AuEx Ventures, Inc.

AuEx Ventures, Inc.

August 20, 2009 07:00 ET

AuEx Ventures, Inc.: Long Canyon Gold Deposit Moves Forward

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2009) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to advise that Fronteer Development Group Inc. ("Fronteer") has today released the following update regarding the Long Canyon gold project located in eastern Elko County, Nevada held 51% Fronteer (joint venture operator) and 49% AuEx:

- Preliminary Economic Assessment scheduled to be completed by year-end

- Updated resource estimate scheduled to be completed in 2010

Open-pit mine designs and schedules have now been completed by Mine Development Associates ("MDA") of Reno, Nevada, for the Long Canyon project. The design study used the project's initial NI 43-101 resource estimate completed by MDA in March 2009. Cash flow models based on estimated capital and operating costs for the project are now being finalized for this near-surface, 100% oxide gold deposit. The data is expected to be included in a NI 43-101 compliant Preliminary Economic Assessment Study planned to be completed by year-end.

Other development highlights at Long Canyon include:

- Metallurgical samples obtained from 15 core holes on two mineralized cross sections have now been composited and submitted to McClelland Laboratories Inc. in Sparks, Nevada. Three additional core holes, on a third cross section, are awaiting final assays before compositing and submittal to McClelland. Metallurgical tests will provide a more detailed understanding of gold recoveries than what was previously provided by column-leach testing of bulk samples taken exclusively from road cuts (See June 11, 2009 press release). The metallurgical program is designed and supervised by Gary Simmons of GL Simmons Consulting LLC. Metallurgical findings are expected to be reported during Q1 2010.

- Four geotechnical holes have now been drilled to investigate rock quality and strength in areas that are planned to eventually host open-pit high walls. The geotechnical program is being conducted by Golder Associates in Reno, Nevada and initial findings are planned to be available by year-end.

- Ongoing drilling continues to highlight the strong continuity and high-grade nature of gold mineralization at Long Canyon. Drill results from this season's work program are expected to be included in an updated NI 43-101 resource estimate to be completed during Q1 2010.

AuEx is pleased with the progress being made by the joint venture on advancing the Long Canyon gold deposit and as well with other exploration ongoing in the Pequop district by another AuEx venture partner Agnico-Eagle and by the Company itself.

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.

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 about 176,000 acres of unpatented mining claims and fee land in Nevada. Eight of the projects are in joint venture or exploration earn-in agreements with four 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 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.

Contact Information