AuEx Ventures, Inc.
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 1, 2010) – AuEx Ventures, Inc. (TSX:XAU) (“AuEx” or the “Company”) is pleased to report assay results for the remaining holes completed as part of the 2009 drilling program at the Company’s 49% owned Long Canyon gold exploration project located within the Pequop Gold District in Elko County, Nevada. These holes include hole LCM22 with 130 feet grading 0.145 ounces per ton (opt), hole LCM30 with 255 feet grading 0.115 opt, hole LCM33 with 140 feet grading 0.096 opt and hole LCM36 with 39 feet grading 0.494 opt. These new intercepts were obtained from core holes drilled as infill holes to confirm and upgrade mineralization and to gather additional material for further metallurgical testing. Essentially all of these holes encountered reportable grade, oxide gold mineralization (see attached table and map). Fronteer Development Group, Inc. (“Fronteer”), operator and 51% owner, provided these results to the Company from the remaining holes completed as part of the 2009 drilling campaign (to see attached map please click on: http://media3.marketwire.com/docs/xau21.jpg). These new results, combined with the results from the holes drilled earlier in 2009, provide a strong confirmation and growing confidence in the geological model and the 3-dimensional distribution of gold within the Long Canyon gold deposit. This knowledge will be of great value in planning further drilling at Long Canyon especially additional step-out drilling to both the northeast and southwest. In addition, these data will benefit the development and testing of new exploration areas on the large 12,000 acre property. This news release is the final announcement of results from all drill holes completed in 2009 at Long Canyon. A total of 238 holes were drilled at Long Canyon during 2009 aggregating 108,766 feet. This included 186 core holes totaling 74,021 feet and 52 reverse circulation drill holes totaling 34,745 feet. The 2010 drilling program is expected to begin in March or April depending on field conditions.
The Long Canyon gold deposit consists of multiple, sub-parallel north to northeast-directed zones of oxidized Carlin-style gold mineralization aggregating 1,300 feet (400 meters) in width with a current strike length of approximately 1.60 miles (2.6 km) that is still open to extension. Mineralization outcrops in the central portion of the deposit, plunges shallowly to the northeast and is amenable to open pit mining. Metallurgical tests completed to date indicate that mineralization is treatable using conventional gold recovery techniques. In addition, significant untested exploration potential is still apparent within the property based on geological mapping and surface geochemical sampling conducted as part of the 2009 exploration program. Other gold exploration targets will be explored as permitting and budgets allow.
Other activity at Long Canyon currently underway includes continuing metallurgical evaluation of column test results on core recovered early in the 2009 program and planning for additional column work utilizing core recovered later in the year and the subject of this press release. In addition, an update to the Long Canyon resource estimate is currently underway and is currently forecasted to be completed during the first half of 2010. This update will incorporate all data from the 2009 drilling campaign. The 2010 budget for Long Canyon is presently under review and will be announced shortly.
As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and assayed by ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Samples exceeding 5 grams per tonne gold were re-assayed using a gravimetric finish and the values received were reported in the averages. QA/QC included the insertion of numerous standards and blanks into the sample stream, and a check assaying program that is underway at another laboratory. A table containing all drill results to date using a 0.3 gram/tonne cutoff is posted on the Company’s website. All data, as reported to the Company by Fronteer and disclosed in this press release, including sampling, analytical and test data, have been reviewed by the Company’s qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists. Further details concerning the Long Canyon property are described in the Company’s National Instrument 43-101 report filed on Sedar and posted on the Company’s website at www.auex.com.
AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, one project in Spain and three projects in Argentina. The Company controls about 167,000 acres of unpatented mining claims and fee land in Nevada. Ten of the projects are in joint venture or exploration earn-in agreements with six companies. The Company applies the extensive Nevada exploration experience and high-end technical skills of its founders to search for and acquire new precious metal exploration projects that are then offered for joint venture.
AuEx Ventures, Inc.
Ronald L. Parratt, President and CEO
This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although the management of AuEx believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information. This press release uses the terms “indicated resources” and “inferred resources”, which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.
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