CLEVELAND, May 2, 2006 (PRIMEZONE) -- AuGRID Corporation (Pink Sheets:AUGC) announces that it's joint venture partner, Windham Resources, Inc. ("Windham"), is considering opportunities for expansion and is reviewing potential acquisition projects, especially gold mining opportunities. As a basis for consideration, prospective projects should possess potential for mineral resources development based upon a history of mining or successful drilling programs by former operators of the properties. As part of its Joint Venture Agreement with Windham, AuGRID retains the right of first refusal to participate on a 50/50 basis in all new projects contemplated by Windham.
M.J. Shaheed, CEO of AuGRID stated that, "We believe that gold has the potential to increase significantly in price over the coming years and it would be prudent to acquire the rights to additional projects while gold is still trading at current levels."
Windham has been involved in exploration and development of gold resource properties since 1993. AuGRID is presently participating as a Joint Venture Partner with Windham in the Hill of Gold Project in the Tonopah, Nevada Mining District and the New Era Mine located near Searchlight, Nevada.
Mr. Shaheed further stated, "We now look upon our current projects with Windham as the beginning of a long term strategy towards acquiring a large base of assets with significant potential for exploitation and ultimately increasing shareholder equity."
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.