Augyva Mining Resources Inc. ("Augyva" or the "Company") (TSX VENTURE:AUV) is
pleased to provide an update to its shareholders concerning news relating to the
Company's minority owned Duncan Lake Iron Ore Project ("DLIOP" or the
"Project"). On November 29, Century Iron Mines Corporation (Century) and WISCO
International Resources Development & Investment Limited ("WISCO Resources")
announced that they have together concluded negotiations and agreed upon the
definitive forms of joint venture agreements that will govern the joint ventures
to be formed between Century and WISCO Resources for the exploration and
development of Century's Duncan Lake, Attikamagen and Sunny Lake projects (the
"Joint Venture Agreements"). The Joint Venture Agreements will be executed
following completion by WISCO Resources of certain internal formalities, at
which time Century will provide a further news release. Under the definitive
joint venture agreements, WISCO Resources will invest an aggregate of $120
million in exchange for a 40% interest in each of the three Century projects
listed above.


Augyva entered into an Option and Joint Venture Agreement concerning the DLIOP
with Century and its related affiliates on December 6, 2010 whereby Century
acquired a 51% interest in the Project and became Project Operator with an
option to increase its interest to 65% by incurring $14 mm of additional
expenditures relating to the Project. The successful conclusion of Century's
negotiations with WISCO Resources is a meaningful step in the advancement of the
DLIOP. 


By way of update, Duncan Lake exploration Phase I drilling assay results are
expected to be released approximately within the next week. Phase II drilling,
as planned, is continuing with two drill rigs at site. The drilling continues to
define resources suitable to enable completion of a full bankable feasibility
study. Base line environmental data collection is underway managed by Roche
Ltd., Consulting Group and consideration is also being given to a preliminary
economic assessment in the first half of 2012 prior to starting work on a
bankable feasibility study. 


Peter R. Jones, Chairman and Interim CEO of Augyva said, "Augyva wishes to
congratulate its joint venture partner Century along with WISCO Resources on
having agreed upon definitive forms of joint venture agreements which is
inclusive of the DLIOP. Of note for Augyva's shareholders, the Joint Venture
Agreements provide for the investment of $40 million into the DLIOP of a total
of $120 million investment among three of Century's projects. Augyva believes
that the involvement of WISCO Resources strengthens the existing Duncan Lake
Option and Joint Venture agreement between Augyva and Century and significantly
improves development opportunities for this major iron ore project". He went on
to say, "over the past several months we have achieved a strong and cohesive
working relationship with the Century team and we look forward to the
possibility of building a working relationship with the WISCO Resources team".


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 is its interest in the Duncan Lake Iron Ore Property located in
the western part of the La Grande Greenstone Belt. The property is accessible by
road and covers 5,848 hectares. A National Instrument 43-101 compliant technical
report on the mineral resource was prepared by Met-Chem Canada Inc. and was
released in March 2010. The Duncan Lake Iron Ore Property is subject to a joint
venture agreement between Augyva Resources and Century Iron Mines Corporation
which has earned a 51% interest and is currently making additional exploration
expenditures to increase their interest to 65%. 


In addition to the Duncan Lake Iron Ore Project, Augyva holds a 100% interest in
four other mineral properties, namely: Yasinski and Kali in the James Bay region
and Senneville and Malartic in the Abitibi region. At these mineral properties,
the exploration focus is for other than iron ore. 


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.