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Augen Gold files preliminary prospectus, commences drilling, and acquires additional claims
TORONTO, Feb. 29 /CNW/ - Augen Gold Corp. ("Augen Gold") (TSX-V: AUG) is pleased to announce that...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 29 /CNW/ - Augen Gold Corp. ("Augen Gold") (TSX-V: AUG) is\npleased to announce that it has filed its preliminary prospectus which has\nbeen approved the securities regulatory authorities in each province of\nCanada, except Quebec.\n\n\nThe prospectus qualifies the distribution to the public (the "Offering")\nof a minimum of $2,000,000 and a maximum of $4,000,000 in common shares\n("Common Shares") of Augen Gold at a price to be determined per Common Share,\nand a minimum of $2,000,000 and a maximum of $5,000,000 in common shares\nissued on a "flow-through" basis ("Flow-Through Shares") under the Income Tax\nAct (Canada) (the "Tax Act") at a price to be determined per Flow-Through\nShare, pursuant to an agency agreement (the "Agency Agreement") to be entered\ninto between Augen Gold and Union Securities Ltd. (the "Agent"). Augen Gold\nwill also grant to the Agent an over-allotment option (the "Over-Allotment\nOption") to purchase up to 15% of the Common Shares and up to 15% of the\nFlow-Through Shares sold in the Offering at a price to be determined.\n\n\nThe proceeds will provide funding for Augen Gold to proceed with the\nPhase I and Phase II exploration program recommended by Augen Gold management\nand in the National Instrument 43-101 ("NI 43-101") compliant technical report\nentitled "Technical Report on the Augen Gold Corp. Claims, Porcupine Mining\nDivision, District of Sudbury, Ontario, Canada" dated December 11, 2007\nauthored by Stephen M. Keller of Behre Dolbear & Company Ltd., an independent\nQualified Person.\n\n\nDrill Program Update\n\n\nAugen Gold commenced drilling at the Jerome Property on January 3, 2008.\nAs of February 11, 2008, eleven holes have been completed totaling 5,800\nmetres of the 10,000 metre Phase 1 drilling program and Augen Gold is awaiting\nassay results. The Phase I and II drilling programs are designed to confirm\nthe historic resource of the Jerome Mine and to test for an extension of the\nmineralized zones along strike.\n\n\nAcquisition of claims\n\n\nAugen Gold acquired an additional six unpatented mining claims in the\ntownship of Huffman on December 18, 2007 for $27,500 in cash. This acquisition\nis important in that Augen Gold now has a contiguous set ...