Augyva Mining Resources Inc.

Augyva Mining Resources Inc.

August 29, 2012 19:11 ET

Augyva Announces Results of Shareholders' Meeting

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2012) - Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva" or the "Company") is pleased to provide the results from its annual general and special meeting of shareholders held on August 29, 2012 in Toronto (the "Meeting").

At the Meeting, shareholders elected the incumbent management nominees, Messrs. Farhad Abasov, Kuldeep Billan, Sandy C.K. Chim, Peter R. Jones, John Knowles, C. Nigel Lees and Michael R Skutezky, to serve as directors of the Company for the ensuing year. Shareholders also voted in favour of the re-appointment of Raymond Chabot Grant Thornton LLP as the Company's auditors and authorized the directors to fix their remuneration. The Company's Amended and Restated Stock Option Plan and Amended and Restated By-Law No. 1 were both approved by shareholders at the Meeting.

Following the Meeting, the board of directors elected Mr. Peter R. Jones as Chairman of the board and confirmed his ongoing role as Interim CEO of the Company. Mr. Jeffrey Sherman will be stepping down as CFO of the Company, effective the end of September 2012. A successor CFO will be appointed by the Company in due course.

"There has been significant change in the management and governance practices of the Company since the 2011 shareholders' annual meeting and the board is pleased that shareholders continue to support its efforts. I also want to take this opportunity to thank Mr. Sherman for his contribution as CFO over the past year," said Mr. Jones.

About Augyva Mining Resources Inc.

Augyva is an exploration and development company holding five (5) properties in the James Bay and Abitibi regions of Quebec.

The Company's major project is a 49% interest in the world class Duncan Lake Iron Ore Project located in the western part of the La Grande Greenstone Belt which is subject to a Joint Venture and Option agreement with Canadian Century Iron Ore Corporation. Century has earned a 51% interest in the property and is continuing expenditures to increase their interest to 65%.

Augyva on August 27, 2012 issued a news release containing an updated NI43-101 compliant mineral resource estimate for the Duncan Lake Iron Property, which is available on the Augyva website at A Preliminary Economic Assessment report for the Duncan Lake Iron Property is already underway at Met-Chem, the joint venture's independent engineering company, and the report is targeted for delivery at the end of 2012.

Cautionary Statement

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 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.

Contact Information

  • Peter Jones
    Chairman & Interim CEO
    Augyva Mining Resources Inc.