AuEx Ventures, Inc.
TSX VENTURE : XAU

AuEx Ventures, Inc.

October 17, 2007 11:30 ET

AuEx Ventures, Inc.: Long Canyon Drilling Extends Strike and Dip of Gold Mineralization

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2007) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX VENTURE:XAU) is pleased to announce gold assay results provided by joint venture partner Fronteer Development Group ("Fronteer") (TSX:FRG)(AMEX:FRG) from the reverse circulation drilling completed in August and September at the Company's Long Canyon gold exploration property located in Elko County, Nevada. NewWest Gold USA, Inc., acquired by Fronteer effective September 24th, 2007, conducted exploration under an earn-in agreement at Long Canyon from May 2006 through mid-September 2007. The 2007 reverse circulation drilling program consisted of 3,500 meters in 22 holes designed to test the extent of gold mineralization along strike and down dip in several zones documented by 39 holes drilled previously. Gold at Long Canyon typically occurs as disseminations, stratabound and structurally-controlled, in altered limestone and, to a lesser extent, in altered dolomite and intermediate dikes, similar to other Carlin-style deposits in Nevada.

Highlights of the recent drilling include several intercepts constrained by a low-grade cutoff of 0.3 grams per metric ton (opt):

- 3.54 grams per tonne over 18.3 meters in drill hole LC041

- 5.68 grams per tonne over 21.3 meters, including 10.68 grams per tonne over 10.7 meters in drill hole LC043

- 3.63 grams per tonne over 7.6 meters, including 10.83 grams per tonne over 1.5 meters in drill hole LC044

- 3.47 grams per tonne over 70.1 meters, including 10.87 grams per tonne over 13.7 meters in hole LC045

All intercepts are reported as drilled; investigations to determine true widths are ongoing. The drill intercept of LC041 extends the known strike-length of high-grade gold mineralization about 90 meters north of prior intercepts. Also, this intercept lies about 90 meters north of the northeastern end of the coherent 1400 meters-long 100 ppb soil anomaly that has defined the target area at Long Canyon to date. The intercept of LC043 lies about 30 meters down-dip from the high-grade intercept of LC018 (20.05 grams over 13.7 meters) announced on September 21, 2006 (NR06-12). LC044 intersected mineralization lateral to that of LC043. LC045 appears to have intersected a stratabound zone of gold mineralization obliquely. All drill intercepts from the current program consist of visually oxidized material. Preliminary cyanide amenability tests and check assays are in-progress for all gold intercepts.

The 2007 drilling program expanded upon past exploration by Pittston Nevada Gold Corporation in 2000, AuEx in 2005, and NewWest in 2006. The drill holes described in this news release tested the northeastern 490 meters of a 1000 meter-long trend of gold mineralization intersected by drilling. Gold mineralization is still open along strike and at depth and appears to consist of several prospective zones. The drilling data, combined with rock chip and soil data indicate that the target area is at least 1500 meters long.



Table 1 New gold intercepts from the Long Canyon Project as provided by
Fronteer
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Hole From To Intercept g/tonne Including Including Intercept g/tonne
ID (m) (m) (m) Au From (m) To (m) (m) Au
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LC-040 No results greater than 0.30 g/tonne - - -
--------------------------------------------------------------------------
LC-041 64.0 82.3 18.3 3.54 65.5 73.2 7.6 6.72
--------------------------------------------------------------------------
LC-042 82.3 85.3 3.0 1.20 - - - -
--------------------------------------------------------------------------
LC-043 99.1 120.4 21.3 5.68 100.6 111.3 10.7 10.68
--------------------------------------------------------------------------
LC-044 89.9 97.5 7.6 3.63 91.4 94.5 3.1 7.78
--------------------------------------------------------------------------
LC-045 12.2 82.3 70.1 3.47 25.9 39.6 13.7 10.87
--------------------------------------------------------------------------
LC-046 No results greater than 0.30 g/tonne - - -
--------------------------------------------------------------------------
LC-047 No results greater than 0.30 g/tonne - - -
--------------------------------------------------------------------------
LC-048 No results greater than 0.30 g/tonne - - -
--------------------------------------------------------------------------
LC-049 pend- - - - - - - -
ing
--------------------------------------------------------------------------
LC-050 24.4 25.9 1.5 1.25 - - - -
--------------------------------------------------------------------------
LC-051 44.2 45.7 1.5 0.33 - - - -
--------------------------------------------------------------------------
LC-052 51.8 56.4 4.6 0.57 - - - -
--------------------------------------------------------------------------
LC-053- pend- - - - - - - -
061 ing
--------------------------------------------------------------------------


Assay composites were calculated using a low grade cutoff of 0.30 grams per tonne. Reverse circulation samples were collected over five foot (1.52 meter) intervals.

Fronteer will initiate a second phase of drilling in October with a core rig that will conduct step-out drilling and grade verification by twinning of previously-drilled reverse circulation drill holes. Assaying is in-progress for holes LC049 and LC053 through LC061.

All drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream. All data, as disclosed in this press release including sampling, analytical and test data have been verified by the Company's qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist. Further details concerning the Long Canyon property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website.

AuEx Ventures, Inc. is a Tier 1 TSX.V-listed precious metals exploration company that has a current portfolio of seventeen properties in Nevada, one project in Spain, and a generative exploration program in Argentina. The Company controls over 80,000 acres of unpatented claims and fee land. Eleven of the projects are in joint venture agreements with eight companies providing exploration funding. 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.

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
    (775) 337-1545
    or
    AuEx Ventures, Inc.
    Deborah Thiel
    Manager, Investor Relations
    (604) 689-9533