Two Advisors Added to Augen's Advisory Board

TORONTO, Aug. 16 /CNW/ - Augen Capital Corp. (TSX Venture: AUG) is
pleased to announce the addition of two outstanding mineral industry
professionals to its Advisory Board:

Lee Barker, M.Sc. (Applied Mineral Exploration), B.A.Sc. (Applied
Geology), P.Eng., P. Geol. - a prominent geologist with extensive experience
with most mineral, metal, and diamond exploration projects, and an officer and
director of a wide range of public companies, including Corona Corp., Aber
Resources (now Aber Diamonds), SouthernEra Resources, and Platinova Resources.
Mr. Barker is currently President of Sparton Resources Inc., a member of
several professional societies, and a director of a number of publicly listed
junior resource companies.

Robert Jackson, M.Sc. (Mining Engineering), P.Eng., MBA, CFA - a
prominent senior mining financier, with expertise in investment analysis,
transaction execution, and capital formation. Mr. Jackson has an exceptional
background with 18 years in the investment business in Canada and the UK
(including Burns Fry, Midland, and Warburgs), having raised over $1 billion
directly and as a team member, plus 9 years in the mineral resource business
(including Falconbridge). He is currently EVP Corporate Development, Jaguar
Mining, Inc.

"We are making good progress with the execution of our strategy to
increase shareholder value and aggressively build Augen. These additions to
our team are an essential part of our implementation plan," said J. David
Mason, Chairman, Augen Capital. "There are now four advisors to the Board
(including Robert Blair and Rod Whyte) who have long and varied experience in
analytical and financial aspects of the mining sector. This will ensure that
Augen enhances its position as the leading merchant bank in the early-stage
resource companies sector."

About Augen Capital
Based in Toronto, Augen Capital Corp. is a merchant bank specializing in
financing early-stage resource companies. Augen's portfolios consist of
exploration companies that have demonstrated strong upside potential. Over a
six-year period, Augen's resource portfolios have outperformed a majority of
competitive metal funds as well as the TSX precious metals index. Through
Augen, investors indirectly and directly own upwards of 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 a mutual fund, Augen Resource 2 Balance Fund (R2B).
Augen is an industry leader in tax-advantaged flow-through 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 sheltering, together with exposure to mineral and oil and gas
exploration companies that are selected for their potential to outperform the
market.

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

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