Augustine Ventures Files Updated NI 43-101 Technical Report for the Wawa Gold Project
Toronto, Ontario--(Newsfile Corp. - June 30, 2016) - Augustine Ventures Inc. (CSE: WAW) ("Augustine" or the "Company") today announced that the Company has filed an updated National Instrument 43-101 Technical Report for the Wawa Gold Project near Wawa, Ontario.
The updated technical report was independently prepared jointly by Elisabeth Ronacher, PhD, P.Geo and Jenna McKenzie, P.Geo (Ronacher McKenzie Geoscience), and Sebastien Bernier, P.Geo (SRK Consulting (Canada) Inc.).
The NI 43-101 Technical Report for the Wawa Gold Project has an effective date of June 30, 2016 and has been filed on SEDAR under Augustine Ventures profile at www.sedar.com and on Augustine's website at www.augustineventures.com.
About Augustine Ventures Inc.
Augustine has an ownership interest in the Wawa Gold Project (the "Property") which consists of 2,426 hectares of patented claims and 2,912 contiguous crown claims located on the east shore of Lake Superior in the Town of Wawa about 225 kms north of Sault Ste. Marie, Ontario. The Property is linked by all-weather road to TransCanada Highway 17 and Highway 101 to Timmins.
The Property hosts an inferred resource of 1,088,000 ounces of gold at 1.71 grams per tonne using a 0.40 g/t gold cut-off grade for pit-constrained and 2.50 g/t gold cut-off grade for underground-constrained resources, contained in 19.82 million tonnes. The deposit remains open along strike and at depth1.
Augustine entered into an Assignment and Assumption Agreement and Joint Venture Agreement ("JVA") with Citabar LLP and Red Pine Exploration Inc.(Red Pine), The Wawa Gold Project is owned by Citabar/Red Pine/Augustine in the ratio of 40%, 30% and 30%, respectively. Red Pine and Augustine are currently expediting negotiations to consolidate ownership of the Property.
1NI 43-101 Mineral Resource Statement, Wawa Gold Project, Ontario, prepared by SRK Consulting (Canada) Inc. (effective May 26, 2015). The cut-off grades are based on a gold price of US$1,250 per ounce and a gold recovery of 95 percent. The statement is available on www.sedar.com under the profile of Red Pine Exploration.
Qualified Person
Dr. Ed Walker, P. Geo is the qualified person responsible for supervising and approving the scientific and technical content of this news release.
For additional information contact:
Augustine Ventures Inc.
Robert (Bob) Dodds, President & CEO
Tel: Office at (416) 363-2528 or Cell Phone at (905) 599-2025
Fax 1-(866)-288-3582
Website: www.augustineventures.com
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.
Neither Canadian Stock Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.