Augyva Mining Resources Inc.
TSX VENTURE : AUV

Augyva Mining Resources Inc.

August 16, 2011 08:30 ET

Augyva: Three Directors Disagree With the Announcement Made by Chairman Sandy Chim

LA MACAZA, QUEBEC--(Marketwire - Aug. 16, 2011) - Augyva Mining Resources Inc. (TSX VENTURE:AUV) "Augyva" or the "Company") founding President, CEO, director Georges-Yvan Gagnon, and independent directors René Dufour and Louis-Philippe Mendes have released the following statement:

"We do not agree with the dissemination of the press release dated August 15th, 2011 issued on behalf of Augyva by its chairman Sandy Chim nor to its contents.

Effective August 1, 2011, Dr Augustine Pok Yu Chow resigned as Director of the Company, this signed letter of resignation was filed with legal counsel to the Company.

In addition, the chairman, Sandy Chim, requested a board meeting for Saturday, August 13, 2011, 8:00am to be held at the offices of Norton Rose OR LLP, 38th Floor, Royal Bank Plaza, South Tower, Toronto. Three directors namely, Georges-Yvan Gagnon, René Dufour and Louis-Philippe Mendes presented themselves in person at the main reception area of Norton Rose OR LLP well in advance of the proposed meeting. Appropriate arrangements had not been made by the firm in order for those who attended in person to be invited to the secured meeting area, thus a quorum wasn't attained and therefore, Dr Augustine Chows' reappointment to the Board is not valid as well as all resolutions taken at the meeting.

The company will review with the exchange the appropriate procedures to appoint a mediator to resolve the internal dispute.

Appropriate updates will be provided to the market"

About Augyva Mining Resources Inc.

Augyva is an exploration and development company with 5 properties located in the James Bay and Abitibi regions of the Province of Quebec. Its major project under development is the Duncan Lake Iron Ore Property. Augyva also holds 100% interest on 4 highly prospective gold and base metal properties: Yasinski (gold, platinum, chromite and other base metals) and Kali (gold, copper and other base metals) in the James Bay region, and: Senneville (gold) and Malartic (gold) in the Abitibi region. Other iron and related opportunities continue to be evaluated on an ongoing basis.

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

  • Georges-Yvan Gagnon - P.Geo
    President, CEO, Director
    Augyva Mining Resources Inc.
    819-275-1614
    819-275-2254 (FAX)
    www.augyva.com

    Frederic Berard - Attorney
    Vice President
    HKDP Communications and Public Affairs
    514-395-0375, ext. 259