AuEx Ventures, Inc.
TSX : XAU

AuEx Ventures, Inc.

December 14, 2009 07:00 ET

AuEx Signs Wood Hills South Project Earn in Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to announce the execution of an exploration earn in agreement with NuLegacy Gold Corporation NV ("NuLegacy") concerning the Company's Wood Hills South gold exploration project located in eastern Elko County Nevada about 12 miles to the west of the Company's West Pequop and Long Canyon joint venture projects in the new Pequop Gold District.

The Wood Hills South project totals over 40,000 acres consisting of optioned fee land and mineral rights and 451 unpatented mining claims that are owned by the Company. It is largely a pediment covered gold exploration target that was developed through evaluation of regional geophysical data combined with outcrop mapping and rock chip sampling. Evaluation of this data led to the recognition of a possible geologic setting that appears similar to the geologic setting related to gold mineralization in the nearby Pequop Gold District. NuLegacy will commence exploration at Wood Hills South in January 2010 and will initially focus on gathering ground based geophysical data and significant additional surface geochemistry. Data from these efforts will be used to develop targets for an initial drilling program scheduled for either late 2010 or early 2011.

Under the terms of the earn in agreement NuLegacy paid AuEx $20,000 on signing and is committed to expend a minimum of $150,000 during the first year of the agreement. NuLegacy will then have 6 additional years with escalating annual work commitments to expend a minimum total of $5,000,000 and complete a bankable feasibility study in order to earn a 70% interest in the Wood Hills South project. Should NuLegacy terminate its interest in the Wood Hills South project without vesting an interest but have expended $3,000,000 or more, it will be entitled to a 4% net smelter return royalty from potential future production capped at twice its investment.

NuLegacy is a private Nevada focused gold exploration company financed and operated by a well respected management team familiar to the Company that has successfully defined, discovered and developed numerous gold resources. AuEx looks forward to working with NuLegacy in its efforts to discover a significant new gold deposit in the emerging new Pequop Gold District.

AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty three exploration projects in Nevada, one project in Spain and two projects in Argentina. The Company controls over 167,000 acres of unpatented mining claims and fee land in Nevada. Eleven of the projects are in joint venture or exploration earn-in agreements with seven 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 & 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.

Contact Information

  • AuEx Ventures, Inc.
    Ronald L. Parratt
    President & CEO
    775-337-1545
    rparratt@auex.com