Augyva Mining Resources Inc.

Augyva Mining Resources Inc.

March 09, 2009 09:44 ET

Augyva Announces Changes to Management

MONTREAL, QUEBEC--(Marketwire - March 9, 2009) - Sandy C.K. Chim, Chairman of the Board of Directors and Chief Executive Officer of Augyva Mining Resources Inc. ('Augyva' or the 'Company')(TSX VENTURE:AUV) announces certain Management changes and the establishment of an internal audit function recently approved by the Board of Directors.

The Audit Committee and the Board of Directors have completed a review of the financial controls and reporting of the Company under the leadership of the Chief Financial Officer M. Simon Britt. The results of the review and a comprehensive plan of Internal Control for implementation has been submitted to the Audit Committee and approved by the Board of Directors. M. Britt has advised the Board of Directors of his wish to step down as Chief Financial Officer of the Company at such time as a replacement can be appointed. Based on M. Britt's review and his recommendation, the Board of Directors has determined to reappoint Mrs Lynda Paulin as Chief Financial Officer of the Company effective March 9, 2009. M. Simon Britt has been appointed an independent consultant of the Company, reporting directly to Mr.Chim as CEO to continue to provide further support to the Company as needed.

The Board of Directors would like to express their thanks to Simon Britt for his diligent work while acting as Chief Financial Officer of the Company and look forward to his continued support to the Company as an independent consultant.

As part of the implementation of the plan of Internal Control, M. Rene Lacroix has been appointed an independent consultant reporting to the Audit Committee to provide an independent internal audit of the Company on a regular basis and such other matters as he may consider appropriate or desirable. M. Lacroix has been a chartered accountant since 1982 and he is specialized in the mining exploration sector.

Augyva Mining Resources Inc. is a Canadian exploration and development company with its major iron ore property near Duncan Lake in the James Bay region of the Province of Quebec. The Duncan Lake Project is located in the western part of the La Grande Greenstone Belt and hosts Algoma type historical iron ore deposits in a volcano-sedimentary sequence. The property, directly accessible by road, is located forty five miles south of Radisson and covers 3,642 hectares. The Company is in the process of analysing historical information and data and is conducting a drill program to update a NI 43-101 Technical Report.

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
    Augyva Mining Resources Inc.
    Michael Skutezky
    416-594-0791 x 128