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Augen Gold Corp. Announces 2009 Exploration Program and Secured Loan Facility of up to $1,100,000 with Augen Capital Corp.
Augen Gold Corp. Announces 2009 Exploration Program and Secured Loan Facility of up to $1,100,000...
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[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- TORONTO, Nov. 12 /CNW/ -- Augen Gold Corp. (\"Augen Gold\" or \"the Company\") (TSX-V: GLD) announces that Chenier Drilling Services Inc. has been engaged and has started work on the Company's 100% owned southern Swayze Property in Northern Ontario. The exploration program will consist of line-cutting, ground geophysical and geological surveys. This will allow the Augen Gold team to refine a planned 3,000 metre plus drill program to test up to 10 gold occurrences identified during the Company's 2008 reconnaissance program (Augen Gold news release, February 27, 2009) along its 45 kilometre long property, in addition to targets within the newly acquired Huffman property.The program entails induced polarization, resistivity, magnetometer and VLF-EM surveys, and other geophysics surveys over the 10 gold targets, several of which have similar characteristics to the Jerome Mine area (Augen Gold news release January 23, 2009).The program is expected to be completed by the end of the calendar year and is designed to identify additional gold deposits. If time and funding are adequate, this program will allow for further definition of the southern Swayze Property in preparation for a planned National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") compliant technical report.The program is being performed under the direction of Christopher Marmont, P.Geo., Vice President, Exploration for Augen Gold, who is the qualified person for the Company's southern Swayze Project under the definitions established by NI 43-101.Secured Loan Facility---------------------Augen Gold also announces that it has entered into a non-revolving secured loan facility (the \"Facility\") whereby it may borrow up to $1,100,000 from Augen Capital Corp. (the \"Lender\") at an interest rate of 12% per annum for either a 6 month term from the date of the first advance if Augen Gold draws on $500,000 or more by January 31, 2010 or a 12 month term from the date of the first advance if Augen Gold draws on less than $500,000 by January 31, 2010. In exchange for providing the Facility, the Company shall provide security in favour of the Lender over all the real and personal property of the Company including all the staked and patented mining claims held by the Company in the southern Swayze Gree...