W.S. (Steve) Vaughan Appointed to Augen Advisory Board

    Shares outstanding: 36,170,615

    TORONTO, Oct. 26 /CNW/ - Augen Capital Corp. ("Augen") (TSX-V: AUG) is
pleased to announce the appointment of W.S. (Steve) Vaughan, B.C.L., MSc,
B.Sc., to the Augen Advisory Board, concentrating on business development.
    Mr. Vaughan is a partner at Heenan Blaikie LLP and is a prominent lawyer
with a background in law and geology. His extensive experience and formidable
knowledge resulted in the development of an extensive practice in the mining,
oil and gas, geothermal, coal bed methane and nuclear industries.
    For more than four decades, Mr. Vaughan has advised and represented
Canadian and international companies, served on many governmental advisory
committees and, in recent years, has been involved in natural resources
transactions in more than 60 countries. Mr. Vaughan is or has been a member or
director of natural resource and mining companies such as the Algoma Central
Corporation, the Apollo Gold Corporation and Western Troy Capital Resources,
among others, as well as numerous professional and trade associations
including the Toronto Branch of the Canadian Institute of Mining, Metallurgy
and Petroleum, the Prospectors and Developers Association of Canada and the
joint Toronto Stock Exchange/Ontario Securities Commission Mining Standards
Task Force.
    Possessing an exceptional reputation in his field, Mr. Vaughan is listed
as one of the outstanding Canadian experts on mining law in the International
Who's Who of Business Lawyers as well as in Lexpert/American Lawyer's Guide to
the Leading 500 Lawyers in Canada. The Martindale-Hubbell Law Directory gives
him its top recommendation and Legal Media Group/Euromoney Institutional
Investor ranks him as one of the best project finance and energy-natural
resources lawyers in Canada.
    Mr. Vaughan has written numerous publications on natural resource
financing, mining, international due diligence and related securities law
issues published by The Canadian Institute, The Law Society of Upper Canada,
the Prospectors and Developers Association of Canada, Insight, the Conference
Board of Canada and the Rocky Mountain Mineral Law Foundation.
    "The addition of Mr. Vaughan to the Advisory Board is significant in the
expansion of the Augen platform and further strengthens our deal sourcing and
evaluation capabilities going forward", said George D. Elliott, Chief
Executive Officer of Augen.

    About Augen Capital

    Augen Capital 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.

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

    %SEDAR: 00008335E

For further information:

For further information: George D. Elliot, Chief Executive Officer, Tel:
(416) 777-2007 Ext. 222, investorrelations@augencc.com; For more information
on Augen please visit our website at www.augencc.com; Augen's public documents
may be accessed at www.sedar.com

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