AuEx Ventures, Inc.
TSX : XAU

AuEx Ventures, Inc.

February 23, 2009 07:00 ET

AuEx Ventures, Inc.: Argentina Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2009) - AuEx Ventures, Inc. ("AuEx") (TSX:XAU) is pleased to update its exploration activities in Santa Cruz Province, Argentina being conducted under an exploration agreement with Agnico-Eagle Mines Limited ("Agnico-Eagle"). Under the agreement, Agnico-Eagle and AuEx share 70:30 respectively in generative exploration expenditures with work activity conducted by AuEx. Exploration activity commenced approximately 18 months ago and to date AuEx has applied for exploration rights on 11 parcels and has leased exploration rights on 4 parcels. These define thirteen distinct land packages of mineral rights totaling almost 90,000 hectares all in mining friendly Santa Cruz Province. Once an adequate level of work has been completed and exploration targets identified, the properties are presented to Agnico-Eagle for consideration to enter into an exploration earn-in agreement. To date, two projects, Meridiano and Gertrudis, have been accepted by Agnico-Eagle and work on these projects funded 100% by Agnico-Eagle is underway. Agnico-Eagle can vest an initial 60% interest in these properties upon completion of $1,000,000 in exploration expenditures and can then elect to earn an additional 10% interest by carrying all further costs through feasibility capped at $10,000,000.

Generative activity is continuing as well to bring other existing properties to a project stage for presentation to Agnico-Eagle. Properties not accepted by Agnico-Eagle remain the property of AuEx with no further obligations to Agnico-Eagle.

Executive VP Richard Bedell says, "This has been an excellent way for AuEx to start exploration in a new region and has allowed it to remain true to its joint venture business model. Santa Cruz is arguably the most mining friendly province to operate in Argentina as there are currently four mines in production and several projects advancing toward production. We have acquired a significant land position with one quality drill target identified so far that is ready to drill in 2009. Santa Cruz Province has proven to be well endowed with gold and silver and it is still early days in its exploration history."

The Meridiano Project contains a caldera complex within which is a 1 kilometer by 0.6 kilometer area with anomalous gold mineralization hosted within a series of structural zones with multistage hydrothermal breccias. To date, 153 outcrop samples have been taken from these zones from which 47 have returned gold values exceeding 0.5 gram per ton (g/t) with a high value of 8.9 g/t gold. The gold values are accompanied by anomalous arsenic and antimony typical of low-sulfidation, epithermal gold systems. The nature and extent of the hydrothermal brecciation suggests the possibility of a bulk tonnage exploration target rather a vein target which is more typical of the region. This project is being readied for drilling later in 2009.

The Gertrudis Project contains two parallel structural corridors of silicification and brecciation that are up to a kilometer in length before being covered and are within a broader complex of parallel trending andesite dikes. These zones of silicification consistently run hundreds of parts per billion gold and appear to be in the upper portion of a typical zoned epithermal environment. Trace element geochemistry compliments the gold values and helps to define drill targets where higher temperature trace elements are coincident with higher gold values. Drilling is envisioned for the two zones in early 2010.

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 two projects in Argentina. The Company controls about 80,000 acres of unpatented mining claims and fee land in Nevada. Eleven of the projects are in joint venture or exploration earn-in agreements with five 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 www.sedar.com for further information.

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