AuEx Ventures, Inc.

AuEx Ventures, Inc.

April 24, 2007 08:01 ET

AuEx Forms Strategic Alliance With Agnico-Eagle in Argentina

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 24, 2007) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX VENTURE:XAU) is pleased to announce that its newly formed wholly owned subsidiary AuEx Argentina S.A. has entered into a strategic alliance with Agnico-Eagle (USA) Limited ("Agnico") for precious metals exploration and development in a defined area in southern Argentina. Agnico has agreed to fund 70% of an exploration program designed and managed by AuEx in an aggregate amount of US$200,000 in calendar year 2007 and US$350,000 in calendar year 2008 of which AuEx will pay the remaining 30% during each calendar year. The agreement is renewable thereafter. AuEx will be the operator and conduct generative exploration for the parties in Santa Cruz province and as AuEx identifies exploration properties of interest for acquisition, they will be offered to Agnico for joint venture. If Agnico accepts the properties within 60 days, they will be subject to an exploration earn-in agreement whereby Agnico can earn 60% interest in each property identified by spending US$1million on each property within a four-year period. AuEx Argentina will be the operator during the initial two years of any earn-in period after which Agnico may elect to become operator. Agnico will have the option to earn an additional 10% by funding a bankable feasibility up to a cap of US$10 million. After completing bankable feasibility or expending the additional US$10 million, the parties will share proportionally in future costs. The agreement includes a backstop financing provision that would be available to AuEx under certain conditions. Should Agnico not accept any property, AuEx will be free to acquire the property for its own account.

AuEx Ventures, Inc. is a Nevada focused, precious metals exploration company with a current portfolio of 16 exploration projects in Nevada controlling over 50,000 acres of unpatented mining claims and fee land. Ten of the projects are in joint venture agreements with seven companies who provide exploration funding. The Company applies the extensive 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • AuEx Ventures, Inc.
    Ronald L. Parratt
    President & CEO
    (775) 337-1545
    AuEx Ventures, Inc.
    Deborah Thiel
    Manager, Investor Relations
    (604) 541-9655