Augen Capital Corp. Reports Amended Annual MD&A

TORONTO, Sept. 22 /CNW/ - Augen Capital Corp. (the "Company") (TSX-V:
AUG) has released today amended Management Discussion & Analysis ("MD&A") for
the year ended December 31, 2004. The previously reported numerical results
for the year ended December 31, 2004 have not been changed.
In conjunction with recent filings with the Canadian provincial
securities authorities, the Company has been asked by the Ontario Securities
Commission to file on SEDAR an amended fiscal 2004 annual MD&A with expanded
narrative on the results from operations, liquidity and cash flows.

About Augen Capital

Augen Capital Corp. is a merchant bank specializing in the financing of
early-stage resource companies. Over a six-year period, the Company's
portfolios have outperformed a majority of competitive metal funds as well as
the TSE precious metals index. Through Augen Capital Corp., the public
company, investors indirectly and directly own over 150 emerging resource
companies.
Augen Capital now has more than $20 million under management, including a
core portfolio of emerging resource stocks, three-resource flow-through LPs
under management, and its mutual fund, Augen Resource 2 Balance Fund. Augen is
an industry leader in tax-advantaged flowthrough investments in Canada's
resource sectors. Through a distribution force of national MFDA and IDA firms,
Augen offers high-income and high net worth individuals resource flow-through
tax shelters, together with exposure to mineral, oil and gas, and exploration
companies that are selected to potentially outperform the market.

On behalf of the Board of Directors,

"J. David Mason"
----------------------------
J. David Mason, Chairman

The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.

-------------------------------------------------------------------------
This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission.

%SEDAR: 00008335E