AuEx to Retain 49% of Long Canyon

VANCOUVER, BC - AuEx Ventures, Inc. reported that it will retain a 49% interest in the Long Canyon gold discovery in Elko County, Nevada. Fronteer Development Group, operator for the Long Canyon Venture vested it's 51% interest in September 2008 and has elected to remain at 51% rather than provide funding through bankable feasibility to earn an additional 14%. Commenting on the decision, Ronald L. Parratt, President & CEO, stated, "We're very happy to have a larger portion of the Long Canyon discovery than we expected. The Long Canyon property is in its early stages of exploration and we see significant upside in the years ahead beyond what has already been identified." The partners will now share on a 51%/49% pro-rata basis in continued exploration and development activity on the Long Canyon Venture.
Drilling by Fronteer is ongoing with two core rigs and one reverse circulation drill rig. An additional reverse circulation rig is planned to be added to the property later this month. Over 165 holes have been drilled to date at Long Canyon with about 100 so far this year. Drilling will continue until late November or early December adding a significant number of new holes before shutting down for the holiday season. Fronteer has initiated activity that will lead to a first NI 43-101 resource calculation that should be completed by late January 2009. In addition to drilling, Fronteer continues to develop additional detailed geological mapping, soil geochemistry and geophysics as aids to understanding the distribution and controls of gold mineralization and to identify new exploration targets. In addition, the Bureau of Land Management Plan of Operations for the Long Canyon project was recently approved allowing exploration to expand the drilling program to federal land on the Long Canyon project to the northeast and particularly to the southwest where 1,600 feet of the original gold in soil anomaly remains undrilled.