GLD GoldOn Resources Ltd

TORONTO, Sept. 17 /CNW/ -- Experienced directors to execute value creation plan for all shareholders TORONTO, Sept. 17 /CNW/ - September 17, 2010: Augen Capital Corp. ("Augen Capital") (TSX-V: AUG) and Envoy Capital Group Inc. ("Envoy Capital") (NASDAQ: ECGI / TSX: ECG), (the "Concerned Shareholders"), announce their plan to create value for all shareholders of Augen Gold Corp. ("Augen Gold") (TSX-V: GLD) once their director nominees are elected at the Annual and Special Meeting of shareholders to be held on September 30, 2010. The Concerned Shareholders' director nominees have the expertise to move Augen Gold to the next level. Key aspects of their value creation plan include: - Move forward the stalled process of defining and providing a NI 43-101 compliant resource estimate at the Jerome Mine. After $16 million raised and $7.2 million spent on exploration, shareholders and the market are right to expect a NI 43-101 resource estimate which has not been provided to this point. - Commence a drill program in the area immediately adjacent to the significant Trelawney Resources Cote Lake discovery. Trelawney Resources continues to delineate the Cote Lake deposit and recently referred to the drilling results as exceptional. Augen Gold holds the claims immediately adjacent to this deposit but has failed to implement a systematic drilling program to explore this part of the property. - The property that Augen Gold holds in the Swayze Greenstone Belt is large with excellent exploration upside. This potential for value creation needs to be advanced. - Explore potential strategic partnerships and value-creating transactions. "We have all read the numerous releases from Augen Gold management with respect to value creation but haven't seen any," said Peter F. Chodos, President and Chief Executive Officer of Augen Capital Corp., speaking on behalf of the Concerned Shareholders. "The incumbent directors and management have created no value as a result of their own actions in Augen Gold. In addition to the aspects of our value creation plan that we have articulated here, the Concerned Shareholders commit to updating fellow shareholders on our progress within 60 days after our director nominees begin to represent the interests of all shareholders and regularly thereafter." Chodos continued "The choice is clear for fellow shareholders - vote your BLUE proxy FOR director nominees with the expertise to execute a plan to create shareholder value. Alternatively, continue to watch as your investment struggles. I am pleased that in numerous discussions I've had with fellow shareholders, many see the need for change and they are voting their BLUE proxies." Vote the BLUE proxy by September 27, 2010 To allow Augen Gold to move forward and create value for all shareholders, fellow Augen Gold shareholders need to vote their BLUE proxy to ensure it is received by Kingsdale Shareholder Services well in advance of the September 27, 2010, 5:00 p.m. deadline. For assistance with voting your BLUE proxy, contact Kingsdale Shareholder Services at 1-888-518-1557 or go to www.augencc.com for more information. Vote only the BLUE proxy FOR: - the election of the Concerned Shareholders' nominees (Peter F. Chodos, Stephen C. Johnson, Hugh Aird and Judith Baker) as directors of Augen Gold; - the appointment of the auditors; and - the reapproval of the stock option plan About the Concerned Shareholders Augen Capital is the founding shareholder and Envoy Capital is one of the earliest shareholders of Augen Gold. Augen Capital owns 11,519,010 common shares of Augen Gold, representing a 15.03% ownership interest. Envoy Capital owns 3,118,250 common shares of Augen Gold, representing a 4.07% ownership interest. Together, the Concerned Shareholders represent a 19.1% ownership interest, a significant stake in Augen Gold. Augen Capital Corp. ("Augen Capital") (TSXV: AUG) is a Toronto based public merchant bank specializing in the financing of and investment in resource companies and projects. For assistance voting the BLUE proxy please contact: Kingsdale Shareholder Services, Tel: 1-888-518-1557 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward looking statements. These statements are based on certain factors and assumptions as set forth in this news release including expected growth, results of operations, performance and business prospects and opportunities. While the Company considers these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. A number of factors could cause actual results to differ materially from those in the forward looking statements, including, but not limited to results of exploration, project development, reclamation and capital costs of the companies in the merchant banking portfolios ("investee companies"), and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for the minerals the investee companies expect to produce; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company and investee companies. Additional risks and uncertainties can be found in our Management's Discussion and Analysis and in filings with the Canadian provincial securities commissions. Forward looking statements are given only as at the date of this news release and the Company disclaims any obligation to update or revise the forward looking statements, whether as a result of new information, future events or otherwise. Manish Z. Kshatriya, Chief Financial Officer, Augen Capital Corp., Tel: 416-479-3302, Toll free: 1-888-442-8436, investorrelations@augencc.com

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