Augen Gold Concerned Dissidents Ignore Facts and Rules
September 17 2010 - 8:34PM
PR Newswire (Canada)
TORONTO, Sept. 17 /CNW/ -- TORONTO, Sept. 17 /CNW/ - Augen Gold
Corp (TSXV:GLD) ("Augen Gold" or the "Company") read with concern a
release made by Augen Capital Corp. and Envoy Capital Group Inc.
(the "Dissident Shareholders") in connection with their attempt to
seize control of Augen Gold. In particular, despite management
clearly and publicly announcing progress regarding drilling and
resource definition, the Dissident Shareholders continue to
misrepresent the execution of planned progress towards resource
definition by Augen Gold. We can only presume this a result of
their displeasure that shareholders and the market are learning
about progress which may impede their secret agenda to seize
control of Augen Gold without paying a change of control premium to
the majority of shareholders. In addition, Augen Gold is shocked to
learn that, despite the failure to disclose this fact in the
Dissident Shareholder circular, proxy solicitation services appear
to have been retained by the Dissident Shareholders. Disclosure
rules clearly require a circular to identify a proxy solicitor when
used and to state the cost or anticipated cost of the proxy
solicitor. The Dissident Shareholders have either failed to
disclose as required or have structured the retainer to avoid
disclosure which should only be seen as a violation of the public
interest. Given the concern of Dissident Shareholders about costs
incurred by the Company in its defence, this revelation is
shocking. Augen Gold will be asking securities regulators to review
the disclosure of the Dissident Shareholders. Augen Gold is
particularly alarmed with the disingenuous statements made by the
Dissident Shareholders claiming to seek value creation at Augen
Gold despite their clear records of value destruction. Over the
past 200 days, Augen Gold has outperformed companies controlled by
dissidents and members of their proposed senior management by
150-200%. To view the chart accompanying this release, please click
here: http://files.newswire.ca/897/AugenGoldChart.pdf The directors
proposed by Augen Gold have a combined 84 years experience in
resource exploration, development and finance, with a particular
expertise in gold. In contrast, the Dissident Shareholders'
nominees are disclosed as having a combined total of approximately
5 years experience, and state they require an expert board to
provide them with mining advice. The Company has mailed a reminder
letter to shareholders. Shareholders are encouraged to read the
material and vote. The Company cautions shareholders that the
results of the meeting will determine the future of Augen Gold and
the value of their investment. Shareholders that have any questions
or need assistance in voting please contact Laurel Hill Advisory
Group, the Company's proxy solicitation agent, at: Toll Free:
1.877.304.0211 Collect: 416.304.0211 email:
assistance@laurelhill.com About Augen Gold: Augen Gold is a gold
exploration company with 23,877 hectares of staked and patented
mining claims in the Southern Swayze Greenstone Belt, including the
formerly producing Jerome Gold Mine. The claims cover a 45
kilometre long section of the Ridout Deformation Zone, believed to
be the western extension of the Kirkland Lake/Larder Lake Break.
The geological setting is comparable to the major gold camps of
Timmins and Kirkland Lake, and the claims contain numerous gold
showings that have received very little historical exploration.
Augen Gold is the first company to have assembled a coherent ground
position. Augen Gold has performed a detailed airborne geophysical
survey over the whole area, and its sampling program has confirmed
the historically reported gold values. The correlation of many gold
showings with geophysical features indicates excellent potential
for the discovery of additional deposits. The Company's objectives
are to aggressively explore the gold showings that correlate with
geophysical anomalies, continue resource definition at the Jerome
Mine, and to expand its property portfolio with highly prospective
mineral assets. Shareholders that have any questions or need
assistance in voting please contact Laurel Hill Advisory Group, the
Company's proxy solicitation agent, at: Toll Free:1.877.304.0211
Collect: 416.304.0211 email: assistance@laurelhill.com 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 information currently available to the Company and the
Company provides no assurance that actual results will meet
management's expectations. Forward-looking statements include
estimates and statements that describe the Company's future plans,
objectives or goals, including words to the effect that the Company
or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
"believes", "anticipates", "expects", "estimates", "may", "could",
"would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results relating to, among other things, results of
exploration, project development, reclamation and capital costs of
the Company's mineral properties, 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 minerals;
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 other matters discussed in this news
release. This list is not exhaustive of the factors that may affect
any of the Company's forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on the Company's forward-looking statements. The
Company does not undertake to update any forward-looking statement
that may be made from time to time by the Company or on its behalf,
except in accordance with applicable securities laws. J. David
Mason, Chief Executive Officer and Director, Augen Gold Corp., Tel.
416-915-4231, reception and voice mail, Email: dmason@augengold.ca
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