Augustine Announces Debt Financing
Toronto, Ontario--(Newsfile Corp. - January 21, 2015) - Augustine Ventures Inc. (CSE: WAW) ("Augustine" or the "Company") announces it issued promissory notes in the aggregate amount of $89,654.24 (the "Notes").
The Notes bear an annual interest rate of 8%, calculated and payable on the first day of each month, due. The Notes have a maturity date of June 30, 2015 (the "Due Date") and is secured by general security agreements.
One of the Notes, in the amount of $25,000, is held by a corporation controlled and/or directed by Dr. Robert Dodds, the President and Chief Executive Officer of the Company. The remainder of the Notes, totalling $64,654.24, are held by two (2) arm's length parties to the Company.
The proceeds from the Notes was used primarily for exploration expenditures at the Company's Wawa Gold Project and for general working capital.
Dr. Robert Dodds, President and Chief Executive Officer of the Company states that "We are pleased that these lenders continue to support Augustine in the development of its Wawa Gold Project. With the recent assignment and assumption agreement with Red Pine Exploration Inc., as set out in the Company's press release of December 11, 2014, we are confident that the exploration work planned by Red Pine and Augustine could both improve and increase the known inferred mineral resource of gold which currently is 1.1 million ounces at 1.5 g/t Au contained within 22.4 million tonnes*."
About Augustine Ventures Inc.
Augustine Ventures Inc. is a junior gold exploration company which has an option to earn up to a 75% interest on the Wawa Gold Project which encompasses 2,426 hectares in McMurray Township, southeast of the Town of Wawa, Ontario. Over 95 percent of the property consists of leases and/or patents for both mineral and surface rights that are easily accessible. The property has a gold resource of 1.1 million ounces at 1.5 g/t hosted within 22 million tonnes** with known lateral extension and depth extension to 600 meters, a history of past production from the known vein deposits and a large number of untested but documented gold occurrences. Augustine has also acquired a 100% undivided interest in an additional 182 claim units known as the Oakley Lake Property totalling 2,912 hectares contiguous to its Wawa Gold Project.
*The Mineral Resource is disclosed in the NI 43-101 technical report titled "Amended Technical Review and Mineral Resource Estimate for the Jubilee-Surluga Property, near Wawa, Ontario, Canada for Augustine Ventures Inc." dated October 12, 2012 and prepared by Clifford J. Duke, P. Eng., Senior Associate Geological Engineer of Watts, Griffis and McOuat, Consulting Geologists and Engineers. The report is available on www.SEDAR.com under Augustine's profile.
For additional information contact:
Augustine Ventures Inc.:
Robert (Bob) Dodds, President & CEO
Tel: (416) 363 2528 x 230
Email: bdodds@augustineventures.com
This news release may contain forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent filings with Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.