Augen Gold closes its initial public offering raising $4,329,678.30



    TORONTO, June 9 /CNW/ - Augen Gold Corp. ("Augen Gold") is pleased to
announce that it has closed its Initial Public Offering for gross proceeds of
$4.33 million. Net proceeds after the payment of commissions and fees were
$3.92 million. The proceeds will be used to further advance the exploration
and development of the company's Jerome Property located between Sudbury and
Timmins in Ontario. The offering consisted of 1,387,369 units (the "Units") at
$0.70 per unit and 4,198,150 flow-through (the "Flow-Through Shares") shares
priced at $0.80 per share. Each unit is comprised of one common share (a "Unit
Share") and one-half of one common share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one
common share (a "Warrant Share") at a price of $1.00 per Warrant Share, for a
period of twenty-four months. The company has now 24,880,685 shares
outstanding. The company will now move to be listed on the TSX Venture at a
date to be announced in the near future, subject to the company fulfilling the
conditions set out in the TSX-V conditional approval. We expect that to be
Wednesday June 11, 2008.
    Union Securities Ltd. acted as agent for the offering and received a 7%
cash commission and 7% broker warrants.
    "Augen Gold has achieved a significant milestone by becoming a public
company and raising over $4 million. It can now focus its attention on its
Phase Two program at its Jerome Property and defining its resource base. In
addition, we expect to update the market in the next few days regarding the
results of our winter Phase 1 drilling program," says Michael Fowler, Augen
Gold's President and Chief Executive Officer.

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    Augen Gold Corp. is a junior gold exploration company with mining claims
located in the Swayze Greenstone Belt and covering an area of approximately
240 square kilometers, 8 kilometers wide and 45 kilometers long, including the
formerly producing Jerome gold mine and directly adjacent to the Young Shannon
gold deposit. The company's objective is to aggressively explore the Jerome
mine in order to confirm existing and identify additional NI 43-101 compliant
gold resources, to explore the gold potential along strike on the contiguous
mining claims, and to continue to expand its property portfolio with highly
prospective mineral assets.

    For more information on Augen Gold, visit our website at www.augengold.ca
    The company's documents may be accessed at www.sedar.com

    The TSX Venture has not reviewed and does not accept 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 new 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's and investee companies. Additional risks and uncertainties can
be found in our 2006 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.

    %SEDAR: 00025779E




For further information:

For further information: Michael G. Fowler, President, Augen Gold Corp.,
Tel: (416) 777-2007 Ext 224, Toll-free: (888) 442-8436 Ext 224; John F.
Walter, John Walter Communications Inc., Tel. (647) 430-0197

Organization Profile

AUGEN GOLD CORP.

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