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Re: News Release - Wednesday, October 14, 2009
AuEx Signs Baza Project Earn in Agreement: New Iron Oxide Copper
Gold District in Spain
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AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to announce
the purchase of Basti Resources S.L. ("Basti") and the execution of an
exploration earn in agreement with Western Uranium Corporation
(TSX:WUC).
In 2006, AuEx entered into a grub stake agreement with experienced
geologists in which initial sampling of an old iron district in Spain
yielded samples up to 12 g/t Au. Further work ensued and the underlying
geologists organized Basti, a Spanish limited liability corporation, to
acquire land in the Baza Area of Interest. Subsequently, two rounds of
regional stream sediment sampling, remote sensing, rock chip sampling,
and considerable prospecting on foot exposed a large area of
siderite-albite veining. Specific areas have a significant Cu-Au tenor
and samples up to 20 g/t Au and 10% Cu have been found. Areas with
multi-km strike length have consistently greater than 0.3% copper and
multi-gram gold. The mineralization appears to be a type of Iron Oxide
Copper Gold (IOCG) deposit. Currently, an extensive ground magnetics
program is underway.
On September 29, 2009 EuEx Resources Inc., a wholly owned subsidiary of
AuEx, purchased Basti for Euro 214,000 of which Euro 14,000 has been paid
and the remainder will be paid in Euro 50,000 annual installments on each
November 20 beginning in 2009. The sellers retained a 1.5% NSR that can
be bought down.
On October 13, 2009 Basti and AuEx signed an option agreement with WUC
whereby WUC can acquire a 70% interest in the properties by funding the
continued exploration and development within the Baza Area of Interest.
The Baza Project currently contains two exploration permits and a third
is pending for a total of more than 10,000 hectares.
WUC has the right to carry EuEx (a wholly owned subsidiary of AuEx)
through bankable feasibility on any given exploration permit to earn up
to 70% of the project and by paying an aggregate of US$400,000 to AuEx
of which US$100,000 has been received. To maintain the option
US$100,000 must be paid on the first, second, and third anniversaries
of the Agreement to AuEx and minimum annual expenditures must be
incurred at the rate of:
Euro 500,000 on or before the first anniversary;
Euro 600,000 on or before the second anniversary;
Euro 1,000,000 on or before the third anniversary; and
Euro 500,000 in each subsequent year until such time as a bankable
feasibility study is obtained on a particular Permit. If WUC spends at
least Euro 3,000,000 on any given Exploration Permit or Application, it
is entitled to a 5% NSR which reduces to a 1% NSR after Euro 6,000,000
in payments.
AuEx is very pleased to be working with WUC in this exciting new
copper-gold district. The WUC staff and Board are well known to AuEx
and this lends itself to a healthy working relationship.
All data, as reported in this press release including sampling,
analytical and test data, have been reviewed by the Company's qualified
person Mr. Richard L. Bedell, 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. Ten of the projects are in joint venture or exploration
earn-in agreements with six 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.
By: Richard L. Bedell Executive Vice President
Contact:
Richard L. Bedell 775-337-1545 or rbedell@auex.com
Ronald L. Parratt 775-337-1545 or rparratt@auex.com
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.
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Copyright (c) 2009 AUEX VENTURES INC. (XAU) All rights reserved. For
more information visit our website at http://www.auexventures.com/ or
send mailto:info@auexventures.com
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