Business
Augen Announces New Merchant Banking Developments
Augen Announces New Merchant Banking Developments.
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[{"type":"text","content":"\n\n\n\n\nShares outstanding 32,400,614\n\nTORONTO, Oct. 26 /CNW/ - Augen Capital Corp. (\"Augen\") (TSX-V: AUG) is\npleased to report the following developments in its merchant banking division:\nAugen has established Augen Gold Corp. (\"AGC\"), a private company, to\nacquire a large claim group in the Swayze Greenstone belt between Sudbury and\nTimmins. The claim group consists of approximately 63 patented and 119 staked\nclaims covering 7,280 acres in a largely contiguous block covering a\nsignificant portion of 6 townships (the claims and includes, on the patented\nclaims, the mining rights to the Jerome Mine. The latter has historically\nmeasured resources of gold (non NI-43-101 compliant) in addition to silver and\nmolybdenum values. Gold occurrences are ubiquitous through-out the length of\nthe property and a thorough exploration program has never been undertaken\noutside of the former producing Jerome mine area. Augen raised $2.75 million\nby way of private placement to fund the purchase of the claims and provide\ninterim working capital. Augen currently owns 27.2% of the issued shares of\nAGC which represents a core holding in the merchant banking portfolio.\nAugen has also established Polar Bear Exploration Inc. (\"PBE\"), a private\ncompany, to acquire an extensive number of claims in the Hudson Bay/James Bay\narea of northern Ontario, south east of the coastal town of Pewanuck and south\nwest of Polar Bear Provincial Park. Twenty-five claim groups (the \"Property\")\nhave been staked in PBE and Augen currently owns 76% of PBE with the balance\nowned by a private prospecting group. PBE has utilized the services of\nTerraquest Ltd. and Scott Hogg and Associates, geophysical services, and now\nhas well defined drill targets based on magnetic anomalies over an area of\napproximately 80 km x 30 km. Targets are nickel, copper, and precious metals\nin a volcanic sulphide formation as well as a separate trend that may contain\ndiamonds in kimberlitic intrusives.\nThe business of Energy Fuels Inc (TSX-V: EFR) (\"EFI\"), formerly Volcanic\nMetals Exploration with Augen as controlling shareholder has been restructured\ninto a uranium development and production company. Augen successfully\nrecruited George E.L. Glasier, a recognized uranium expert as President & CEO\nin January 2006. Certain changes have been effected to man...