Augen Capital Reports Second Quarter Results

Augen Capital Corp. ("Augen" or "the Company") (TSX VENTURE:AUG) today announced
its unaudited consolidated financial results for the second quarter that ended
June 30, 2009.


For the three month period ended June 30, 2009, Augen's income was $27,198
compared to $694,099 in 2008, and net loss was $201,892 in 2009 compared to
$958,814 in 2008. Although the Company did not generate as much income in 2009
as it did in 2008, the Company was able to partially offset the decrease in
income by a reduction in expenses of $275,124 in 2009. Further, the Company
reported an increase in the value of its Merchant Banking portfolio of $247,111.




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For the three    Merchant Banking    Managed Products            Total 
 months ended      2009      2008      2009      2008      2009        2008
 June 30,             $         $         $         $         $           $
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Income (loss)    (9,312)  458,923    36,510   235,176    27,198     694,099
Expenses        351,973   300,772   179,939   506,264   531,912     807,036
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Earnings
 (loss) before
 undernoted
 items         (361,285)  158,151  (143,429) (271,088) (504,714)   (112,937)
Share of
 (earnings)
 loss and 
 capital
 transactions
 from equity
 -accounted 
 investment      37,870    (8,874)        -         -    37,870      (8,874)
Unrealized
 (gain) loss on
 investments
 held for
 trading       (247,111)  707,426         -         -  (247,111)    707,426
Non-recurring
 charges          1,038   251,856     1,040   251,856     2,078     503,712
Adjustment to
 fair value of
 liabilities          -   (60,769)        -         -         -     (60,769)
Amortization      2,574     1,601     2,575     1,601     5,149       3,202
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Earnings
 (loss) before
 income taxes  (155,656) (733,089) (147,044) (524,545) (302,700) (1,257,634)
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Income taxes
 Current                                                  6,439    (204,939)
 Future                                                (107,247)    (93,881)
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                                                       (100,808)   (298,820)
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Net earnings (loss) and
 comprehensive earnings
 (loss)                                                (201,892)   (958,814)
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For the six month period ended June 30, 2009, Augen's income was $104,727
compared to $901,614 in 2008, and net loss was $601,416 in 2009 compared to
$1,704,798 in 2008. The year-to-date results improved for similar reasons to the
second quarter as described above. In addition to the identified reasons, the
results improved due to the Company recording $38,959 of non-recurring charges
in 2009 compared to $503,712 in 2008, a decrease of $464,753.




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For the six    Merchant Banking    Managed Products              Total 
 months ended  2009        2008      2009      2008        2009        2008
 June 30,         $           $         $         $           $           $
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 Income      36,391     446,290    68,336   455,324     104,727     901,614
 Expenses   783,691     663,106   355,161   733,235   1,138,852   1,396,341
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Earnings
 (loss)
 before
 undernoted
 items     (747,300)   (216,816) (286,825) (277,911) (1,034,125)   (494,727)
Share of
 (earnings)
 loss and
 capital
 transac-
 tions
 from
 equity-
 accounted
 investment 223,487     (25,190)        -         -     223,487     (25,190)
Unrealized
 (gain)
 loss on
 invest-
 ments
 held for
 trading   (415,345)  1,276,190         -         -    (415,345)  1,276,190
 Non-recur-
 ring
 charges     19,479     251,856    19,480   251,856      38,959     503,712
Adjustment
 to fair 
 value of
 liabilities      -     (87,481)        -         -           -     (87,481)
Amortization  5,149       3,202     5,149     3,203      10,298       6,405
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Earnings
 (loss)
 before
 income
 taxes     (580,070) (1,635,393) (311,454) (532,970)   (891,524) (2,168,363)
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Income
 taxes
 Current                                                 (7,627)   (259,390)
 Future                                                (282,481)   (204,175)
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                                                       (290,108)   (463,565)
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Net earnings 
 (loss) and
 comprehensive
 earnings
 (loss)                                                (601,416) (1,704,798)
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Merchant Banking Portfolio

The Company's investment portfolio had a fair value of $1,219,594 as at June 30,
2009, having increased by $577,449 since December 31, 2008. As a result of the
increase in value of the Merchant Banking portfolio and transactional activity
during the period, a net realized and unrealized gain of $384,100 was reported
during the six month period ended June 30, 2009, compared to a net realized and
unrealized loss of $1,167,268 during the same period in 2008.


Shares-for-debt transaction

At a special meeting of the shareholders of Augen Gold Corp. ("AGC"), an
investee company in the Merchant Banking portfolio, held on March 13, 2009, AGC
shareholders approved a shares-for-debt transaction for the conversion of debt
owed by AGC to Augen Capital Corp., into common shares. On April 7, 2009, AGC
issued 7,479,010 common shares to settle $1,121,851 of debt. Augen Capital Corp.
now owns 11,519,010 shares of Augen Gold Corp. or 35.5% of the issued and
outstanding common shares of AGC. Augen recorded a corporate development expense
of $169,412 as a result of this transaction during the six months ended June 30,
2009. The Company records its investment in AGC using the equity accounting
method. The carrying amount of the investment has increased since December 31,
2008 by $898,364. The increase is comprised of $1,121,851 which represents the
shares-for-debt conversion, partially offset by the Company's proportionate
share of AGC's loss and capital transactions of $223,487.


The full unaudited consolidated financial statements for the period ended June
30, 2009 are available at www.augencc.com or at www.sedar.com.


About Augen Capital

Augen Capital Corp. ("Augen") (TSX VENTURE:AUG) is a Toronto-based public
merchant bank specializing in the financing of and investment in emerging
resource companies. Augen manages a merchant banking hard dollar portfolio of
emerging resource stocks including private companies and is an industry
performance leader in tax-advantaged flow-through investments in Canada's
resource sector having raised over $80 million in flow-through limited
partnership assets since inception. Augen holds over one hundred gold, base
metals and uranium exploration and development public and private companies with
direct holdings in its Merchant Banking portfolio and consulting assets in
flow-through limited partnerships.


For more information on Augen Capital, visit our website at www.augencc.com. The
Company's public documents may be accessed at www.sedar.com


This news release contains forward-looking statements. These statements are
based on certain factors and assumptions as set forth in this news release
including expected growth, results of operations, performance and business
prospects and opportunities. While the Company considers these factors and
assumptions to be reasonable based on information currently available, they may
prove to be incorrect. A number of factors could cause actual results to differ
materially from those in the forward-looking statements, including, but not
limited to results of exploration, project development, reclamation and capital
costs of the companies in the merchant banking portfolios ("investee
companies"), and the Company's financial condition and prospects, could differ
materially from those currently anticipated in such statements for many reasons
such as: changes in general economic conditions and conditions in the financial
markets; changes in demand and prices for the minerals the investee companies
expect to produce; litigation, legislative, environmental and other judicial,
regulatory, political and competitive developments; technological and
operational difficulties encountered in connection with the activities of the
Company and investee companies. Additional risks and uncertainties can be found
in our Management's Discussion and Analysis and in filings with the Canadian
provincial securities commissions. Forward-looking statements are given only as
at the date of this news release and the Company disclaims any obligation to
update or revise the forward-looking statements, whether as a result of new
information, future events or otherwise.


Shares outstanding: 36,615,615