MONTREAL, QUEBEC--(Marketwire - Sept. 29, 2011) - Augyva Mining Resources Inc. (TSX VENTURE:AUV)(Augyva or the Company) is pleased to announce, following the filing on September 26, 2011 of its interim financial report for the period ending May 31, 2011 and related interim filings (Interim Filings), the revocation on September 27, 2011 of the cease trade order originally issued by the Autorité des marchés financiers on August 30, 2011. The Company is also pleased to announce that the British Columbia Securities Commission has lifted as of September 28, 2011, its cease trade order dated September 7, 2011. The Company has been advised by the TSX Venture Exchange that its common shares will be reinstated for trading effective the opening of market on September 30, 2011. The reason for the issuance of the cease trade orders and trading suspension was the late filing of the Company's Interim Filings.
On August 29, 2011, at the Company's Annual and Special Meeting, shareholders elected a new board of directors (Board) comprised of Peter R. Jones, Sandy C.K. Chim, Michael Skutezky, Farhad Abasov, Kuldeep Billan, C. Nigel Lees and John L. Knowles. The Board wishes to thank shareholders for their vote of confidence in its ability to lead the Company and understanding that the new Board has been focused on filing the Q1 2011 financial statements after being elected on August 29, 2011 and receiving notification of the cease trade order on August 30, 2011.
The Board also announces that Georges-Yvan Gagnon, who held the position of Chief Executive Officer (CEO) of the Company and Lynda Paulin, who held the position of Vice-President and Chief Financial Officer (CFO) of the Company, are no longer with the Company. Peter R. Jones, Chairman of the Company, has agreed to act as interim CEO and John L. Knowles, director the Company, has agreed to act as interim CFO during the search for a permanent CFO which has commenced. Both Mr. Jones and Mr. Knowles have many years of experience in similar positions in the metals and mining industry. Mr. Jones is the former CEO of Hudbay Minerals Inc. and Mr. Knowles is the former CFO of Aur Resources Inc. and both men are officers and/or directors of other Canadian resource companies.
The Board also wishes to announce the commencement of a strategic review process to be led by the newly formed Strategic Review and Transition Committee (SRTC) comprised of board members Mr. Abasov, Mr. Billan and Mr. Jones. The SRTC will be focused on the evaluation and maximization of value of the Company's assets, namely its interest in the Duncan Lake Iron Ore Project.
The SRTC expects to engage an investment bank to assist in the identification, formulation and pursuit of alternatives as it relates to the Company's assets with a view to completing such review prior to the end of 2011. The Board believes the Company's assets are materially undervalued in the context of the most recent market price and is focused on surfacing value creating alternatives for the benefit of the Company's stakeholders. The Board will not comment on the strategic review process until such time as the process is concluded.
Peter R. Jones, Chairman and interim CEO, said: "The new Board shared the frustration felt by shareholders while trading in Augyva's shares was suspended and we greatly appreciate shareholders' support through this transitional period. The Board looks forward to guiding the Company and is currently focused on a strategic review to maximize value of the Company and its assets, including its 35% interest in the Duncan Lake Iron Ore Project." He went on to say he appreciated the many years that Georges-Yvan Gagnon and Lynda Paulin had dedicated to developing the Company and on behalf of the Board and the Company's shareholders thanked them for their efforts.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding five (5) properties located in the James Bay and Abitibi regions of the Province of Quebec. Its major project is its interest in the Duncan Lake Iron Ore Property located in the western part of the La Grande Greenstone Belt. The property is accessible by road and covers 5,848 hectares. A National Instrument 43-101 compliant technical report on the mineral resource was prepared by Met-Chem Canada Inc. and was released in March 2010. The Duncan Lake Iron Ore Property is subject to a joint venture agreement between Augyva Resources and Century Iron Mines Corporation which has earned a 51% interest and is currently making additional exploration expenditures to increase their interest to 65%.
In addition to the Duncan Lake Iron Ore 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 ore.
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.
Contact Information:
416-309-2198
www.augyva.com