Augyva Mining Resources Inc. has a 35% interest in the Duncan Lake Iron Property located in Quebec, which is a joint venture with Canadian Century Iron Ore Corporation. An NI 43-101 compliant Preliminary Economic Assessment was completed by Met-Chem Canada Inc. and was published in May 2013. Based on 100% ownership the assessment summary results, at an accuracy of +/- 35%, were:

• Net Present Value of $4.1 billion (pre-tax) at 8% discount;
• Internal Rate of Return of 20.1% (pre-tax);
• Payback 4.2 years
• Mine life 20 years at 12 million tonnes per year pellet production
• Initial project capital $3.8 billion
• Average site operating cost $59.17/tonne of pellet