AuEx Ventures, Inc.
TSX : XAU

AuEx Ventures, Inc.

September 11, 2008 08:01 ET

AuEx Ventures, Inc.: More Strong Gold Results at Long Canyon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2008) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to report new gold mineralization identified in road cut sampling and in drill intercepts, including hole LC093c returning 105 feet (32 meters) at 0.107 ounces per ton (3.67 grams per tonne), that continues to confirm and extend shallow, oxide gold mineralization approximately 75 meters northeast at the Company's Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Corp. ("Fronteer") provided these results to the Company from recently completed sampling of recently constructed access roads and from 8 additional holes completed since the 2008 drilling program commenced in May. A total of 33 holes from the 2008 program have now been reported from over 60 that have been drilled so far. The combination core and reverse circulation drilling program continues with the goal of completing approximately 100 new holes in 2008 at Long Canyon. Fronteer has completed close to 38,000 feet (11,500 meters) of reverse circulation and core drilling in 2008 and work on the 2008 exploration program is continuing. Commenting on the results, Ronald L. Parratt, President and CEO, stated, "These results from Long Canyon continue to demonstrate the significance of this new Nevada gold discovery. This mineralization is good grade, shallow and oxide - just what you hope to find. The mineral system is still open and I'm optimistic there's more to come." The following table summarizes the new reportable assay results:



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Intercept Intercept
From To Length Au Length Au
Hole ID (feet) (feet) (feet) (oz/ton) From To (meters) (gpt)
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LC083c 131.0 176.0 45 0.103 39.93 53.65 13.72 3.52
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Including 162.8 171.0 8.2 0.291 49.62 52.12 2.50 9.97
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And 184.0 191.0 7.0 0.031 56.08 58.22 2.14 1.06
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And 192.6 196.0 3.4 0.051 58.70 59.74 1.04 1.77
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LC089c 180.0 193.5 13.5 0.018 54.86 58.98 4.12 0.62
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LC093c 246.0 351.0 105 0.107 74.98 106.98 32.0 3.67
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Including 276.0 306.0 30 0.275 84.13 93.27 9.14 9.43
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LC104 355 365 10 0.030 108.2 111.25 3.05 1.02
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Drill holes LC080c, LC101, LC102 and LC106 had no reportable intercepts. An updated drill hole map, drill hole assay database, road cut sampling data, road cut photo and mineralization model are posted on the Company's website. Drill hole ID numbers ending with a "c" indicate core holes with all others being reverse circulation.

These new drill holes extend and confirm the presence of gold mineralization in multiple, parallel northeast directed zones over a strike length of approximately 4,000 feet (1,200 meters). Including the less drilled southwestern extension of mineralization and the completely undrilled southwestern extension defined by the gold soil anomaly and gold outcrop sample data, the known extent of gold mineralization is now about 5,800 feet (1,800 meters). Drilled mineralization remains open on strike and at depth.

Recent continuous chip channel sampling of bedrock exposed by new road construction for drill site access has produced meaningful results including 389 feet (118.6 meters) averaging 0.122 opt gold (4.19 gpt), within which was a zone of 40 feet (12.2 meters) averaging 0.722 opt gold (24.74 gpt) and a second zone of 90 feet (27.4 meters) averaging 0.073 opt gold (2.50 gpt). These sample results were from along the strike of mineralization and therefore do not represent true thickness however they do demonstrate the continuity of near surface gold mineralization including the presence of high grade gold values.

Drilling by Fronteer is ongoing and work completed so far in 2008 has already matched the original amount of drill footage planned for the year. In addition to drilling, Fronteer continues to develop additional detailed geological mapping, soil geochemistry and geophysics as aids to understanding the distribution and controls of gold mineralization. A NI 43-101 resource estimate will be generated for Long Canyon at the conclusion of the 2008 exploration program.

Under the terms of the earn-in agreement with the Company, Fronteer may earn a 51% interest in the Long Canyon property by investing $5million over a five year period and may earn an additional 14% by advancing Long Canyon through feasibility. Fronteer is expected to meet it's initial earn-in obligation before the end of this year. A Plan of Operations has been submitted to the Elko District Office of the U.S. Bureau of Land Management by Fronteer to expand the drilling program on the Long Canyon project particularly to the southwest.

As reported to AuEx by Fronteer, 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. Samples exceeding 10 grams per tonne gold were re-assayed using a gravimetric finish and the values received were reported in the averages. QA/QC included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled using a 0.30 gram/tonne cut-off; true widths have not been determined. All data, as reported to the Company by Fronteer and disclosed in this press release including sampling, analytical and test data have been reviewed 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 TSX listed precious metals exploration company that has a current portfolio of nineteen exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land in Nevada. Nine of the projects are in joint venture or exploration earn-in agreements with five companies who provide 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.

Contact Information

  • AuEx Ventures, Inc.
    Ronald L. Parratt
    President and CEO
    (775) 337-1545
    Email: rparratt@auex.com