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Duncan Lake

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Duncan Lake Iron Ore Property


The Duncan Lake Iron Property (the Property) is our principal holding and it is subject to an Option and Joint Venture Agreement with Canadian Century Iron Ore Corporation who have notified us that they have made adequate expenditures to earn-in to the property to a 65% interest. Augyva now holds a 35% interest in the Property which is in the western part of the La Grande Greenstone Belt and comprises some 25,605 hectares approximately 130 km's from James Bay tidewater in Quebec.

In 2005 Augyva acquired the Property which consists of six separate areas of magnetite dominant iron formation identified as Deposits 1 through 6.

NI 43-101 Resource Estimate


The mineral resources have been calculated by Met-Chem Canada Inc. and are reported in accordance with Canadian Securities Administrators ("CSA") NI 43-101 and have been classified in accordance with standards as defined by the "Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") CIM Definition Standards -- For Mineral Resources and Mineral Reserves." Mineral resources which are not mineral reserves do not have demonstrated economic viability.

The October 11, 2012 NI 43-101 Technical Report on the Mineral Resources of the Duncan Lake Iron Property, James Bay Area, Quebec, Canada by Met-Chem Canada Inc. and by Qualified Persons of Met-Chem Canada Inc., Yves A. Buro, Eng.; Senior Geologist Schadrac Ibrango, P. Geo. Ph. D.; Senior Geologist, Stéphane Rivard, Eng.; General Manager, Mineral Processing

A detailed list of Mineral Resources at a 16% Fe cut-off by Zone is provided below.

Measured Mineral Resources
Zone Metric Tonnes Fe (%) DTWR (%) DT SiO2 (%) DT Fe (%)
1 27,000,000 22.01 23.98 9.34 64.27
2 4,000,000 27.05 33.96 6.96 66.34
3 169,000,000 24.32 26.88 3.39 68.28
4 162,000,000 23.60 26.49 6.20 66.92
5 - - - - -
6 42,000,000 24.48 28.50 6.21 66.57
Total 406,000,000 23.92 26.78 5.25 67.26


Indicated Mineral Resources
Zone Metric Tonnes Fe (%) DTWR (%) DT SiO2 (%) DT Fe (%)
1 89,000,000 23.34 25.26 11.48 62.24
2 31,000,000 27.33 34.81 5.81 67.33
3 324,000,000 25.06 28.35 3.63 68.10
4 141,000,000 24.14 27.17 5.99 66.98
5 - - - - -
6 60,000,000 25.05 29.56 6.47 66.55
Total 645,000,000 24.73 28.09 5.60 66.87


Total Measured & Indicated Mineral Resources
Zone Metric Tonnes Fe (%) DTWR (%) DT SiO2 (%) DT Fe (%)
1 116,000,000 23.03 24.96 10.98 62.72
2 36,000,000 27.29 34.71 5.95 67.21
3 493,000,000 24.81 27.85 3.54 68.16
4 304,000,000 23.85 26.80 6.10 66.94
5 - - - - -
6 102,000,000 24.81 29.12 6.37 66.56
Total 1,050,000,000 24.42 26.48 5.46 67.02


Inferred Mineral Resources
Zone Metric Tonnes Fe (%) DTWR (%) DT SiO2 (%) DT Fe (%)
1 139,000,000 22.80 24.42 9.84 63.51
2 63,000,000 26.10 31.33 3.33 68.65
3 202,000,000 25.49 29.16 3.96 67.88
4 75,000,000 23.92 26.88 6.52 66.45
5 51,000,000 25.63 29.34
6 33,000,000 25.23 29.65 6.68 66.10
Total 563,000,000 24.69 27.97 6.03 66.46

(Note 1: DTWR % is the Davis Tube Weight Recovery; DT Fe % is the Davis Tube Fe Concentrate Grade)
(Note 2: Zone tonnage estimates are rounded to closest 1milion tonnes. Totals of zone tonnages are from original estimated zone tonnage and as such totals of zone tonnage may vary in table above)

Option and Joint Venture and Royalty Agreements


On May 20, 2008, we signed an option and joint venture agreement with Canadian Century Iron Ore Corporation. Under the Agreement, Century has now earned a 65% interest in the Duncan Lake Iron Property by the expenditure of initially $6 million and subsequently a further $14 million. Century is the operator of the joint venture.

The Option and Joint Venture Agreement can be found elsewhere in this website and at www.sedar.com

Preliminary Schedule




Preliminary Economic Evaluation


A preliminary economic evaluation (PEA) of the Duncan Lake Iron Property was prepared by Met-Chem Canada Inc. and was published in May 2013.

KEY ESTIMATED RESULTS BASED ON 100% OWNERSHIP OF THE PROJECT:

 
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