AuEx Ventures, Inc.

AuEx Ventures, Inc.

October 14, 2009 08:01 ET

AuEx Signs Baza Project Earn in Agreement: New Iron Oxide Copper Gold District in Spain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 14, 2009) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU)is pleased to announce the purchase of Basti Resources S.L. ("Basti") and the execution of an exploration earn in agreement with Western Uranium Corporation (TSX:WUC).

In 2006, AuEx entered into a grub stake agreement with experienced geologists in which initial sampling of an old iron district in Spain yielded samples up to 12 g/t Au. Further work ensued and the underlying geologists organized Basti, a Spanish limited liability corporation, to acquire land in the Baza Area of Interest. Subsequently, two rounds of regional stream sediment sampling, remote sensing, rock chip sampling, and considerable prospecting on foot exposed a large area of siderite-albite veining. Specific areas have a significant Cu-Au tenor and samples up to 20 g/t Au and 10% Cu have been found. Areas with multi-km strike length have consistently greater than 0.3% copper and multi-gram gold. The mineralization appears to be a type of Iron Oxide Copper Gold (IOCG) deposit. Currently, an extensive ground magnetics program is underway.

On September 29, 2009 EuEx Resources Inc., a wholly owned subsidiary of AuEx, purchased Basti for €214,000 of which €14,000 has been paid and the remainder will be paid in €50,000 annual installments on each November 20 beginning in 2009. The sellers retained a 1.5% NSR that can be bought down.

On October 13, 2009 Basti and AuEx signed an option agreement with WUC whereby WUC can acquire a 70% interest in the properties by funding the continued exploration and development within the Baza Area of Interest. The Baza Project currently contains two exploration permits and a third is pending for a total of more than 10,000 hectares.

WUC has the right to carry EuEx (a wholly owned subsidiary of AuEx) through bankable feasibility on any given exploration permit to earn up to 70% of the project and by paying an aggregate of US$400,000 to AuEx of which US$100,000 has been received. To maintain the option US$100,000 must be paid on the first, second, and third anniversaries of the Agreement to AuEx and minimum annual expenditures must be incurred at the rate of:

€500,000 on or before the first anniversary;

€600,000 on or before the second anniversary;

€1,000,000 on or before the third anniversary; and

€500,000 in each subsequent year until such time as a bankable feasibility study is obtained on a particular Permit.

If WUC spends at least €3,000,000 on any given Exploration Permit or Application, it is entitled to a 5% NSR which reduces to a 1% NSR after €6,000,000 in payments.

AuEx is very pleased to be working with WUC in this exciting new copper-gold district. The WUC staff and Board are well known to AuEx and this lends itself to a healthy working relationship.

All data, as reported in this press release including sampling, analytical and test data, have been reviewed by the Company's qualified person Mr. Richard L. Bedell, 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. 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.

Richard L. Bedell, Executive Vice President

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.

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