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2009 Work Program for Long Canyon Announced

posted on Mar 20, 2009 02:59PM
March 20, 2009
AuEx Ventures, Inc.: 2009 Work Program for Long Canyon Announced
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 20, 2009) - AuEx Ventures, Inc. ("AuEx" or "Company") (TSX:XAU) is pleased to announce that the 2009 budget for the Long Canyon Venture located in eastern Elko County, Nevada will be US$14.1 million. Work planned for the 2009 program will include drilling to increase the size of the deposit, preliminary metallurgical, environmental and engineering studies and preliminary assessments of potential processing options and economics. The Long Canyon Venture is owned 49% by AuEx and 51% by Fronteer Development Group Inc. ("Fronteer") who is the project operator.

The 2009 drilling program will consist of approximately 35,000 meters of reverse circulation and core drilling and is designed to increase the confidence level in the known gold mineralization, increase the overall amount of gold mineralization and discover new areas of gold mineralization. Work activities will include infill drilling to upgrade the known resources reported in the March 13, 2009 press release, extension drilling to the northeast of the deposit to extend mineralization where it remains open, extension drilling to the southwest where over 450 meters of untested surficial gold values remain untested and finally initial drill testing of new gold exploration targets on the large 10,000 acre property. The 2009 drilling program is scheduled to begin in May.

Other work planned for 2009 will consist of preliminary metallurgical evaluation, preliminary engineering investigations and environmental studies. These are designed to provide a better understanding of processing options and project economics leading to a better understanding of potential development options. Work on these various items is underway at present.

The first resource estimate for the Long Canyon gold deposit, using data available through February 9, 2009, was released on March 13, 2009 and, at a 0.3 gram/tonne cut-off grade, consisted of; an indicated resource of 363,000 ounces contained in 4,808,000 tonnes at a grade of 2.35 grams/tonne and an inferred resource of 459,000 ounces contained in 8,780,000 tonnes at a grade of 1.63 grams/tonne. Importantly, at a 1.0 gram/tonne cut-off, the resource ounces are only slightly lower with the indicated total at 322,000 ounces contained in 2,496,000 tonnes at a grade of 4.01 grams/tonne and the inferred total at 369,000 ounces contained in 3,634,000 tonnes at a grade of 3.16 grams/tonne demonstrating the robust grade of the deposit.

In addition, the Company is pleased to report the remaining 52 holes from the 2008 work program that were included in calculating the recently announced resource estimate. These results, using a 1.0 g/t cut-off, are reported below and are located on the attached drill hole location map: http://media3.marketwire.com/docs/03... .

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                                    Intercept
                 From          To      Length          Au       Au
Hole ID       (meters)    (meters)    (meters)    (oz/ton)    (g/t)
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LC160C          206.0       242.7        36.7       0.060     2.05
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including       208.7       211.3         2.6       0.225      7.7
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                230.5       231.8         1.3       0.158      5.4
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                237.2       238.4         1.2       0.158     5.42
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LC179            50.3        74.7        24.4       0.043     1.46
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LC186            82.3        88.4         6.1       0.037     1.27
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LC189           155.5       172.3        16.8       0.033     1.14
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LC190C           67.4        94.8        27.4       0.095     3.25
------------------------------------------------------------------
including        69.9        73.3         3.4       0.540    18.48
------------------------------------------------------------------
LC197           141.8       147.9         6.1       0.058     1.99
------------------------------------------------------------------
including       143.3       144.8         1.5       0.149     5.09
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                161.6       175.3        13.7       0.139     4.76
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including       166.2       172.3         6.1       0.245     8.40
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LC199           222.6       243.9        21.3       0.083     2.83
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including       237.8       240.8         3.0       0.305    10.43
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LC201C           26.5        29.9         3.4       0.082     2.81
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LC202C           56.4        63.4         7.0       0.084     2.88
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including        56.4        57.9         1.5       0.269     9.22
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LC203C           22.9        29.9         7.0       0.077     2.65
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                 45.3        53.7         8.4       0.048     1.64
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including        45.3          46         0.7       0.293    10.05
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LC205            33.5        45.7        12.2       0.100     3.43
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including        39.6        42.7         1.6       0.277     9.50
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LC206C           90.5       131.7        41.2       0.207     7.08
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including          93        96.5         3.5       0.293    10.02
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                 96.8        97.1         0.3       0.442    15.15
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                 98.2       102.4         4.2       0.378    12.93
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                104.3       108.9         4.6       0.365    12.51
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                110.4       110.9         0.5       0.312    10.70
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                122.6       125.6         3.0       0.300    10.29
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                127.1       129.7         2.6       0.291     9.97
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LC208C           35.1        41.2         6.1       0.210     7.19
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including        37.5        41.2         3.7       0.329    11.26
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LC212            13.7        21.3         7.6       0.039     1.34
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LC216            64.0        71.6         7.6       0.032     1.08
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LC223            13.7        21.3         7.6       0.154     5.28
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including        15.2        16.8         1.6       0.599    20.50
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LC224            24.4        41.2        16.8       0.083     2.85
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LC227            10.7        15.2         4.5       0.066     2.28
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LC228C           15.1        21.6         6.5       0.065     2.23
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LCMW3            99.1       138.7        39.6       0.106     3.63
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including       111.3       114.3         3.0       0.265     9.08
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                117.4       120.4         3.0       0.185     6.34
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                  122       126.5         4.5       0.178     6.08
------------------------------------------------------------------

True widths of the mineralized intervals are interpreted to be between
70-100% of the reported lengths. Results less than 1 g/t not reported in
this table. Holes LC146, 148, 164, 180, 182-45, 187-88, 191-196, 198, 200,
204, 207, 209-11, 213-215, 217-222, 225-26, 229 and LCMW44 had no
reportable intercepts. Results include new, additional intercepts from
previously reported holes LC146C, 148C, 160C, and 164C. Drill hole ID
numbers ending with a "C" indicate core holes with all others being reverse
circulation holes.
As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by either American Assay Laboratories, Inc. of Sparks, Nevada or 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 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.

The Long Canyon mineral resource estimate is as of February 9, 2009 and was completed by Mine Development Associates (MDA) of Reno, Nevada. The resources were modeled and estimated by evaluating the drill data statistically and utilizing three-dimensional lithologic solids provided by Fronteer to interpret mineral domains on cross sections spaced at 50-meter intervals throughout the extent of the Long Canyon mineralization. The mineral domain interpretations were then rectified on cross sections spaced at 10-meter intervals. The modeled mineralization was analyzed statistically to establish estimation parameters. Gold grades were estimated by inverse-distance methods into a block model with 5 meter (width) x 10 meter (length) x 3 meter (height) blocks that were coded to the mineral domains by the 10-meter mineral domain polygons. All modeling of the diluted resources was performed using Gemcom Surpac(R) software. Quality-control data generated during the various drill programs conducted at Long Canyon were independently reviewed by MDA as part of the resource study. The person responsible for the resource estimate on behalf of MDA is Michael Gustin, Ph.D., P. Geo, a Qualified Person as defined by National Instrument 43-101. Further details of the estimation procedure will be available in an updated NI 43-101 report, which will be posted on SEDAR (http://www.sedar.com/), no later than 45 days from March 13, 2009. In addition, the Company has retained the services of SRK Consulting to undertake an audit of the resource estimation process results performed by MDA. SRK will independently confirm the resource estimate and confirm that the resource reported herein is consistent with that provided by the independent QP responsible for the resource estimate, Mr. Michael Gustin of MDA. Ronald L. Parratt, M.Sc. and Certified Professional Geologist, is the Company's designated Qualified Person for this resource data and has reviewed the information contained in this release and confirmed that it is consistent with that provided by the independent QP responsible for the resource estimate, Michael Gustin of MDA.

AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, two projects in Argentina and one project in Spain. The Company controls about 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Eleven of the projects are in exploration earn-in or formal joint venture agreements with five companies who provide exploration funding. The Company applies the extensive 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.

Ronald L. Parratt, President & CEO
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