AuEx Ventures, Inc.

AuEx Ventures, Inc.

January 15, 2010 07:00 ET

AuEx Ventures, Inc.: New Stepout Hole at Long Canyon Reports 160 Feet @ 0.124 opt Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2010) - AuEx Ventures, Inc. (TSX:XAU) ("AuEx" or the "Company") is pleased to report additional, new gold intercepts from step-out/exploration drilling completed at the Company's 49% owned Long Canyon gold exploration project located within the Pequop Gold District in Elko County, Nevada. These intercepts include hole LC411 with 0.124 ounces per ton gold over 160 feet, hole LC410 with 0.176 ounces per ton gold over 70 feet, and hole LC403 with 0.127 ounces per ton gold over 75 feet. Fronteer Development Group, Inc. ("Fronteer"), operator and 51% owner, provided these results to the Company from new holes completed as part of the 2009 drilling campaign (to see attached map please click on: Importantly, hole LC411 is about 1,300 feet (400 meters) north of the last resource model and is the northernmost hole drilled at Long Canyon. Viewed in conjunction with hole LC372, located 1,300 feet (400 meters) to the northeast of the existing resource model, with 0.071 ounces per ton gold over 50 feet reported in the last AuEx press release dated January 6, 2010, and new results from hole LC402 with 0.456 ounces per ton gold over 25 feet, it is apparent that excellent opportunity exists for resource growth at Long Canyon. This includes both to the north and northeast of the known deposit and from between known gold zones. Core holes LC403C and LC410C have successfully established a mineralized zone, 1150 feet-long by 490 feet-wide, linking the Shadow and Crevasse Zones. This news release is the final announcement of results from all exploration holes completed in 2009 at Long Canyon. Results from remaining metallurgical holes will appear in a subsequent news release.

The Long Canyon gold deposit consists of multiple, sub-parallel north to northeast-directed zones of oxidized Carlin-style gold mineralization aggregating 800 to 1,000 feet (240 to 300 meters) in width with a current strike length of approximately 1.50 miles (2.4 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 testwork completed to date indicates that mineralization is treatable using conventional gold recovery techniques. In addition, significant untested exploration potential is still apparent within the 12,000 acre property based on geological mapping and surface sampling conducted as part of the 2009 exploration program. Other gold exploration targets will be subject to exploration as permitting and budgets allow.

Other activity at Long Canyon currently underway includes continuing metallurgical evaluation based on large diameter ("PQ") core recovered during 2009, an update to the resource estimate and various engineering studies. The update to the resource estimate is currently forecasted to be completed during the first half of 2010 and will incorporate all data from the 2009 drilling campaign. The 2010 budget for Long Canyon is presently under review and will be announced once approved.

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

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 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.

Hole ID From To Intercept Length Intercept Length Au Au
  (feet) (feet) (feet) (meters) oz/T (gpt)
LC383C 508.0 523.0 15.0 4.6 0.06 2.04
LC390C 342.5 400.0 57.5 17.5 0.055 1.90
including 342.5 365 22.5 6.9 0.11 3.78
including 396.0 400.0 4.0 1.2 0.142 4.88
LC391C 322.0 348.5 26.5 8.1 0.093 3.17
LC399C 224.5 262.5 38.0 11.6 0.101 3.47
LC400 1035.0 1050.0 15.0 4.6 0.033 1.13
LC401 226.5 236.0 9.5 2.9 0.057 1.95
LC402 995.0 1020.0 25.0 7.6 0.456 15.60
LC403 405.0 480.0 75.0 22.9 0.127 4.37
including 440.0 470.0 30.0 9.1 0.248 8.51
LC405 580.0 635.0 55.0 16.8 0.076 2.60
including 605.0 615.0 10.0 3.1 0.194 6.68
  940.0 1040.0 100.0 30.5 0.222 7.60
including 975 1020 45.0 13.7 0.451 15.46
LC406 385.0 415.0 30.0 9.1 0.075 2.57
LC408 295.0 340.0 45.0 13.7 0.066 2.26
LC410 375.0 445.0 70.0 21.3 0.176 6.02
including 405.0 445.0 40.0 12.2 0.275 9.43
  455.0 465.0 10.0 3.0 0.23 7.88
LC411 620.0 780.0 160.0 48.8 0.124 4.23
including 715.0 765.0 50.0 15.2 0.294 10.07

Note: Holes LC384C, 386C, 387C, 395C, 397C, 398C, 404, 407, 409, 412, 413, 414, 415, 416 and 417 did not contain reportable intercepts. True widths of the mineralized intervals are interpreted by Fronteer to be between 70-100% of the reported lengths. Holes ending in "C" indicates core. A table of comprehensive drill results, including non-reportable intercepts, is posted on the Company's website.

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