AuEx Ventures, Inc.: Long Canyon Gold Deposit Moves Forward
August 20 2009 - 7:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to advise that Fronteer Development Group Inc. ("Fronteer") has
today released the following update regarding the Long Canyon gold
project located in eastern Elko County, Nevada held 51% Fronteer
(joint venture operator) and 49% AuEx:
- Preliminary Economic Assessment scheduled to be completed by
year-end
- Updated resource estimate scheduled to be completed in
2010
Open-pit mine designs and schedules have now been completed by
Mine Development Associates ("MDA") of Reno, Nevada, for the Long
Canyon project. The design study used the project's initial NI
43-101 resource estimate completed by MDA in March 2009. Cash flow
models based on estimated capital and operating costs for the
project are now being finalized for this near-surface, 100% oxide
gold deposit. The data is expected to be included in a NI 43-101
compliant Preliminary Economic Assessment Study planned to be
completed by year-end.
Other development highlights at Long Canyon include:
- Metallurgical samples obtained from 15 core holes on two
mineralized cross sections have now been composited and submitted
to McClelland Laboratories Inc. in Sparks, Nevada. Three additional
core holes, on a third cross section, are awaiting final assays
before compositing and submittal to McClelland. Metallurgical tests
will provide a more detailed understanding of gold recoveries than
what was previously provided by column-leach testing of bulk
samples taken exclusively from road cuts (See June 11, 2009 press
release). The metallurgical program is designed and supervised by
Gary Simmons of GL Simmons Consulting LLC. Metallurgical findings
are expected to be reported during Q1 2010.
- Four geotechnical holes have now been drilled to investigate
rock quality and strength in areas that are planned to eventually
host open-pit high walls. The geotechnical program is being
conducted by Golder Associates in Reno, Nevada and initial findings
are planned to be available by year-end.
- Ongoing drilling continues to highlight the strong continuity
and high-grade nature of gold mineralization at Long Canyon. Drill
results from this season's work program are expected to be included
in an updated NI 43-101 resource estimate to be completed during Q1
2010.
AuEx is pleased with the progress being made by the joint
venture on advancing the Long Canyon gold deposit and as well with
other exploration ongoing in the Pequop district by another AuEx
venture partner Agnico-Eagle and by the Company itself.
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 as
recognized by the American Institute of Professional
Geologists.
AuEx Ventures, Inc. is a TSX listed precious metals exploration
company that has a current portfolio of twenty three exploration
projects in Nevada, one project in Spain and two projects in
Argentina. The Company controls about 176,000 acres of unpatented
mining claims and fee land in Nevada. Eight of the projects are in
joint venture or exploration earn-in agreements with four
companies. 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. This press
release uses the terms "indicated resources" and "inferred
resources", which are calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. We advise investors that while
those terms are recognized and required by Canadian regulations,
the U.S. Securities and Exchange Commission does not recognize
them. U.S. investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. In addition, "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally minable.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com
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