Augyva Mining Resources Inc.

Augyva Mining Resources Inc.

August 18, 2009 09:16 ET

Augyva Announces Establishment of Hong Kong Presence

MONTREAL, QUEBEC--(Marketwire - Aug. 18, 2009) - Sandy Chim, Chairman of the Board of Directors and Chief Executive Officer of Augyva Mining Resources Inc. ('Augyva' or the 'Company')(TSX VENTURE:AUV) announces with pleasure the establishment of a 100% owned Hong Kong subsidiary, Duncan Lake Iron (Hong Kong) Limited ('Duncan Lake'), to facilitate dialogues between Augyva and major steel mills and other potential interested parties in China about its major iron property in James Bay, Quebec, the Duncan Iron Project. The establishment of a presence in Hong Kong demonstrates the Company's strong interest and commitment to the Chinese market.

China is the largest iron ore importing country and it is now believed to be the second largest economy in the world. It is expected that its projected growth will continue to fuel demand for high quality iron ore. Many major Chinese mills have sourcing offices in Hong Kong. Some of these companies are listed on the Hong Kong Stock Exchange.

Establishing a Hong Kong presence will enhance Augyva's ability to attract potential future long term investors and strategic partners from China and Hong Kong, given the size and quality of the Duncan Iron Project, and will provide Augyva with a gateway to the growing Chinese market.

Augyva Mining Resources Inc. and the Duncan Iron Project:

Augyva Mining Resources Inc. is a Canadian exploration and development company with its major iron property near Duncan Lake in the James Bay region of the Province of Quebec.The Duncan Iron Project is located at the Western Part of the La Grande Greenstone Belt and hosts iron ore deposits of the Algoma type, hosted by a volcano-sedimentary sequence. The property, directly accessible by road, is located in James Bay, 45 kilometres south of Radisson and covers 4,615 hectares. A 43-101 Technical Report published in January 2008 listing historical resources (non 43-101 compliant) from work done in the 1960 and 70's is available on Augyva website and on SEDAR. Augyva completed over 10,000 meters of a drilling program in May 2009 testing five (5) magnetite deposits. The cumulative strike length of magnetite iron formation is over 10 km. Encouraging results were published in the press release issued on June 19, 2009. Further analysis and metallurgical testing are being carried out to be followed by a 43-101 compliant resource calculation.

Further details are available on the Company website.

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