TORONTO, June 1 /CNW/ - Augen Capital Corp. (the Company) (TSX-V: AUG) is pleased to announce the election of William Allen, Alex Henry, J. David Mason, and Hugh Squair. Proxies voted in favour of management were 44% of the total issued 25,284,423 common shares. The team for the Augen Group of companies now includes J. David Mason as Chairman and Managing Director, Ian Peres, full time CFO, Michael Skutezky, Group General Counsel and Ron Mann, V.P. Business Development. Mr. Gerald McCarvill resigned as a Director, and Mr. Stan Bharti resigned as an Advisor. In the first quarter of this year, shareholders' equity increased by 4% from year-end to $2,975,611, i.e. $0.12 per share book value (the highest level in 7 years). For the full 2004 fiscal year revenues were $1.8 Million, the highest on record, and this current quarter is the highest quarterly revenue on record. Current ratio is now a healthy 3.5. Revenues were $440,009 versus $157,403 in 1Q/04. The company booked a gain of $73,147 versus a loss of $176,520 in the comparable quarter of last year. Earnings per share are $0.003, or $0.01 annualized. This year is hence providing ample evidence that new records may be set in 2005. "We have now developed a strategy to aggressively build Augen and the above management team is a part of its implementation," said J. David Mason, Chairman, Augen Capital. "In addition to these changes, there are four advisors to the Board who also have long and varied experience in analytical and financial aspects of the mining sector, to ensure that Augen enhances its position as the leading merchant bank and fund manager in the early-stage resource companies sector." About Augen Capital Based in Toronto, Augen Capital Corp. is a merchant bank specializing in early-stage resources companies. Managed by mining and financial services experts, 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 TSE precious metals index. Augen Capital now has over $20 million under management, including a core portfolio of emerging resource stocks, three-resource flow-through LP's under management, and its mutual fund, Augen Resource 2 Balance Fund. Via its subsidiary Visionary Investment Products, 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, oil and gas exploration companies that are selected to potentially out perform the market. 'On behalf of the Board of Directors' The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. ------------------------------------------------------------------------- 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.