AuEx Ventures Inc. Long Canyon Drilling Returns 125 Feet At 0.13 Opt Gold by 24hgold

Mots clés associés : Precious Metals |

Re: News Releases - Tuesday, July 29, 2008
Title: Long Canyon Drilling Returns 125 Feet At 0.13 Opt Gold

AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold intercepts, including hole LC085 returning 38.1 meters (125 feet) at 4.59 grams per tonne (0.134 ounces per ton), that extend shallow, oxide gold mineralization in the Main Zone at the Company's Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Corp ("Fronteer") provided these results to the Company from 17 holes completed since the 2008 drilling program commenced in May. The combination core and reverse circulation drilling program continues to extend gold mineralization discovered in the Main Zone to the northeast and has, as well, discovered a new parallel zone of mineralization 200 meters (650 feet) to the northwest. Fronteer has completed more than 4,100 meters (13,700 feet) of reverse circulation and core drilling so far in 2008 and plans to complete a total of 11,500 meters (37,700 feet) during the 2008 exploration program. The following table summarizes the new assay results:

			Intercept				Intercept
Hole ID	From	To	Length	Au	From	To	Length	Au
	(feet)	(feet)	(feet)	(oz/ton)	(meters)	(meters)	(meters)	(gpt)
LC068	205	215	10	0.010	62.5	65.5	3.0	0.35
	255	265	10	0.027	77.7	80.8	3.0	0.94
LC069		No reportable intercepts
LC070	230	245	15	0.016	70.1	74.7	4.6	0.56
	250	340	90	0.048	76.2	103.7	27.4	1.63
*including*	*300*	*310*	10	*0.209*	*91.5*	*94.5*	*3.0*	*7.17*
	445	455	10	0.012	135.7	138.7	3.0	0.42
	490	510	20	0.011	149.4	155.5	6.1	0.38
LC071	85	115	30	0.022	25.9	35.1	9.1	0.75
	135	165	30	0.029	41.2	50.3	9.1	0.99
LC073	305	315	10	0.011	93.0	96.0	3.0	0.38
	345	355	10	0.010	105.2	108.2	3.0	0.35
	370	450	80	0.067	112.8	137.2	24.4	2.28
*including*	*375*	*380*	5	*0.197*	*114.3*	*115.9*	*1.5*	*6.74*
	*395*	*400*	5	*0.276*	*120.4*	*122.0*	*1.5*	*9.47*
	460	470	10	0.011	140.2	143.3	3.0	0.39
	520	530	10	0.013	158.5	161.6	3.0	0.44
LC075	360	375	15	0.021	109.8	114.3	4.6	0.73
LC077		No reportable intercepts
LC078		No reportable intercepts
LC079	650	660	10	0.034	198.2	201.2	3.0	1.18
LC081	260	325	65	0.066	79.3	99.1	19.8	2.27
*including*	*280*	*295*	15	*0.181*	*85.4*	*89.9*	*4.6*	*6.19*
	345	385	40	0.125	105.2	117.4	12.2	4.29
*including*	*365*	*375*	10	*0.378*	*111.3*	*114.3*	*3.0*	*12.95*
LC082	335	350	15	0.019	102.1	106.7	4.6	0.65
LC084	330	365	35	0.132	100.6	111.3	10.7	4.53
*including*	*340*	*350*	10	*0.413*	*103.7*	*106.7*	*3.0*	*14.13*
LC085	250	375	125	0.134	76.2	114.3	38.1	4.59
*including*	*265*	*280*	15	*0.368*	*80.8*	*85.4*	*4.6*	*12.59*
	*310*	*330*	20	*0.231*	*94.5*	*100.6*	*6.1*	*7.90*
	*340*	*350*	10	*0.269*	*103.7*	*106.7*	*3.0*	*9.21*
	395	405	10	0.032	120.4	123.5	3.0	1.10
	420	430	10	0.060	128.0	131.1	3.0	2.05
	485	495	10	0.057	147.9	150.9	3.0	1.95
LC086	370	490	120	0.097	112.8	149.4	36.6	3.31
*including*	*390*	*420*	30	*0.298*	*118.9*	*128.0*	*9.1*	*10.21*
LC087	360	390	30	0.274	109.8	118.9	9.1	9.38
*including*	*365*	*380*	15	*0.515*	*111.3*	*115.9*	*4.6*	*17.63*
LC088	250	260	10	0.017	76.2	79.3	3.0	0.58
LC090	465	475	10	0.021	141.8	144.8	3.0	0.71
	505	520	15	0.012	154.0	158.5	4.6	0.43
LC091	305	335	30	0.045	93.0	102.1	9.1	1.53

The new drill data indicate that the Main Zone of gold mineralization at Long Canyon is now at least 1.2 kilometers (4,000 feet) in length and remains open to the northeast well beyond the limits of the original soil gold anomaly. The Main Zone is open to the southwest where approximately 500 meters (1,600 feet) of the soil gold anomaly remains undrilled. In addition, the West Zone of mineralization is open to both the southwest and northeast. All mineralized intercepts consist of near surface, oxidized material. An updated drill hole map is available for review on the Company's website.

Under the terms of the earn-in agreement with the Company, Fronteer may earn a 51% interest in the Long Canyon property by investing $5 million over a five year period and may earn an additional 14% by advancing Long Canyon through feasibility. Fronteer is expected to meet their initial earn-in obligation by the end of this year. A Plan of Operations has been submitted to the Elko District Office of the U.S. Bureau of Land Management by Fronteer to expand the drilling program on the Long Canyon project.

As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by American Assay Laboratories, Inc. of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. 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 0.30 gram/tonne cut-off and are estimated by Fronteer to be 80% to 90% of the drilled thickness. 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. 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 nineteen exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land in Nevada. Nine of the projects are in joint venture or exploration earn-in agreements with five companies who provide exploration funding. 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.

Long Canyon Drill Intercepts

Copyright � 2008 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 Mon Jul 28, 2008 at 4:48:07 PM Pacific Time

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