AuEx Ventures, Inc.: Long Canyon Drilling Returns 125 Feet at 0.13 opt Gold VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jul 29, 2008 -- AuEx Ventures, Inc. ("AuEx" or the "Company") (Toronto:XAU.TO - News)
is pleased to report new gold intercepts, including hole
LC085 returning 38.1 meters (125 feet) at 4.59 grams per
tonne (0.134 ounces per ton), that extend shallow, oxide
gold mineralization in the Main Zone at the Company's Long
Canyon gold exploration project located in Elko County,
Nevada. Fronteer Development Corp. ("Fronteer") provided
these results to the Company from 17 holes completed since
the 2008 drilling program commenced in May. The combination
core and reverse circulation drilling program continues
to extend gold mineralization discovered in the Main Zone
to the northeast and has, as well, discovered a new parallel
zone of mineralization 200 meters (650 feet) to the northwest.
Fronteer has completed more than 4,100 meters (13,700 feet)
of reverse circulation and core drilling so far in 2008
and plans to complete a total of 11,500 meters (37,700 feet)
during the 2008 exploration program. The following table
summarizes the new assay results:
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Inter- Inter-
cept cept
From To Length Au From To Length Au
Hole ID (feet) (feet) (feet) (oz/ton) (meters) (meters) (meters) (gpt)
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LC068 205 215 10 0.010 62.5 65.5 3.0 0.35
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255 265 10 0.027 77.7 80.8 3.0 0.94
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LC069 No reportable intercepts
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LC070 230 245 15 0.016 70.1 74.7 4.6 0.56
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250 340 90 0.048 76.2 103.7 27.4 1.63
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including 300 310 10 0.209 91.5 94.5 3.0 7.17
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445 455 10 0.012 135.7 138.7 3.0 0.42
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490 510 20 0.011 149.4 155.5 6.1 0.38
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LC071 85 115 30 0.022 25.9 35.1 9.1 0.75
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135 165 30 0.029 41.2 50.3 9.1 0.99
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LC073 305 315 10 0.011 93.0 96.0 3.0 0.38
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345 355 10 0.010 105.2 108.2 3.0 0.35
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370 450 80 0.067 112.8 137.2 24.4 2.28
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including 375 380 5 0.197 114.3 115.9 1.5 6.74
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395 400 5 0.276 120.4 122.0 1.5 9.47
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460 470 10 0.011 140.2 143.3 3.0 0.39
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520 530 10 0.013 158.5 161.6 3.0 0.44
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LC075 360 375 15 0.021 109.8 114.3 4.6 0.73
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LC077 No reportable intercepts
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LC078 No reportable intercepts
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LC079 650 660 10 0.034 198.2 201.2 3.0 1.18
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LC081 260 325 65 0.066 79.3 99.1 19.8 2.27
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including 280 295 15 0.181 85.4 89.9 4.6 6.19
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345 385 40 0.125 105.2 117.4 12.2 4.29
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including 365 375 10 0.378 111.3 114.3 3.0 12.95
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LC082 335 350 15 0.019 102.1 106.7 4.6 0.65
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LC084 330 365 35 0.132 100.6 111.3 10.7 4.53
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including 340 350 10 0.413 103.7 106.7 3.0 14.13
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LC085 250 375 125 0.134 76.2 114.3 38.1 4.59
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including 265 280 15 0.368 80.8 85.4 4.6 12.59
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310 330 20 0.231 94.5 100.6 6.1 7.90
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340 350 10 0.269 103.7 106.7 3.0 9.21
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395 405 10 0.032 120.4 123.5 3.0 1.10
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420 430 10 0.060 128.0 131.1 3.0 2.05
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485 495 10 0.057 147.9 150.9 3.0 1.95
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LC086 370 490 120 0.097 112.8 149.4 36.6 3.31
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including 390 420 30 0.298 118.9 128.0 9.1 10.21
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LC087 360 390 30 0.274 109.8 118.9 9.1 9.38
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including 365 380 15 0.515 111.3 115.9 4.6 17.63
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LC088 250 260 10 0.017 76.2 79.3 3.0 0.58
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LC090 465 475 10 0.021 141.8 144.8 3.0 0.71
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505 520 15 0.012 154.0 158.5 4.6 0.43
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LC091 305 335 30 0.045 93.0 102.1 9.1 1.53
--------------------------------------------------------------------------The new drill data indicate that the Main Zone of gold mineralization at Long Canyon is now at least 1.2 kilometers (4,000 feet) in length and remains open to the northeast well beyond the limits of the original soil gold anomaly. The Main Zone is open to the southwest where approximately 500 meters (1,600 feet) of the soil gold anomaly remains undrilled. In addition, the West Zone of mineralization is open to both the southwest and northeast. All mineralized intercepts consist of near surface, oxidized material. An updated drill hole map is available for review on the Company's website, or by clicking the following link: http://media3.marketwire.com/docs/auex0729.pdf. Under the terms of the earn-in agreement with the Company, Fronteer may earn a 51% interest in the Long Canyon property by investing $5 million over a five year period and may earn an additional 14% by advancing Long Canyon through feasibility. Fronteer is expected to meet their initial earn-in obligation by the end of this year. A Plan of Operations has been submitted to the Elko District Office of the U.S. Bureau of Land Management by Fronteer to expand the drilling program on the Long Canyon project. As reported to AuEx by Fronteer, 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 is underway. All intercepts are reported as drilled using a 0.30 gram/tonne cut-off and are estimated by Fronteer to be 80% to 90% of the drilled thickness. 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. AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of nineteen exploration projects in Nevada, one project in Spain and five projects in Argentina. The Company controls over 80,000 acres of unpatented mining claims and fee land in Nevada. Nine of the projects are in joint venture or exploration earn-in agreements with five companies who provide exploration funding. 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. AuEx Ventures, Inc. Ronald L. Parratt, President and 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. Contact: Contacts:
AuEx Ventures, Inc.
Ronald L. Parratt
(775) 337-1545
Email: rparratt@auex.com
Source: AuEx Ventures, Inc.
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