CLEVELAND, March 21, 2006 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AUGC) announces that it has entered into an agreement with Windham Resources, Inc. ("Windham") to acquire interests in Windham's mineral properties located in the State of Nevada. Windham owns the rights to the Hill of Gold lode mining claims, located in the Tonopah, Nevada Mining District and the New Era Mine located near Searchlight, Nevada, and also participates as a joint venture partner in a project with proven ore reserves located in San Bernardino County, California.
The Hill of Gold Property consists of 25 lode mining claims. Previous operators defined a preliminary geologic resource of 3.5 million tons averaging 0.031 oz/ton gold, using a 0.02 cutoff. The New Era Mine consists of 9 lode mining claims on a property with a history of prior mining activity. Windham is obligated to use all funds received from the joint venture agreements towards the further development of these properties.
"The Windham agreement is a direct result of our corporate restructuring and we are quite enthusiastic about these new ventures," said MJ Shaheed, President of Augrid Corporation. "Gold has recently performed better than it has during any period over the past 25 years and we believe that the trends supporting the price of gold are likely to continue. These interests should prove to be an exciting foundation by which Augrid can exploit opportunities in the mineral resources industry and form a foundation for its share holder base."
AuGRID Corporation and its subsidiaries are technology based organizations.
FORWARD LOOKING STATEMENT: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding AuGRID Corporation in this release that are not historical in nature, particularly those that utilize terminology such as "may," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which AuGRID Corporation has derived from the information currently available to it. These forward-looking statements involve known and unknown risks and uncertainties that may cause our results to be materially different from results implied in such forward-looking statements. Important factors known to AuGRID Corporation that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in AuGRID Corporation's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and AuGRID Corporation undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.