VANCOUVER, BRITISH COLUMBIA -- 10/08/08 --
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased to report that new core drilling results confirm the presence of high-grade oxide gold mineralization at the Mountain Top target area of the West Pequop Venture gold exploration project located in Elko County, Nevada. Agnico-Eagle (USA) Limited (Agnico), the project operator and 51% interest holder in the West Pequop Venture, provided gold assays from eleven core holes completed recently in several target areas on the 23,000 acre (9308 hectare) property. WNC135, a 328 foot (100 meter) northeastward step-out from Mountain Top discovery hole WNC101, returned:
- 61.7 feet (18.8 meters) at 0.255 ounces per ton (8.726 grams per tonne), including 42 feet (12.8 meters) at 0.358 ounces per ton (12.28 grams per tonne) from a depth in-hole of 230 feet (70.1 meters).
WNC135 is a northwest-directed angle hole, one of four mineralized holes reported herein that confirmed and extended gold mineralization in the Mountain Top Zone first described in NR08-01 of January 7th. Significantly, WNC133, a short step-out northeastward from WNC101, intersected:
- 24 feet (7.3 meters) at 0.406 ounces per ton (13.936 grams per tonne), including 15.7 feet (4.8 meters) at 0.545 ounces per ton (18.677 grams per tonne) from a depth in-hole of 121 feet (36.9 meters).
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Inter- Inter-
cept cept
Length Au Au From To Length Au
Hole ID From To (feet) (ppb)(oz/ton)(metres)(metres)(metres) (gpt)
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WNC110 67 77 10 595 0.017 20.4 23.5 3.1 0.595
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WNC124 132 142 10 712 0.021 40.2 43.3 3.1 0.712
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147.5 166.5 19 465 0.014 45.0 50.7 5.8 0.465
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425 445.5 20.5 542 0.016 129.5 135.8 6.2 0.542
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WNC133 104 128 24 13936 0.406 31.7 39.0 7.3 13.936
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Including 107 122.7 15.7 18677 0.545 32.6 37.4 4.8 18.677
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WNC134 91 97.5 6.5 3920 0.114 27.7 29.7 2.0 3.920
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121 131 10 3429 0.100 36.9 39.9 3.0 3.429
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WNC135 199.1 215 15.9 1661 0.048 60.7 65.5 4.8 1.661
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230 291.7 61.7 8726 0.255 70.1 88.9 18.8 8.726
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Including 230 272 42 12280 0.358 70.1 82.9 12.8 12.280
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Drill holes WNC-127, 128, 129, 130, 131, and 132 did not contain reportable gold values. An updated drill hole map is posted on the Company's website (to view map please click on the following link: http://media3.marketwire.com/docs/XAU1008.pdf). Results for WNC136, 137 and 138 are pending.
WNC124 provides evidence of the prospective nature of the western range front area of the Pequop Mountains. Agnico is continuing the effort to identify other targets in this large area.
Exploration activity is continuing in all of the known target areas including the Section 34, Acrobat-Juggler, Mountain Top, and Range Front areas. Agnico will continue drilling in these areas throughout October, 2008 supported by mapping and sampling. A gravity survey, completed in June over the western range front area, lends further support to the target generation effort.
As reported to AuEx by Agnico, 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 are underway. All intercepts are reported as drilled; true widths have not been calculated. All data, as reported to the Company by Agnico 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 West Pequop property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website.
The Company's interest in the West Pequop Venture is carried by Agnico through to completion of a bankable feasibility study at which time Agnico will have earned 70% and the Company 30%.
AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of eighteen exploration projects in Nevada, five projects in Argentina and one project in Spain. The Company controls over 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Nine of the projects are in exploration earn-in or formal joint venture agreements with six 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
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.
Contacts:
AuEx Ventures, Inc.
Ronald L. Parratt
(775) 337-1545
Email: rparratt@auex.com
