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Augen Capital Announces Growth Strategy

Augen Capital Corp. (AUG.V), which was trading near a year low 4 cents, announced a new business direction for 2012 and beyond. The company said it has begun actively seeking business opportunities in the mineral resource sector of Colombia. As part of that effort it has formed a subsidiary called Seven Stars Coal Corporation through which it plans to operate in Colombia. The initial round of financing for Seven Stars has successfully raised $740,000 of capital.

It said: "At this time Augen is pleased to inform its investors that Seven Stars has acquired its first property of approximately 1,500 hectares, which is known to host metallurgical coal. Based upon extensive research conducted on each property prior to each acquisition, the company intends to enter the coal industry in Colombia in conjunction with experienced local partners. In addition, the company is pleased to announce that it has signed a memorandum of understanding with a strong local partner that has extensive production experience."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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