Augyva Mining Resources Inc. Announces Update To Its Intention To Acquire Niocan Inc.
LA MACAZA, QUEBEC -- (Marketwire) -- 03/24/11 -- Augyva Mining Resources Inc. (TSX VENTURE: AUV) ("Augyva") previously announced on January 12 and 13, 2011 that it had the intention to make an offer to acquire all of the issued and outstanding common shares of Niocan Inc. ("Niocan") in exchange of one and a half (1.5) common share of Augyva and a cash payment of ten cents (C$0.10) for each common share of Niocan, the whole by way of a formal take-over bid (the "Offer").
As an update to the status of the Offer, Augyva is currently seeking the necessary regulatory approvals in connection with the Offer. An exemption application has been filed by Augyva with the regulatory authorities in order to obtain an exemption from certain requirements applicable to take-over bids.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding five (5) properties located in the James Bay and Abitibi regions of the Province of Quebec. Its major project under development is the Duncan Lake iron ore Property located in the western part of the La Grande Greenstone Belt and hosts Algoma type iron deposits in a volcano-sedimentary sequence. The property, directly accessible by road, covers 5,848 hectares. Further to a drilling program of over 10,000 meters, completed in May 2009, a National Instrument 43-101 compliant technical report on the mineral resource estimate (the "Technical Report"), prepared by Met-Chem Canada Inc. ("Met-Chem"), was released in March 2010. Met-Chem has further continued to carry out an internal opportunity study of the property. Augyva also awarded Roche Ltd. the mandate to carry out an environmental scoping study (ESS) for the project. Other iron and related opportunities continue to be evaluated on an ongoing basis.In addition to advancing the Duncan Lake iron ore project, Augyva holds an 100% interest in four (4) other gold and base metal properties: Yasinski (gold, platinum, chromite and other base metals) and Kali (gold, copper and other base metals) in the James Bay region; and Senneville (gold) and Malartic (gold) in the Abitibi region. For more information about Augyva, go to www.augyva.com.
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