Augen Capital Corp. Dividend Declaration.

TORONTO--(BUSINESS WIRE)--Feb. 12, 1998--Augen Capital Corp. (Alberta Stock Exchange:AUG.) The Board of Directors for Augen Capital Corp. is pleased to declare its first dividend as a public corporation. Registered shareholders (of record March 6, 1998) will have the choice of either: -0-

     a)   a cash dividend of $0.01 Canadian per common share; or
     b)   2.5 common shares for every 100 shares held (fractional
          shares will be rounded down to the nearest full share)

Share distributions are subject to regulatory approval.

The current policy of Augen is to pay out 10 percent of annual profits in dividends. From this modest base we anticipate that the payment will increase in proportion to return on investment (R.O.I). Our R.O.I. target is 40 percent per annum, while actual growth has been 49 percent per annum (364 percent over 3 1/4 years).

Augen's philosophy has been to provide its shareholders with low risk exposure to the junior natural resource sector. By offering early stage financing for emerging corporations, Augen has been able to reduce the risk and capture the upside capital gain potential from a large number of financings. -0-

NOTE TO EDITORS: The Alberta Stock Exchange has neither approved or disapproved the information contained herein.

CONTACT: Augen Capital Corp.

J. David Mason, 416/777-2007

416/777-2008 (FAX)

[phone] (Canada)