AuEx Ventures Inc. 2009 Drilling Expands Long Canyon Gold Deposit by 24hgold

Mots clés associés : Precious Metals |

Re: News Release - Monday, June 29, 2009
Title: 2009 Drilling Expands Long Canyon Gold Deposit

AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold drill intercepts from the ongoing infill/extension and exploration drilling program underway at the Company's 49% owned Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Group, Inc. ("Fronteer"), operator and 51% owner, provided these results to the Company from 29 of the initial holes completed during the 2009 drilling campaign (see attached map). These first drill results continue to demonstrate the strength and continuity of the existing Long Canyon gold system and importantly confirm the belief that additional gold mineralization would be discovered on the 12,000 acre property. All mineralization encountered in the 2009 drilling program continues to be oxidized, shallow and open to extension.

The 2009 program began with a series of 17 large, PQ sized (4.5 inch diameter) core holes drilled as infill/extension holes to demonstrate continuity of gold mineralization and as well as to provide non-outcropping gold mineralization for additional metallurgical testing. These holes have provided excellent confirmation of the geologic model for the Long Canyon deposit and returned numerous strong gold intercepts including 166.5 feet grading 0.121 ounce per ton gold in hole LCM 13 and 49 feet grading 0.101 ounce per ton gold in hole LCM03. Three core drills are on the property and are continuing the infill/extension program with HQ sized (2.5 inch diameter) holes being drilled in several areas of the deposit. This work will be ongoing over the next few months.

Reverse circulation drilling commenced initially on an exploration target 400 meters to the southeast of the Discovery Zone. A series of widely spaced fences of holes in the area have returned additional shallow, oxide gold values present in what is now referred to as the Syncline Zone including 25 feet grading 0.086 ounces per ton gold in hole LC233. Additional reverse circulation drilling is planned for this area later this year. Other exploration targets are planned to be tested with reverse circulation drilling over the course of the next few months as part of the 2009 program.

The following table summarizes the new reportable assay results:

Hole ID	From	To	Intercept Length	Au	From	To	Intercept Length	Au
	(feet)	(feet)	(feet)	oz/T	(meters)	(meters)	(meters)	(gpt)

LC233	95	120	25	0.086	29.0	36.6	7.6	2.95
Including	100	105	5	0.204	30.5	32.0	1.5	6.99
	180	185	5	0.014	54.9	56.4	1.5	0.48

LC234	235	245	10	0.014	71.6	74.7	3.0	0.47

LC235	35	45	10	0.077	10.7	13.7	3.0	2.63
	290	300	10	0.012	88.4	91.5	3.0	0.40
	320	325	5	0.017	97.6	99.1	1.5	0.58

LC236	245	250	5	0.014	74.7	76.2	1.5	0.49
	335	340	5	0.010	102.1	103.7	1.5	0.36

LC237	365	390	25	0.013	111.3	118.9	7.6	0.45

LC240	50	75	25	0.022	15.2	22.9	7.6	0.77
	400	420	20	0.030	122.0	128.0	6.1	1.03

LCM03	40.8	58.5	17.7	0.194	12.4	17.8	5.4	6.64
Including	51.5	55.5	4.0	0.686	15.7	16.9	1.2	23.50
	78	127	49	0.101	23.8	38.7	14.9	3.46
Including	80.8	83	2.2	0.177	24.6	25.3	0.7	6.05
	116.5	123	6.5	0.235	35.5	37.5	2.0	8.05

LMC04	87.5	97.5	10	0.014	26.7	29.7	3.0	0.49

LCM07	18.5	26	7.5	0.030	5.6	7.9	2.3	1.03

LCM10	73	79	6	0.021	22.3	24.1	1.8	0.72

LCM12	344	346	2	0.050	104.9	105.5	0.61	1.72
And	377	382.5	5.5	0.013	114.9	116.6	1.68	0.44
And	393	398	5	0.009	119.8	121.3	1.52	0.32
And	403	408	5	0.018	122.8	124.4	1.53	0.61

LCM13	198	364.5	166.5	0.121	60.4	111.1	50.8	4.15
Including	206.5	256.5	50	0.204	62.9	78.2	15.2	6.98
And including	293	357	64	0.131	89.3	108.8	19.5	4.48

LCM14	165	187	22.0	0.111	50.3	57	6.7	3.81
	212	295.5	83.5	0.077	64.6	90.1	25.5	2.65
Including	217	222	5	0.205	66.2	67.7	1.5	7.01
Including	247	256.5	9.5	0.166	75.3	78.2	2.9	5.68

LCM17	310	366	56	0.121	94.5	111.6	17.1	4.15
Including	335	355	20	0.220	102.1	108.2	6.1	7.53
Including	349	350	1	0.969	106.4	106.7	0.3	33.20

Drill holes LC230, LC231, LC232, LC238, LC239, LC241, LC242, LC244, LC246, LC248, LC250, LC253, LC256, LCM05 and LCM11 had no reportable intercepts. Drill hole ID numbers ending with a "C" indicate core holes with all others being reverse circulation holes. "LCM" denotes a metallurgical sample core hole. A drill hole location map is attached and posted on the Company's website.

The Long Canyon gold deposit consists of a series of multiple, parallel northeast directed zones aggregating 800 to 1,000 feet in width with a strike length of approximately 1.1 miles (1.7 kilometers) hosted within a sequence of eastward dipping Cambrian and Ordovician limestone and dolomite. Mineralization is oxidized, starts at the surface and is mostly, if not entirely, above the water table. The mineralization is still open to the northeast and 1,600 feet (480 meters) of surface anomaly on the southwest defined by gold soil chemistry and gold outcrop sample data is still undrilled. The 2009 exploration and development drilling program is planned to test both of these areas as well as others.

Other ongoing exploration activity at Long Canyon for 2009 includes additional detailed geological mapping to develop additional exploration targets on the property. Further metallurgical testing, geotechnical studies, preliminary engineering and environmental baseline studies are also underway.

As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Samples exceeding 10 grams per tonne gold were re-assayed using a gravimetric finish and the values received were reported in the averages. QA/QC included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled using a 0.3 gram/tonne cut-off; true widths have not been determined. A table containing all drill results reported to a 0.3 gram/tonne cutoff is posted on the Company's website. 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. Further details concerning the Long Canyon property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website.

AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty one 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.

By: Ronald L. Parratt, President and CEO

Contact:

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. 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.

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Copyright � 2009 AUEX VENTURES INC. (XAU) All rights reserved. For more information visit our website at http://www.auexventures.com/ or send email to info@auexventures.com ..
Message sent on Fri Jun 26, 2009 at 4:45:40 PM Pacific Time

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