Augen LP2005 Flow Through First Closing August 25, 2005 at $3,084,600

TORONTO, Aug. 30 /CNW/ - Augen Capital Corp. (the "Company") (TSX-V: AUG)
announces the First Close August 25, 2005 at $3,084,600.
The Augen emerging resource flow through Prospectus Offering is co-led by
Berkshire Securities and IPC Securities, with Wellington West Capital and
Foster Associates as syndicate members. Selling Group members included CIBC
Wood Gundy, Raymond James, Dundee Securities, Industrial Alliance, and Union
Securities.
The Offering Memorandum (Prospectus Wrap) was participated in by
FundTrade and IPC Investment Corp.
The Augen 2005 Emerging Resource Flow Through invests primarily in mining
exploration companies with market capitalizations under $15,000,000, however
in the LP2005 the Investment Strategy is to invest at least 25% of the
investable funds in larger capitalization exploration companies. The Augen
Flow Through has some oil and gas exploration exposure as well. The maximum
issue is $15,000,000.
The Augen 2004 Limited Partnership is among the top performing funds in
the industry with a July 31st Net Asset Value of $103 per $100 invested
(excluding tax benefits). Tax benefits include a 100% write off of the
investment (approximately 89% first year) federal tax credit of approx 12% and
some provincial credits. With the tax benefits included the break even net
asset value is approximately $63 per Unit.
There will be a second closing of the Augen LP2005 in the early fall of
2005.
"We are very pleased to have a strong first close of the Augen LP2005 in
the summer, enabling the Augen 2005 LP to invest in leading exploration
opportunities in the emerging resource sector in the early fall." Ron Mann
Vice President Business Development

About Augen Capital

Based in Toronto, Augen Capital is a merchant bank specializing in the
financing of, and investment in, early stage resource companies and is an
industry leader in tax-advantaged flow-through investments in Canada's
resource sectors. Augen has raised over $20 million from investors in ten
previous limited partnerships. The Company now has over $15 million in assets
under management, including a core portfolio of emerging resource stocks, two
Resource Flow-Through Limited Partnerships, and its mutual fund, Augen
Resource 2 Balance Fund.
The Augen Limited Partnership 2004-1 is one of the top-performing    
flow-through limited partnerships as of July 31st, 2005.

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.

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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.
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