AuEx Ventures, Inc.: Trinity Silver Exploration Property Optioned
01 September 2009 - 9:00PM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to announce that it has entered into a Letter of Intent ("LOI")
with Yellowcake Mining, Inc. ("YCMI") an American OTC-BB listed
company based in Vancouver, British Columbia, Canada concerning the
Company's Trinity Silver exploration property located about 25
miles north of Lovelock in Pershing County, Nevada. The Trinity
Silver property consists of approximately 5,000 acres of leased and
sub-leased fee land and 59 unpatented mining claims held under
lease from a third party.
Under the terms of the LOI, YCMI will reimburse the Company for
2009 mining claim fees and will have until November 1, 2009 to sign
an Exploration Earn-in Agreement ("Agreement"). Upon signing the
Agreement, YCMI will pay to the Company US$250,000 and incur
expenses on the property during the first agreement year of at
least US$500,000, and is committed to the preparation of a current
resource estimate complying with 43-101 standards. YCMI is required
to pay the Company US$250,000 on the first anniversary of the
Agreement and to expend a minimum of US$1,000,000 during the second
Agreement year. YCMI must expend a minimum of US$5,000,000 within 6
years and complete a bankable feasibility study to earn an
undivided 70% interest in the Trinity Silver property. Should YCMI
expend US$3,000,000 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 Trinity Silver property was discovered in the early 1980's
and was developed as a small open pit, oxide silver heap leach
operation which produced about 5,000,000 ounces of silver over 2
years in the mid- to late 1980's. Unoxidized silver mineralization,
defined by over 100 holes drilled at that time, was left unmined.
The Trinity deposit is epithermal in style, Tertiary in age and is
hosted predominately in felsic volcanic rocks. AuEx conducted 2
earlier phases of drilling on the property totaling 25 core and
reverse circulation holes under a previous earn-in agreement that
was terminated on July 17, 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. Nine 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. 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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