MONTREAL, QUEBEC--(Marketwire - May 2, 2012) - Augyva Mining Resources Inc. (TSX VENTURE:AUV) ("Augyva" or the "Company") announced today that it has entered into an automatic share purchase plan with a broker in order to facilitate repurchases of its common shares under its previously announced normal course issuer bid.
On February 7, 2012, Augyva announced that the Company had received conditional approval from the TSX Venture Exchange (the "Exchange") to commence a normal course issuer bid to repurchase between February 10, 2012 and February 8, 2013 up to 5,286,076 of its common shares (the "Shares"), representing 10% of its public float.
Under Augyva's automatic share purchase plan (the "Plan"), Augyva's broker, GMP Securities LP, may repurchase Shares under the normal course issuer bid at times when Augyva would ordinarily not be permitted to, due to self-imposed blackout periods.
At permitted times, Augyva anticipates renewing the Plan from time to time during the course of its normal course issuer bid to enable Share purchases to be made during Company blackout periods.
Purchases under the Plan will be made by Augyva's broker based upon the parameters prescribed by the Exchange, applicable Canadian securities laws and the terms of the parties' written agreement. The Plan has been approved by the Exchange and will be implemented effective at the close of business on May 3, 2012.
About Augyva Mining Resources Inc.
Augyva is an exploration and development company holding five (5) properties in the James Bay and Abitibi regions of Quebec.
The Company's major project is a 49% interest in the world class Duncan Lake Iron Ore Project located in the western part of the La Grande Greenstone Belt which is subject to a Joint Venture and Option agreement with Canadian Century Iron Ore Corporation. Century has earned a 51% interest in the property and is continuing expenditures to increase their interest to 65%. Both NI 43-101 reports and a preliminary economic assessment for the property are expected in summer 2012.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Augyva's disclosure documents on the SEDAR website at www.sedar.com. Augyva does not undertake to update any forward looking information except in accordance with applicable securities laws.
Peter R Jones
Chairman and Interim CEO