Business
Augen Gold Fends Off Attacks from Dissidents to Protect Shareholder Value
Augen Gold Fends Off Attacks from Dissidents to Protect Shareholder Value
About this update from Gold Finder Resources Ltd.
[{"type":"text","content":"\n\n\n\n Aug. 26, 2010 (Canada NewsWire Group) -- \n\n \n \n \nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\n\n TORONTO, Aug. 26 /CNW/ - Augen Gold Corp. (GLD) continues to defend\n against seizure by dissident shareholders, releasing a circular and\n letter to shareholders in advance of the annual general meeting\n scheduled for September 30, 2010.   (The circular and shareholder letter\n can be found at:  www.sedar.com)\n \n\n In recent weeks, a dissident group has threatened the Company's success\n and shareholder investment.  The group is attempting to take control of\n the Company without paying fair value to shareholders by replacing the\n current Board of Directors with its own handpicked nominees.  Management\n believes the dissident group is led by individuals that have previously\n been insiders of Augen Gold.\n \n\n David Mason, President and CEO of Augen Gold Corp states: \n \n\n "We have reached a critical stage - and need continued support to\n ensure control of the Company is not transferred to a small group of\n minority shareholders who appear to want control without paying\n shareholders fair value."\n \n\n Mason has outlined a solid foundation established for future growth,\n stating that the Company has already taken steps to:\n \n\n\n Discover the potential in the historic Jerome Mining property in 2008;\n \n\n Raise $16 million in challenging capital markets to fund exploration\n and retire debt;\n \n\n Find and finance the purchase of the property opportunity in 2006;\n \n\n Increase the target from the historic scope at the Jerome mine of\n 127,329 ounces to a computer modeled target on the Leapfrog modeling\n program for a 50 m search radius of up to 24 million tons with a grade\n ranging from 1.4 to 7.1 g/t at cut-off grades of 0.05 to 5.0 g/1\n and\n \n\n Identify several other targets that have the potential to be Jerome\n size or greater.\n \n\n\n Mason further stated:\n \n\n "We are ready to proceed wit...