MONTREAL, QUEBEC--(Marketwire - Oct. 24, 2012) - Augyva Mining Resources Inc. (Augyva or the Company)(TSX VENTURE:AUV) today announced that its Board of Directors had granted a total of 1,000,000 options under the Company's Incentive Stock Option Plan to directors, officers and consultants with vesting over twelve (12) months. The options are exercisable for a term of 5 years at $0.125 per common share. The closing price of Augyva shares on the TSX Venture Exchange on October 23, 2012 was $0.125.
About the Duncan Lake Iron Property
The DLIP, located approximately 570 km north of Mattagami and 50 km south of Radisson Québec, is approximately 130 km from the shore of James Bay and is accessed by paved road. The property incorporates 534 exploration claims covering 25,605 hectares.
The DLIP is subject to a joint venture agreement between Century, which previously held a 51% interest, and Augyva, which previously held a 49% interest under an option and joint venture agreement dated May 20, 2008.
Pursuant to the Option and Joint Venture Agreement on November 11, 2010, Century completed its funding of $6 million to earn an initial 51% interest and subsequently has provided notice to Augyva that it has increased its interest in the property to 65% by expending a further $14 million. Augyva will retain a 35% interest in the DLIP.
On August 27, 2012 Augyva issued a news release titled "Augyva Announces Updated Duncan Lake Iron Project NI 43-101 Compliant Resource Estimate, Exceeds Expectations". This news release can be found on the Company's website at www.augyvamining.com
A Preliminary Economic Assessment ("PEA") for the DLIP is currently underway by Met-Chem and completion of the PEA is expected before year end 2012.
About Augyva Mining Resources Inc.
Augyva Mining Resources Inc. (TSX VENTURE:AUV) is an exploration and development company. Its major project is its interest in the DLIP in the western part of the La Grande Greenstone Belt in Quebec.
In addition to the Duncan Lake Iron Project, Augyva holds a 100% interest in four other mineral properties, namely: Yasinski and Kali in the James Bay region and Senneville and Malartic in the Abitibi region. At these mineral properties, the exploration focus is for other than iron.
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. Augyva does not undertake 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.