Augen Announces New Director, Grants Options

    Shares outstanding: 35,915,615

    TORONTO, March 2 /CNW/ - Augen Capital Corp. (the "Company") (TSX-V: AUG)
is pleased to announce the appointment of Mr. Eric W. Slavens, FCA to the
Board of Directors effective immediately. Mr. Slavens will also assume the
role of audit committee chairman.
    Mr. Slavens is a fellow of the Institute of Chartered Accountants of
Ontario and currently serves as a member of the board of directors of Altus
Group Income Fund, Titanium Corporation Inc., FMF Capital Group Ltd., Canada
Israel Securities Limited and Heritage Toronto. Mr. Slavens has a Bachelor of
Commerce from the University of Toronto. He was a partner of
PricewaterhouseCoopers LLP for thirty years and was most recently the National
Leader, IPO Services. Mr. Slavens retired from the partnership on June 30,
2005 to act as an independent director and business consultant. He is a
graduate of the Directors Education Program, co-sponsored by the Rotman School
of Management and the Institute of Corporate Directors.
    The Company also wishes to announce that it has granted 100,000 stock
options to Mr. Slavens. The options are exercisable at a price of $0.55 per
share over a period of three years into common shares of the Company and are
fully vested at the time of issuance. The options are subject to a four-month
exchange hold period and regulatory approval.

    About Augen Capital

    Based in Toronto, Augen Capital is a merchant bank specializing in the
financing of, and investment in, early stage resource companies and is an
industry leader in tax-advantaged flow-through investments in Canada's
resource sectors. Augen has raised over $40 million in flow-through limited
partnership assets in the last four years. The Company now has under
management a core portfolio of primarily emerging resource stocks, two
Resource Flow-Through Limited Partnerships, and its mutual fund, Augen
Resource Strategy Fund.

    For more information on Augen, visit our website at
    The Company's public documents may be accessed at

    The TSX Venture has not reviewed and does not accept responsibility for
    the adequacy or accuracy of this release.

    This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations as
disclosed in the Company's documents filed from time to time with applicable
Canadian securities regulators and the United States Securities & Exchange

    %SEDAR: 00008335E

For further information:

For further information: J. David Mason, Chairman, Tel: (416) 777-2007
ext 223,

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