Augyva Mining Resources Inc.

Augyva Mining Resources Inc.

December 09, 2009 15:00 ET

Augyva Reports Metallurgical Tests for Duncan Lake Iron Project

MONTREAL, QUEBEC--(Marketwire - Dec. 9, 2009) - Mr. Sandy Chim, Chairman of the Board of Directors and Chief Executive Officer of Augyva Mining Resources Inc. ('Augyva' or the 'Company') (TSX VENTURE:AUV) is pleased to report first phase metallurgical tests for all five (5) magnetite deposits has been completed on the Duncan Iron Project, located 45 km south of Radisson, James Bay area, Quebec. Augyva completed a 10,460 meters drill program in May 2009, testing 5 magnetite deposits. Preliminary metallurgical tests were also completed on each deposit.

Davies tube test analysis completed on 218 representative core samples produced a magnetic concentrate with an average grade of 66.92% iron for all 5 zones from an average feed grade of 27.76% iron. Satmagan tests results indicate an average of 96.62% of the total magnetite is recovered in the magnetic concentrate.

Feed grade Magnetic concentrate grade
Deposit 1 S 31.3% Fe 65.2% Fe
Deposit 1 N 26.0% Fe 65.9% Fe
Deposit 2 28.2% Fe 66.1% Fe
Deposit 3 27.2% Fe 69.0% Fe
Deposit 4 26.1% Fe 68.4% Fe
Average all deposits 27.76% Fe 66.92% Fe

The tests were carried out by Corem laboratories, a Research Consortium in Mineral Processing based in Quebec City. The 5 iron deposits occur on the Augyva property within 20 km radius.

A 43-101 compliant resource calculation by Met-Chem Canada Inc. (Met-Chem), of Montreal, Quebec is in progress. Met-Chem is an internationally renowned consulting engineering company providing services in the mining and mineral processing sectors.

The Duncan Lake property is being explored under an option agreement with Canadian Century Iron Ore Corporation ("Century"). Century can earn a 51% interest by funding $6 million by May 20, 2012 (of which $1.5 million was funded by May 20, 2009). Century can increase its interest to 65% by funding an additional $14 million within four years thereafter. Augyva is the manager of the work programs of the Duncan Iron Project.

This news release was prepared under the supervision of Georges-Yvan Gagnon, P.Geo. and President of Augyva, who acts as Augyva's Qualified Person as defined by National Instrument 43-101.

Mr. Sandy Chim, Chairman and CEO commented: "We are very pleased with the Davies Tube Test Results referred to above which confirm the potential of the Duncan Iron Project. The progress of the exploration and development program is on schedule and on budget and has been executed effectively and professionally."

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 was published in January 2008 listing historical resources (non 43-101 compliant) from work done in the 1960 and 70's is available on the Augyva website and on SEDAR. Augyva completed a drilling program of over 10,000 meters in May 2009 testing over 10 km of cumulative strike length of magnetic iron formation on 5 of the deposits of the Project with encouraging results as published in the press release on June 19, 2009. Further analysis and metallurgical testing have been carried out as disclosed in this press release and will be followed by the release of a 43-101 compliant resource calculation report.

About Canadian Century Iron Ore Corporation

Canadian Century Iron Ore Corporation ("Century"), a member of Century Iron Ore Group (the "Century Group") which is based in the Far East and has extensive network, experience and expertise in the international iron ore industry with the focus on developing iron ore resources targeted to and supplying iron ore products to China, the largest and fastest growing consumer of the raw material today. The Century Group has investments in iron ore assets in Canada, including the Duncan Iron Project, and other countries including China.

This news release contains certain 'Forward-looking Statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and 'Forward-Looking Information' within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements or forward looking Information and, therefore, involve uncertainties or risks that could cause actual results and future events to differ materially. There can be no assurance that such statements will prove to be accurate. Statements related to mineral resource statements and the exploration program performance may differ materially from the statements contained herein. Factors that could cause actual results to differ materially from such statements include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production. The Company disclaims any obligation to update forward-looking statements.

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