Montreal, Quebec-based exploration development company Augyva Mining Resources Inc., and iron ore property developer Canadian Century Iron Ore Corporation announced Thursday that Century has completed its funding of $6 million to earn a 51 percent interest in Augyva's Duncan Lake Property (DLP). On closing, Augyva (49 percent interest) and Century (51 percent interest) will form a joint venture in respect of the Duncan Lake Property.
Century's completion of the funding came a year and a half before the May 20, 2012 deadline, therefore pushing up the timeline for actually beginning exploration on DLP.
Mr. Georges-Yvan Gagnon, President of Augyva commented "We are very pleased that Century has completed its funding of the '51 percent earn-in' on the Duncan Lake Project substantially ahead of schedule. The proceeds of the funding will be used to continue the winter exploration program and cover exploration expenses Augyva has so far incurred on the Duncan Lake Property which substantially increases the cash position of the company. This reflects both Augyva and Century's strong confidence in the development of the property."