Augen Capital Corp. -- Company Announcement.

TORONTO--(BUSINESS WIRE)--March 2, 1999--Augen Capital Corp. (ASE:AUG) is pleased to announce that effective Feb. 24, 1999, regulatory approval has been received to acquire the assets of Augen Limited Partnership IV.

This limited partnership was formed to acquire flow through shares in a number of resource companies. A total of $575,000 was raised from 27 investors (unit holders) and this was placed into 4 separate companies' flow through share issues. The total value of these investments amounted to $613,053 as of Feb. 23, 1999. A total of 2,099,483 Augen Capital Corp. common shares were issued to the 27 unit holders in exchange for these assets. The share conversion was based on an independent evaluation report by Watts Griffis & McOuat Ltd. which is available on request.

Augen Capital Corp. raises financing for emerging resource companies by various means including limited partnerships for flow through shares. This provides investors with a tax benefit and conversion into shares in Augen Capital Corp. which holds most of its assets in blue chip securities. At least one limited partnership has been formed every year since Augen Capital Corp. was founded four years ago.

On behalf of the Board:

J. David Mason, Chairman, C.E.O. & Gerard E. Wood, President

The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.