Augusta Cancels Private Placement of Convertible Debenture

Augusta Industries Inc. (the "Corporation") (TSX VENTURE:AAO) announces that it
has decided to cancel the proposed offering of $1 million of convertible
debentures until such time that the state of the financial markets improve.


About the Corporation:

Through its wholly owned subsidiaries, Marcon International Inc. ("Marcon") and
FOX TEK Canada Inc. ("Fox Tek"), the Corporation provides a variety of services
and products to a number of clients.


Marcon is an industrial supply contractor servicing the energy sector and a
number of US Government entities. Marcon's principal business is the sale and
distribution of industrial parts and equipment (Electrical, mechanical and
Instrumentation). In addition to departments and agencies of the U.S.
Government, Marcon's major clients include Saudi Arabia-Sabic Services (Refining
and Petrochemical), Bahrain National Gas Co, Bahrain Petroleum, Qatar Petroleum,
Qatar Gas, Qatar Petrochemical, Gulf of Suez Petroleum, Agiba Petroleum and
Burullus Gas Co. 


Fox Tek develops non-intrusive asset health monitoring sensor systems for the
oil and gas market to help operators track the thinning of pipelines and
refinery vessels due to corrosion/erosion, strain due to bending/buckling and
process pressure and temperature. The Corporation's FT fiber optic sensor and
corrosion monitoring systems allow cost-effective, 24/7 remote monitoring
capabilities to improve scheduled maintenance operations, avoid unnecessary
shutdowns, and prevent accidents and leaks. 


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


This press release contains forward-looking statements based on assumptions,
uncertainties and management's best estimates of future events. Actual results
may differ materially from those currently anticipated. Investors are cautioned
that such forward-looking statements involve risks and uncertainties. Important
factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements are detailed from time
to time in the Corporation's periodic reports filed with the Ontario Securities
Commission and other regulatory authorities. The Corporation has no intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Augusta Industries Inc.
Allen Lone
President, CEO
(905) 338-2323 Ext 22
atlone@marconintl.com

Augusta Industries Inc. (TSXV:AAO)
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