Long Canyon Gold Deposit Moves Forward

 

VANCOUVER, BC - AuEx Ventures, Inc. reported that Fronteer Development Group Inc. released the following update regarding the Long Canyon gold project located in eastern Elko County, Nevada held 51% Fronteer (joint venture operator) and 49% AuEx:  Preliminary Economic Assessment scheduled to be completed by year-end;   Updated resource estimate scheduled to be completed in 2010.

Open-pit mine designs and schedules have now been completed by Mine Development Associates ("MDA") of Reno, Nevada, for the Long Canyon project. The design study used the project's initial NI 43-101 resource estimate completed by MDA in March 2009. Cash flow models based on estimated capital and operating costs for the project are now being finalized for this near-surface, 100% oxide gold deposit. The data is expected to be included in a NI 43-101 compliant Preliminary Economic Assessment Study planned to be completed by year-end.

Other development highlights at Long Canyon include:   Metallurgical samples obtained from 15 core holes on two mineralized cross sections have now been composited and submitted to McClelland Laboratories Inc. in Sparks, Nevada. Three additional core holes, on a third cross section, are awaiting final assays before compositing and submittal to McClelland. Metallurgical tests will provide a more detailed understanding of gold recoveries than what was previously provided by column-leach testing of bulk samples taken exclusively from road cuts. The metallurgical program is designed and supervised by Gary Simmons of GL Simmons Consulting LLC. Metallurgical findings are expected to be reported during Q1 2010.   Four geotechnical holes have now been drilled to investigate rock quality and strength in areas that are planned to eventually host open-pit high walls. The geotechnical program is being conducted by Golder Associates in Reno, Nevada and initial findings are planned to be available by year-end.

  Ongoing drilling continues to highlight the strong continuity and high-grade nature of gold mineralization at Long Canyon. Drill results from this season's work program are expected to be included in an updated NI 43-101 resource estimate to be completed during Q1 2010.

AuEx is pleased with the progress being made by the joint venture on advancing the Long Canyon gold deposit and as well with other exploration ongoing in the Pequop district by another AuEx venture partner Agnico-Eagle and by the Company itself.

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. 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.

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