Augyva Acquires a Major Iron Ores Deposit in James Bay Area.RADISSON, Quebec Radisson is a small village situated near the Robert-Bourassa hydroelectric power station on the La Grande River in the James Bay region of Quebec. Geographically, Radisson is located halfway between the southern and northern most points in Quebec and is the only non-native town -- Augyva Mining Resources Inc. ("Augyva") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:AUV AUV Action Utility Vehicle AUV Autonomous Underwater Vehicle AUV Autonomous Unmanned Vehicle AUV Asian Utility Vehicle AUV Accumulation Unit Value AUV Average Unit Volume AUV Astronomska Udruga Vidulini (Croatia) AUV Annualized Unit Volume ) announces the signing of a Letter Agreement (the "Letter Agreement") with Virginia Gold Mines Inc. ("Virginia") pursuant to which Augyva acquires 100% interest in an Iron Ore property near Lac Duncan, close to the La Grande Airport, in the James Bay area, Quebec. Salient points of the Letter Agreement: Augyva will issue 1.5 millions shares to Virginia within 45 days of the Letter Agreement.Upon receipt of the share certificate, Virginia will transfer its 100% interest (subject to royalty) in the Iron Ore property. Augyva will pay a perpetual production royalty to Virginia in the amount representing CA$0.40 per ton of iron concentrate from ore from the property payable on a quarterly basis. Augyva will have a buyback right to purchase 50% (CA$0.20 per ton of concentrate) of such royalty for a total payment of CA$4 million. Furthermore Augyva will be granted an additional option of buying back 20% ($0.08 per ton of concentrate) for an additional payment of CA$4. Million. For any other metal than iron, Virginia will earn a 2% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there Royalty and Augyva will have a buyback right to purchase 50% (1% NSR) in consideration of CA$5. Million. For any additional resources of iron ore covered by any mineral titles, in an area of 1 kilometre surrounding the property, acquired before or after February 2005, Augyva shall be subject to the royalty described hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . The Letter Agreement is subject to the approval of the Regulatory Authorities having jurisdiction over the securities of Augyva. The Ministry of Natural Resources, Wildlife and Park (Quebec) in 1998 has published a report RG-9809 (prior to National Instrument 43-101) that mentioned indicated resources in the Lac Duncan area discovered and evaluated by Duncan Range Iron Mines between 1950 and 1960 for the deposits No 1,2 3, 4,5 and 6 at approximately 1 billion ton of Iron Ore averaging 32% of magnetite magnetite (măg`nətīt), lustrous black, magnetic mineral, Fe3O4. It occurs in crystals of the cubic system, in masses, and as a loose sand. (0.97Gt; GM 32503 and GM 7692)Ingham & Ross 1958, Grondin 1962, Karma karma or karman (kär`mə, kär`mən), [Skt.,=action, work, or ritual], basic concept common to Hinduism, Buddhism, and Jainism. 1974.Since the historical estimates of the Ministry are the only information currently available to Augyva, Augyva believes that this information is relevant and reliable. The historical estimates used categories that were in compliance with the National Instrument 43-101. A qualified person under National Instrument 43-101 has not approved this information. The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy of this news release. AUGYVA MINING RESOURCES INC. (TSX VENTURE:AUV) |
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