AUV

Augyva Mining Resources Inc. (TSX VENTURE:AUV)("Augyva") is pleased to announce
that it has submitted today to Niocan Inc. (TSX:NIO)("Niocan") a financing
proposal whereby Augyva proposes to subscribe for 3,478,260 units (the "Units")
of Niocan at a price per Unit of C$1.15, for aggregate gross proceeds to Niocan
of C$4,000,000, the whole by way of a private placement financing (the "Proposed
Private Placement").


Under the terms of the Proposed Private Placement, each Unit would consist of
one (1) common share in the capital of Niocan (a "Common Share") and one-half of
one (1/2) common share purchase warrant (each whole warrant being a "Warrant").
Each Warrant would entitle Augyva to purchase one (1) additional Common Share at
an exercise price of C$1.20 per share for an initial period of 12 months from
the closing of the Proposed Financing and thereafter at an exercise price of
C$1.25 per share for an additional period of 12 months, for a total period of 24
months.


The Proposed Private Placement is be subject to very few conditions. These
conditions include the negotiation of a definitive subscription agreement and
the entitlement to Augyva, as of the date of closing of the Proposed Private
Placement, to have 3 seats out of the 4 seats on the Board of Directors of
Niocan. The closing of the Proposed Private Placement is not subject to any due
diligence investigation by Augyva.


Commenting, Augyva's President and Chief Executive Officer, Georges-Yvan Gagnon,
said: "We sincerely believe that Augyva's financing proposal is a superior
proposal than the one contemplated among Niocan and Forbes & Manhattan, Inc. as
disclosed by Niocan in a press release dated May 4, 2011. Augyva's proposal is
not subject to any significant conditions and no due diligence review from our
part shall be required. We are confident to be able to close the financing
within a very short period of time should Niocan accept our proposal."


Upon acceptance of Augyva's proposal, the parties must close the financing no
later than noon on June 29, 2011.


About Augyva Mining Resources Inc. 

Augyva is an exploration and development company holding five (5) properties
located in the James Bay and Abitibi regions of the Province of Quebec. Its
major project under development is the Duncan Lake Property located in the
western part of the La Grande Greenstone Belt and hosts Algoma type iron
deposits in a volcano-sedimentary sequence. The property, directly accessible by
road, covers 5,848 hectares. Further to a drilling program of over 10,000
meters, completed in May 2009, a National Instrument NI 43-101 compliant
technical report on the mineral resource estimate (the "Technical Report"),
prepared by Met-Chem Canada Inc. ("Met-Chem"), was released in March 2010.
Met-Chem has further continued to carry out an internal opportunity study of the
property. Augyva also awarded Roche Ltd. the mandate to carry out an
environmental scoping study (ESS) for the project. Other iron and related
opportunities continue to be evaluated on an ongoing basis.


In addition to advancing the Duncan Lake Iron Ore Project, Augyva holds an 100%
interest on four (4) highly prospective gold and base metal properties: Yasinski
(gold, platinum, chromite and other base metals) and Kali (gold, copper and
other base metals) in the James Bay region, and: Senneville (gold) and Malartic
(gold) in the Abitibi region. For more information about Augyva, go to
www.augyva.com.


This news release may contain certain forward-looking information. All
statements included herein, other than statements of historical fact, are
forward-looking information and such information involves various risks and
uncertainties. There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such information. A description of assumptions used to
develop such forward-looking information and a description of risk factors that
may cause actual results to differ materially from forward-looking information
can be found in Augyva's disclosure documents on the SEDAR website at
www.sedar.com. Augyva does not undertake to update any forward looking
information except in accordance with applicable securities laws.

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