BluMont Augen Limited Partnership 2008 today announce that the partnership has completed its initial closing of a public offering of units, raising a total of $8,043,550.

The partnership expects to invest approximately 85% of the available proceeds of the offering in flow-through shares of Canadian resource companies involved in mineral exploration, and approximately 15% of the gross proceeds of the offering in flow-through shares of Canadian resource companies involved in oil and gas exploration.

Investors are expected to receive tax deductions equal to 100% of the amount invested for the 2008 taxation year.

Toronto-based BluMont Capital Corp., as portfolio manager, will select flow-through shares and other investments on behalf of the partnership in consultation with Augen Capital Corp.

Augen, a Toronto-based public merchant bank, has been retained by the partnership and the BluMont to provide its technical expertise and due diligence services in the resource sector to assist with the review and selection of suitable investment opportunities in resource companies.

The offering was made through a syndicate of investment dealers led by Scotia Capital Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., and including Berkshire Securities Inc., Dundee Securities Corp., TD Securities Inc., Blackmont Capital Inc., Queensbury Securities Inc., Canaccord Capital Corp., Raymond James Ltd., Burgeonvest Securities Ltd., Desjardins Securities Inc., Industrial Alliance Securities Inc., Richardson Partners Financial Ltd., Sora Group Wealth Advisors Inc. and Wellington West Capital Inc.

The partnership intends to complete a second closing of its offering of units on March 27, 2008.