Augustine Announces Conditions Have Been Met for Earn in of 30% Interest in Wawa Gold Project

TORONTO, ON / ACCESSWIRE / June 30, 2015 / Dr. Robert (Bob) Dodds, President and Chief Executive Officer, is pleased to announce that, pursuant to the Option Agreement and Assumption Agreement (collectively, the “Agreements”), (See news release of December 11, 2014) all financial obligations of Augustine Ventures Inc. (CSE: WAW) (“Augustine”) as set out in the Agreements for Augustine to earn a 30% interest in the Wawa Gold Project, a past producing gold camp in McMurray Township adjacent to the Town of Wawa, Ontario, have been met by Augustine.

As condition of the Agreements, Red Pine Exploration Inc. (TSX-V: RPX) (“Red Pine”) is required to spend $2.1 million on exploration work by September 30, 2015, of which an aggregate of $1.9 million has already been expended. Upon the expenditure of the $2.1 million, each of Augustine and Red Pine would earn a 30% interest in the Wawa Gold Project with Citabar Limited Partnership (“Citabar”), the property owner, holding the remaining 40%.

Upon completion of the earn in, it is the intention of Augustine, Red Pine and Citabar to enter into a joint venture agreement (“JVA”) on a 30%, 30%, 40% basis, respectively, to continue the exploration and development of the Wawa Gold Project.

Project Highlights

– NI 43-101 inferred resource of 1,088,000 ounces of gold at a 1.71 g/t using a 0.5 g/t Au cut-off for pit-constrained and 2.5 g/t Au cut-off for underground-constrained resources, contained in 19.82 million tonnes open along strike and at depth as reported by SRK1 and Red Pine2 

– Gold mineralization in the hanging wall and footwall secondary structures indicate that the contained gold of the pit-constrained resource can be increased which would significantly improve the economics of the resource as stated by SRK1; 

– Strike length continuity for some gold-bearing structures exceed 2.5 kilometres with continuous gold mineralization; 

– Advantageous land position in an under-explored gold camp that hosted eight past producing mines with average grades of 8.9 grams per tonne gold and a historic gold production of 120,000 ounces;

– Proximity to established regional infrastructure (roads, rail, airport, high voltage power lines, community services);

Dr. Ed Walker, Senior Project Geologist for Augustine, states: “The improved mineral resource constraints on the characterization of the Surluga deposit and the increase in the grade and contained metal gold have further substantiated the potential for improving the extent of the Surluga deposit and the potential to develop a mineral resource in association with the other gold occurrences within the Wawa Gold Project.”

Dr. Dodds states, “We would particularly like to thank Citabar for its continuing support of Augustine through these tough economic times in the metals and mining sector. The geological teams from Augustine and Red Pine have done an outstanding job of advancing the gold resource3 at the Wawa Gold Project. The exploration work has markedly increased the quantity and quality of the gold resource and enhanced our confidence that the resource can be further increased within the pit constrained geometry laterally and at depth.

Dr. Dodds further adds “We also thank the First Nations and Wawa community for their ongoing support. This support and the local infrastructure greatly contribute to our belief that the development of an economic mine at the Wawa Gold Project is viable at today’s gold prices. It is hoped that our share value will begin to reflect better the asset value we all have created at the Wawa Gold Project.”

The scientific and technical information presented by Augustine in this news release has been approved by Dr. Ed Walker, Ph.D., P. Geo, a Qualified Person as defined in NI 43-101.

About Augustine Ventures Inc.

Augustine Ventures Inc. is a junior gold exploration company which has an option, together with Red Pine Exploration, 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 1.7 g/t hosted within 19.82 million tonnes2 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.

1 The Mineral Resource is disclosed in the NI 43-101 technical report titled “Mineral Resource Statement*, Surluga-Jubilee Gold Deposit, Wawa Gold Project, Ontario, SRK Consulting (Canada) Inc (effective May 26, 2015).” The report is available onwww.SEDAR.com under Red Pine’s profile.

2 News Release filed by Red Pine, June 11, 2015

3 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
Cell: (905) 599-2025
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.

SOURCE: Augustine Ventures Inc.

ReleaseID: 430259