AuEx Adds 96,000 Acres of Land in Northeastern Nevada
May 13 2009 - 7:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or "Company") (TSX: XAU) is pleased to
announce that the Company has entered into an exploration license
and option to lease agreement (the "Agreement") with Nevada Land
and Resource Company LLC ("NLRC") covering approximately 73,000
acres of fee land and mineral rights and, in addition, has staked
unpatented mining claims covering approximately 23,440 acres all in
the vicinity of the newly discovered Pequop Gold District in
northeastern Elko County, Nevada.
Geologic field work has revealed alteration and mineralization
outside of the defined areas of interest now in joint venture by
AuEx and its partners Agnico-Eagle Mines Limited and Fronteer
Development Group, Inc. These new areas were found using Thematic
Mapper satellite imaging and BLEG surface sampling data which is of
similar magnitude to that which lead to the original discovery of
gold mineralization in the Pequop Gold District. In addition,
geological data and geophysics have produced an intriguing
reconstruction of the regional geology after taking into account
significant Basin and Range extension. This has led to a new area
of anomalous Pequop-style geochemistry on the edge of a pediment
with buried geophysical targets. These data suggest that the Pequop
Gold District may be more extensive than previously recognized.
The six year Agreement covers about 28,000 acres of private land
with mineral rights and approximately 45,000 acres of reserved
mineral rights. During the initial four years of the Agreement, the
Company will pay NLRC $0.75 per acre per year for fee land and
$0.375 per acre per year for reserved minerals. During the last two
years, the Company will pay NLRC $1.50 per acre per year for fee
land and $0.75 per acre per year for reserved minerals. The Company
is required to release one half of the total acreage subject to the
Agreement by the end of the fourth year. The Agreement can be
terminated anytime after the first year. The Company has the right
to take mining leases at any time on the fee land or mineral rights
subject to a $10 per acre per year payment for fee land and $5.00
per acre per year payment for reserved minerals for the first ten
years and a 3% net smelter return royalty. Payments for the next
ten years are $15 per acre per year for fee land and $7.50 for
reserved minerals. The leases are for a primary term of twenty
years and the Company has the right to purchase the property at any
time for current market value subject to a 3% net smelter return
royalty retained by NLRC. An option to buy down the royalty is
included in the Agreement.
In addition, the Company has located approximately 1172
unpatented mining claims covering about 23,440 acres at a number of
locations within the Pequop region based on BLEG and rock chip
surface geochemical sampling, geophysics and Thematic Mapper
satellite imagery. The claims cover several new exploration
prospects in the vicinity of the Company's West Pequop and Long
Canyon deposits. These new prospects will be subject to follow up
sampling and additional mapping and the Company intends to seek
joint venture partners for these new projects.
Commenting on the acquisition efforts, Ronald L. Parratt,
President & CEO stated,"These acquisition efforts strongly
enhance the Company's presence in northeastern Nevada and allows us
to capitalize on the knowledge learned in the Pequop Gold District.
We see significant opportunity in the region and look forward to
evaluating these new exploration ideas."
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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