AuEx Ventures, Inc.

AuEx Ventures, Inc.

March 13, 2009 07:00 ET

AuEx Ventures, Inc.: First Resource Estimate for Long Canyon Confirms Potential Of the Pequop Gold District

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 13, 2009) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to report the first resource estimate for the Long Canyon gold deposit located in eastern Elko County, Nevada. Long Canyon is a joint venture between AuEx (49%) and Fronteer Development Group Inc. (51% and operator). This resource estimate provides an exciting starting point for the Long Canyon Venture and for the new Pequop Gold District.

The Classified Mineral Resource estimate is quoted at a cut-off grade of 0.3 grams per tonne and consists of;

- An indicated resource of 363,000 ounces at an average grade of 2.35 g/t gold (4,808,000 tonnes); and

- An inferred resource of 459,000 ounces at an average grade of 1.63 g/t gold (8,780,000 tonnes).

Importantly, at a 1.0 gram per tonne cut-off, the grade, tonnage and classification of this initial resource demonstrates the robustness of the deposit as follows;

- An indicated resource of 322,000 ounces at an average grade of 4.01 g/t gold (2,496,000 tonnes); and

- An inferred resource of 369,000 ounces at an average grade of 3.16 g/t gold (3,634,000 tonnes).

Commenting on these results, Ronald L. Parratt, President & CEO of AuEx stated "This resource estimate marks a strong beginning for the new Pequop Gold District. Much work remains ahead for Long Canyon but obviously much opportunity as well. The same can be said for West Pequop. We're fortunate to be working with two excellent partners in Fronteer at Long Canyon and Agnico-Eagle at West Pequop and look forward to continued success and resource growth from the 2009 drilling programs with both."

FIRST RESOURCE ESTIMATE - as of February 9, 2009

Indicated Inferred
Cutoff Cutoff
(g Au/t) Tonnes g Au/t oz Au (g Au/t) Tonnes g Au/t oz Au
0.30 4,808,000 2.35 363,000 0.30 8,780,000 1.63 459,000
0.50 3,691,000 2.94 349,000 0.50 6,236,000 2.13 428,000
1.00 2,496,000 4.01 322,000 1.00 3,634,000 3.16 369,000
1.50 1,975,000 4.75 302,000 1.50 2,700,000 3.83 332,000
3.00 1,272,000 6.19 253,000 3.00 1,312,000 5.56 234,000
The resource is being reported at a cut-off grade of 0.3 grams per tonne as
shown in bold. The block-diluted resources are shown at additional cutoffs
in order to provide grade-distribution information.

Mineralization at the Long Canyon deposit remains open to the northeast, southwest and at depth. In addition, the potential for the discovery of other new gold bearing zones lateral to the known system is considered high.

The Long Canyon mineral resource estimate is as of February 9, 2009. The mineral resources estimate was completed by Mine Development Associates (MDA) of Reno, Nevada. The resources were modeled and estimated by evaluating the drill data statistically and utilizing three-dimensional lithologic solids provided by Fronteer to interpret mineral domains on cross sections spaced at 50-meter intervals throughout the extent of the Long Canyon mineralization. The mineral domain interpretations were then rectified on cross sections spaced at 10-meter intervals. The modeled mineralization was analyzed statistically to establish estimation parameters. Gold grades were estimated by inverse-distance methods into a block model with 5 meter (width) x 10 meter (length) x 3 meter (height) blocks that were coded to the mineral domains by the 10-meter mineral domain polygons. All modeling of the diluted resources was performed using Gemcom Surpac® software. Quality-control data generated during the various drill programs conducted at Long Canyon were independently reviewed by MDA as part of the resource study. The person responsible for the resource estimate on behalf of MDA is Michael Gustin, Ph.D., P. Geo, a Qualified Person as defined by National Instrument 43-101. Further details of the estimation procedure will be available in an updated NI 43-101 report, which will be posted on SEDAR (, no later than 45 days from the date of this release. In addition, the Company has retained the services of SRK Consulting to undertake an audit of the resource estimation process performed by MDA. SRK will independently confirm the resource estimate and confirm that the resource reported herein is consistent with that provided by the independent QP responsible for the resource estimate, Mr. Michael Gustin of MDA.

Ronald L. Parratt, Certified Professional Geologist, is the Company's designated Qualified Person for this news release and has reviewed the information contained in the release and confirmed that it is consistent with that provided by the independent QP responsible for the resource estimate, Michael Gustin of MDA.

AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, two projects in Argentina and one project in Spain. The Company controls about 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Eleven of the projects are in exploration earn-in or formal joint venture agreements with five 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 & 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.

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