AuEx Ventures, Inc.: Pequop South Gold Exploration Property Optioned
27 August 2009 - 9:00PM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to announce that it has entered into an Exploration Earn-in
Agreement ("Agreement") with Golden Dory Resources, Corp. ("GDR")
of Gander, Newfoundland, Canada concerning the Company's Pequop
South gold exploration property located about 8 miles south of the
Company's Long Canyon gold deposit in eastern Elko County, Nevada.
The Pequop South property consists of 79 unpatented mining claims
owned by the Company.
Under the terms of the Agreement, GDR has paid the Company an
initial payment of US$20,000 and has committed to expend a minimum
of US$50,000 during the first agreement year. GDR is required to
expend a minimum of US$2,850,000 and complete a bankable
feasibility study within seven years to earn a 70% undivided
interest in the South Pequop property. Should GDR expend
US$5,000,000 or more and terminate its interest without vesting, it
would be entitled to a 3% net smelter return royalty capped at
twice its investment.
The South Pequop property is underlain by a northeast trending
series of middle Paleozoic sedimentary rocks consisting
predominately of limestone and dolomite with minor clastic units.
Preliminary surface evaluation has identified areas of hydrothermal
alteration including jasperoid and hematite bearing limestone
breccias which are anomalous in gold and the pathfinder elements
arsenic, barium and antimony indicative of potential Carlin style
mineralization. The area was initially targeted for field review by
AuEx using remote sensing techniques earlier in 2009.
All data 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 as recognized by the American Institute of
Professional Geologists.
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.
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. This press
release uses the terms "indicated resources" and "inferred
resources", which are calculated in accordance with the Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. We advise investors that while
those terms are recognized and required by Canadian regulations,
the U.S. Securities and Exchange Commission does not recognize
them. U.S. investors are cautioned not to assume that any part or
all of mineral deposits in these categories will ever be converted
into reserves. In addition, "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an Inferred Mineral Resource will ever be
upgraded to a higher category. Under Canadian rules, estimates of
Inferred Mineral Resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are
cautioned not to assume that part or all of an inferred resource
exists, or is economically or legally minable.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com
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