Augyva Mining Resources Inc.

Augyva Mining Resources Inc.

November 30, 2011 14:04 ET

Augyva Provides Operational Update and Comments on Successful Conclusion of Negotiations Between Century Iron Mines Corporation and WISCO Resources

MONTREAL, QUEBEC--(Marketwire - Nov. 30, 2011) - Augyva Mining Resources Inc. ("Augyva" or the "Company") (TSX VENTURE:AUV) is pleased to provide an update to its shareholders concerning news relating to the Company's minority owned Duncan Lake Iron Ore Project ("DLIOP" or the "Project"). On November 29, Century Iron Mines Corporation (Century) and WISCO International Resources Development & Investment Limited ("WISCO Resources") announced that they have together concluded negotiations and agreed upon the definitive forms of joint venture agreements that will govern the joint ventures to be formed between Century and WISCO Resources for the exploration and development of Century's Duncan Lake, Attikamagen and Sunny Lake projects (the "Joint Venture Agreements"). The Joint Venture Agreements will be executed following completion by WISCO Resources of certain internal formalities, at which time Century will provide a further news release. Under the definitive joint venture agreements, WISCO Resources will invest an aggregate of $120 million in exchange for a 40% interest in each of the three Century projects listed above.

Augyva entered into an Option and Joint Venture Agreement concerning the DLIOP with Century and its related affiliates on December 6, 2010 whereby Century acquired a 51% interest in the Project and became Project Operator with an option to increase its interest to 65% by incurring $14 mm of additional expenditures relating to the Project. The successful conclusion of Century's negotiations with WISCO Resources is a meaningful step in the advancement of the DLIOP.

By way of update, Duncan Lake exploration Phase I drilling assay results are expected to be released approximately within the next week. Phase II drilling, as planned, is continuing with two drill rigs at site. The drilling continues to define resources suitable to enable completion of a full bankable feasibility study. Base line environmental data collection is underway managed by Roche Ltd., Consulting Group and consideration is also being given to a preliminary economic assessment in the first half of 2012 prior to starting work on a bankable feasibility study.

Peter R. Jones, Chairman and Interim CEO of Augyva said, "Augyva wishes to congratulate its joint venture partner Century along with WISCO Resources on having agreed upon definitive forms of joint venture agreements which is inclusive of the DLIOP. Of note for Augyva's shareholders, the Joint Venture Agreements provide for the investment of $40 million into the DLIOP of a total of $120 million investment among three of Century's projects. Augyva believes that the involvement of WISCO Resources strengthens the existing Duncan Lake Option and Joint Venture agreement between Augyva and Century and significantly improves development opportunities for this major iron ore project". He went on to say, "over the past several months we have achieved a strong and cohesive working relationship with the Century team and we look forward to the possibility of building a working relationship with the WISCO Resources team".

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 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.

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