AuEx Ventures, Inc.: Argentina Exploration Update
23 February 2009 - 11:00PM
Marketwired
AuEx Ventures, Inc. ("AuEx") (TSX: XAU) is pleased to update its
exploration activities in Santa Cruz Province, Argentina being
conducted under an exploration agreement with Agnico-Eagle Mines
Limited ("Agnico-Eagle"). Under the agreement, Agnico-Eagle and
AuEx share 70:30 respectively in generative exploration
expenditures with work activity conducted by AuEx. Exploration
activity commenced approximately 18 months ago and to date AuEx has
applied for exploration rights on 11 parcels and has leased
exploration rights on 4 parcels. These define thirteen distinct
land packages of mineral rights totaling almost 90,000 hectares all
in mining friendly Santa Cruz Province. Once an adequate level of
work has been completed and exploration targets identified, the
properties are presented to Agnico-Eagle for consideration to enter
into an exploration earn-in agreement. To date, two projects,
Meridiano and Gertrudis, have been accepted by Agnico-Eagle and
work on these projects funded 100% by Agnico-Eagle is underway.
Agnico-Eagle can vest an initial 60% interest in these properties
upon completion of $1,000,000 in exploration expenditures and can
then elect to earn an additional 10% interest by carrying all
further costs through feasibility capped at $10,000,000.
Generative activity is continuing as well to bring other
existing properties to a project stage for presentation to
Agnico-Eagle. Properties not accepted by Agnico-Eagle remain the
property of AuEx with no further obligations to Agnico-Eagle.
Executive VP Richard Bedell says, "This has been an excellent
way for AuEx to start exploration in a new region and has allowed
it to remain true to its joint venture business model. Santa Cruz
is arguably the most mining friendly province to operate in
Argentina as there are currently four mines in production and
several projects advancing toward production. We have acquired a
significant land position with one quality drill target identified
so far that is ready to drill in 2009. Santa Cruz Province has
proven to be well endowed with gold and silver and it is still
early days in its exploration history."
The Meridiano Project contains a caldera complex within which is
a 1 kilometer by 0.6 kilometer area with anomalous gold
mineralization hosted within a series of structural zones with
multistage hydrothermal breccias. To date, 153 outcrop samples have
been taken from these zones from which 47 have returned gold values
exceeding 0.5 gram per ton (g/t) with a high value of 8.9 g/t gold.
The gold values are accompanied by anomalous arsenic and antimony
typical of low-sulfidation, epithermal gold systems. The nature and
extent of the hydrothermal brecciation suggests the possibility of
a bulk tonnage exploration target rather a vein target which is
more typical of the region. This project is being readied for
drilling later in 2009.
The Gertrudis Project contains two parallel structural corridors
of silicification and brecciation that are up to a kilometer in
length before being covered and are within a broader complex of
parallel trending andesite dikes. These zones of silicification
consistently run hundreds of parts per billion gold and appear to
be in the upper portion of a typical zoned epithermal environment.
Trace element geochemistry compliments the gold values and helps to
define drill targets where higher temperature trace elements are
coincident with higher gold values. Drilling is envisioned for the
two zones in early 2010.
AuEx Ventures, Inc. is a TSX listed precious metals exploration
company that has a current portfolio of twenty one exploration
projects in Nevada, one project in Spain and two projects in
Argentina. The Company controls about 80,000 acres of unpatented
mining claims and fee land in Nevada. Eleven of the projects are in
joint venture or exploration earn-in agreements with five
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.
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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt (775) 337-1545
Email: rparratt@auex.com
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