AuEx Ventures, Inc.
TSX VENTURE : XAU

AuEx Ventures, Inc.

October 12, 2006 08:00 ET

AuEx Ventures, Inc.: West Pequop Drilling Commences-Two New Projects Acquired

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2006) - AuEx Ventures, Inc. (AuEx) (TSX VENTURE:XAU) is pleased to report that reverse circulation drilling commenced on October 10th on the Company's West Pequop exploration project located in Elko County, Nevada under joint venture agreement with Agnico Eagle USA, Inc. Agnico Eagle will fund all work and plans to complete approximately 10,000 feet of drilling in its initial program. Drilling will be conducted in the Acrobat, Juggler and Section 34 target areas and will take at least a month to complete.

In addition, AuEx wishes to announce that it has acquired the Green Monster and Antelope exploration projects located in Nye County, Nevada. The Green Monster property, located approximately 30 miles east of the Round Mountain gold mine, consists of 36 unpatented mining claims that the Company has leased from Mountain Gold Exploration, Inc. and Geocorp-two private Nevada corporations. Geocorp is owned by Richard L. Bedell, Vice President and Director of AuEx. AuEx paid an initial consideration of $15,000 and is required to make subsequent annual payments and work commitments to keep the agreement in effect. The owners retained a 3% net smelter return royalty. The Green Monster property contains a Carlin-style gold system hosted in a sequence of Paleozoic carbonates. Gold mineralization is associated with a set of generally north south faults that have been intensely silicified and have been prospected in the past for antimony and gold.

The Antelope project, located approximately 30 miles southwest of Eureka, consists of 14 unpatented mining claims and was staked by the Company as a result of AuEx generative exploration. An initial prospector's fee of $2,000 will be paid regarding the Antelope project and AuEx is required to make subsequent annual payments as long as it owns the Antelope project. Although Antelope was originally targeted for gold potential, 6 of the initial 10 rock chip grab samples collected by AuEx at Antelope, returned 2.8%, 4.3%, 8.7%, 15.3%, 27.1% and 36.2% zinc. Further evaluation is underway at both projects and both will be available for joint venture. The Company's qualified person, Mr. Ronald L. Parratt, M.Sc. and Certified Professional Geologist, has verified all data disclosed in this press release, including sampling and analytical data.

AuEx Ventures, Inc. is a Nevada focused, precious metals exploration company with a current portfolio of 15 exploration projects in Nevada controlling over 40,000 acres of unpatented mining claims and fee land. Ten of the projects are in joint venture agreements with seven 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.


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.
    Deborah Thiel
    Manager Investor Relations
    (604) 541-9655
    Website: www.auexventures.com