Stepout Hole at Long Canyon Reports 160 Feet @ 0.124 opt Gold

 

VANCOUVER, BC - AuEx Ventures, Inc. reported additional, new gold intercepts from step-out/exploration drilling completed at the Company's 49% owned Long Canyon gold exploration project located within the Pequop Gold District in Elko County, Nevada. These intercepts include hole LC411 with 0.124 ounces per ton gold over 160 feet, hole LC410 with 0.176 ounces per ton gold over 70 feet, and hole LC403 with 0.127 ounces per ton gold over 75 feet. Fronteer Development Group, Inc., operator and 51% owner, provided these results to the Company from new holes completed as part of the 2009 drilling campaign. Importantly, hole LC411 is about 1,300 feet (400 meters) north of the last resource model and is the northernmost hole drilled at Long Canyon. Viewed in conjunction with hole LC372, located 1,300 feet (400 meters) to the northeast of the existing resource model, with 0.071 ounces per ton gold over 50 feet reported in the last AuEx press release dated January 6, 2010, and new results from hole LC402 with 0.456 ounces per ton gold over 25 feet, it is apparent that excellent opportunity exists for resource growth at Long Canyon. This includes both to the north and northeast of the known deposit and from between known gold zones. Core holes LC403C and LC410C have successfully established a mineralized zone, 1150 feet-long by 490 feet-wide, linking the Shadow and Crevasse Zones.

The Long Canyon gold deposit consists of multiple, sub-parallel north to northeast-directed zones of oxidized Carlin-style gold mineralization aggregating 800 to 1,000 feet (240 to 300 meters) in width with a current strike length of approximately 1.50 miles (2.4 km) that is still open to extension. Mineralization outcrops in the central portion of the deposit, plunges shallowly to the northeast and is amenable to open pit mining. Metallurgical testwork completed to date indicates that mineralization is treatable using conventional gold recovery techniques. In addition, significant untested exploration potential is still apparent within the 12,000 acre property based on geological mapping and surface sampling conducted as part of the 2009 exploration program. Other gold exploration targets will be subject to exploration as permitting and budgets allow.

Other activity at Long Canyon currently underway includes continuing metallurgical evaluation based on large diameter ("PQ") core recovered during 2009, an update to the resource estimate and various engineering studies. The update to the resource estimate is currently forecasted to be completed during the first half of 2010 and will incorporate all data from the 2009 drilling campaign. The 2010 budget for Long Canyon is presently under review.

The company’s address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].