century now forms a joint venture with Augyva in the project. Augyva and Century are pleased to announce Phase II of the drilling program on the DLIOP, this reflects both companies' strong confidence in the development of the Property".

About the Duncan Lake Property

The Duncan Lake Property ("DLP") is located in the western part of the La Grande Greenstone Belt and hosts Algoma type iron deposits in a volcano-sedimentary sequence. The property, directly accessible by road, covers 5,848 hectares and consists of six (6) different blocks or deposits identified as Deposits 1 to 6. Further to the Phase I drilling program of 52 diamond drill holes totalling 10,456 meters, completed in May 2009, a National Instrument NI 43-101 ("NI 43-101") compliant technical report on the mineral resource estimate (the "Report"), was prepared by Met-Chem Canada Inc. of Montreal, and filed on SEDAR in March 2010.

An Opportunity Study is being completed by Met-Chem for internal use and a preliminary logistics study has been carried out to evaluate various logistics solutions. Roche Ltd of Montreal has been engaged to carry out an environmental scoping study (ESS) for the Project.

About Augyva Mining Resources Inc

Augyva is an exploration and development company with 5 properties located in the James Bay and Abitibi regions of the Province of Quebec. Its major project under development is the Duncan Lake Property described above. In addition to advancing the DLIOP, Augyva holds 100% interest on 4 highly prospective gold and base metal properties: Yasinski (gold, platinum, chromite and other base metals) and Kali (gold, copper and other base metals) in the James Bay region, and: Senneville (gold) and Malartic (gold) in the Abitibi region.

About Canadian Century Iron Ore Corporation

Century is a subsidiary of Century Iron Ore Holdings Inc., an iron ore property developer and investor with extensive network and relationships in the Far East market, particularly China, and having substantial investments in iron ore properties in Canada with the vision of building an iron ore resource base for the insatiable growing demand for iron ore of the global market driven primarily by China which bought about 70% of the total seaborne iron ore trade in 2009. 

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Augyva's disclosure documents on the SEDAR website at www.sedar.com. Neither Augyva nor Century undertakes to update any forward looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Augyva Mining Resources Inc.
    Georges-Yvan Gagnon - P.Geologist
    President and CEO
    819-275-1614
    www.augyva.com