AuEx Ventures, Inc.: Exploration Program Commences at Long Canyon and West Pequop
May 08 2009 - 7:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or "Company") (TSX: XAU) is pleased to
announce that core and reverse circulation drilling has commenced
at both the Long Canyon and West Pequop Joint Ventures located in
the Pequop Gold District in Elko County, Nevada. Long Canyon is a
joint venture with Fronteer Development Group Inc. who owns 51% and
is operator. West Pequop is a joint venture with Agnico-Eagle Mines
Limited who owns 51% and is operator.
The 2009 exploration program for the Long Canyon joint venture
will consist of approximately 35,000 meters (115,000 feet) of
reverse circulation and core drilling totaling about US$10 million
funded 51% by Fronteer and 49% by AuEx. The program is designed to
increase the confidence level in the known gold mineralization by
conducting infill drilling in selected areas and to discover new
gold mineralization on the 12,000 acre property. The program will
include drilling to the northeast where drilled mineralization
remains open and to the southwest of the known mineralization where
450 meters of surficial gold values remain untested. In addition,
drilling will be conducted on new exploration targets developed
from surface geological mapping and geophysics. One reverse
circulation and 2 core rigs are on the property with a third core
rig expected by mid-month. Drilling will be ongoing throughout the
next several months. Other work comprising the balance of the
US$14.1 budget at Long Canyon during 2009 will include
metallurgical studies to begin assessing potential processing
options, preliminary engineering evaluation, environmental studies
and economics of the deposit.
The 2009 exploration program for the West Pequop joint venture
will consist of approximately 10,000 meters (33,000 feet) of both
core and reverse circulation drilling totaling over $4.0 million
funded by Agnico-Eagle. This program is designed to expand gold
mineralization found at the Mountain Top, Section 34 and Acrobat
areas and to discover new gold mineralization in other areas
identified by surface sampling and geological mapping. One core rig
and one reverse circulation drill rig are active on the property
with drilling expected to be ongoing throughout the next several
months on the 29,000 acres controlled by the venture.
Commenting on the 2009 program for the Pequop Gold District,
Ronald L. Parratt, President & CEO states, "2009 will be the
most exciting year yet for Pequop with close to $20 million in
planned expenditures. We're confident that the known gold deposits
will be expanded and that new zones of gold mineralization will be
found. It's still early in the discovery history of the Pequop
District."
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 www.sedar.com for further information.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com
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