Augen flow-through assets increase to record $28.1 million in 2007, double that of 2006

    Shares outstanding: 36,290,615

    TORONTO, Nov. 8 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is
pleased to announce that BluMont Augen Limited Partnership 2007-1 (the
"Partnership") has completed its initial public offering of units, raising a
total of $16,095,700.
    "We are pleased with the size of the first BluMont Augen Limited
Partnership 2007-1 offering. The depth of the syndicate continues to improve
and now includes several Schedule A banks and key investment dealers involved
in the flow-through business. The sales and distribution agreement with
BluMont and its national sales force has resulted in improved sales
penetration of the product and provides good momentum for future BluMont Augen
limited partnership offerings," said Michael G. Fowler, President of
Structured Products of Augen.
    The previous Augen Limited Partnership 2007 offering, closed on April 30,
2007, raised $12 million bringing the total annual increase in flow-through
consulting assets to $28.1 million, almost double the assets raised in 2006.
    The Partnership expects to invest approximately 85% of the gross proceeds
of the offering in flow-through shares of Canadian resource companies involved
in mineral exploration and approximately 15% of the gross proceeds of the
offering in flow-through shares of Canadian resource companies involved in oil
and gas exploration. The Partnership expects investors to receive tax
deductions equal to 100% of the amount invested for the 2007 taxation year.
Also, investments in flow-through shares of resource companies involved in
mineral exploration may qualify for investment tax credits.
    BluMont Capital Corporation ("BluMont"), as portfolio manager, will
select flow-through shares and other investments on behalf of the Partnership
in consultation with Augen Capital Corp. ("Augen"). Augen has been retained by
the Partnership and the Portfolio Manager to provide its technical expertise
and due diligence services in the resource sector to assist the Partnership
and the Portfolio Manager with the review and selection of suitable investment
opportunities in resource companies.
    The offering was made through a syndicate of investment dealers led by
Scotia Capital Inc., CIBC World Markets Inc. and Dundee Securities
Corporation, and including BMO Nesbitt Burns Inc., National Bank Financial
Inc., TD Securities Inc., Canaccord Capital Corporation, HSBC Securities
(Canada) Inc., Queensbury Securities Inc., Raymond James Ltd., Blackmont
Capital Inc., Desjardins Securities Inc., Industrial Alliance Securities Inc.,
Research Capital Corporation, Sora Group Wealth Advisors Inc. and Wellington
West Capital Inc.

    About Augen

    Augen Capital Corp. (TSX-V: AUG) is a Toronto-based merchant bank which
finances early stage resource companies. Augen is an industry leader in
tax-advantaged flow-through investments in Canada's resource sectors having
raised over $58 million in flow-through limited partnership assets since
inception. Augen manages a core portfolio of emerging resource stocks and
three resource flow-through limited partnerships. Augen holds over 100 gold,
base metals and uranium exploration and development public companies with
direct holdings in its merchant banking portfolio and indirect holdings in its
structured product portfolios.

    About BluMont

    Founded in 2000, BluMont, a wholly-owned subsidiary of Integrated Asset
Management ("IAM"), manages and distributes alternative investment products
designed to provide enhanced diversification and return potential outside of
traditional equity and fixed income investments. With over 30 employees,
BluMont employs a national sales force and has expanding strategic alliances
with multi-national financial services providers. BluMont is a founding member
of the Canadian Chapter of the Alternative Investment Management Association.
    IAM is Canada's leading alternative asset management company with
approximately $3 billion in assets and committed capital under management in
private corporate debt, private equity, managed futures, real estate
investment management, property management and retail products, including
hedge funds.

    For more information on Augen please visit our website at
    Augen'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". The
statements that are not historical facts contained in this press release are
forward-looking statements that involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. There
can be no assurance that forward-looking statements will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements.

For further information:

For further information: Michael G. Fowler, President, Structured
Products, Tel: (416) 777-2007 Ext 224,

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