Business
C O R R E C T I O N from source -- Augen Capital provides update on Augen Gold Corp.
In c9875 transmitted at 12:47e today, an error occurred. Corrected copy follows: /NOT FOR DISTRIB...
About this update from Gensource Potash Corp.
[{"type":"text","content":"\n\n\n\nIn c9875 transmitted at 12:47e today, an error occurred. Corrected copy\n\n\nfollows:\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRES\n\n\nOR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nShares outstanding: 36,290,615\n\n\nTORONTO, Nov. 19 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is\npleased to provide an update on Augen Gold Corp. ("Augen Gold"), in which it\nowns a 23.8% interest.\n\n\nAugen Gold holds 113 unpatented mining claims and 63 patented mining\nclaims over 19,777 hectares (the "Property") stretching over a 42 kilometer\nstrike length on the Swayze Greenstone Belt.\n\n\nThe Swayze Greenstone Belt is accessible by year-round roads, nearby\ninfrastructure, and is located between the mining towns of Sudbury and\nTimmins. It has evidenced numerous gold and base metal showings over the\nyears, some of which are directly on the Property. The geology of the belt is\nsimilar to that of the Timmins and Kirkland Lake belts, where a total of\n100 million ounces of gold has been extracted. The Swayze Greenstone Belt\nhosts two significant gold deposits: Jerome and Young Shannon.\n\n\nThe Jerome gold deposit, which is directly on the Augen Gold Property,\nwas mined in the early 1940's, and produced a total of 56,200 ounces of gold\nat a grade of 0.19 ounces per ton. The mine was closed in 1943 due to the\nlabour shortages resulting from the Second World War. When the Jerome Mine\nclosed, reserves were stated as 335,000 tons at a grade of 0.19 ounces per ton\ngold. Following further surface and underground exploration in the 1980's,\nMuscocho Explorations Limited estimated a resource of 577,495 tons at a grade\nof 0.20 ounces per ton gold for a total of 115,713 ounces of contained gold,\nfollowing technical guidelines current at that time (but not compliant with\ncurrent guidelines prescribed by NI 43-101). This estimate assumed a mining\nwidth of 4 feet (1.2 m) and a cut-off grade of 0.115 ounces of gold per ton.\n\n\nThe Young Shannon gold deposit, owned by Young Shannon Gold Mines Ltd.,\nand directly adjacent to the Augen Gold Property, has a NI 43-101 technical\nreport supporting 244,588 ounces of indicated and inferred gold resources.\n\n\nTechnical Update\n\n\nA NI 43-101 technical report ("Technical Report") was completed by Behre\nDolbear & Company Ltd. in ...