AuEx Signs Baza Project Earn in Agreement: New Iron Oxide Copper Gold District in Spain
14 October 2009 - 11:00PM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to announce the purchase of Basti Resources S.L. ("Basti") and the
execution of an exploration earn in agreement with Western Uranium
Corporation (TSX: WUC).
In 2006, AuEx entered into a grub stake agreement with
experienced geologists in which initial sampling of an old iron
district in Spain yielded samples up to 12 g/t Au. Further work
ensued and the underlying geologists organized Basti, a Spanish
limited liability corporation, to acquire land in the Baza Area of
Interest. Subsequently, two rounds of regional stream sediment
sampling, remote sensing, rock chip sampling, and considerable
prospecting on foot exposed a large area of siderite-albite
veining. Specific areas have a significant Cu-Au tenor and samples
up to 20 g/t Au and 10% Cu have been found. Areas with multi-km
strike length have consistently greater than 0.3% copper and
multi-gram gold. The mineralization appears to be a type of Iron
Oxide Copper Gold (IOCG) deposit. Currently, an extensive ground
magnetics program is underway.
On September 29, 2009 EuEx Resources Inc., a wholly owned
subsidiary of AuEx, purchased Basti for EUR214,000 of which
EUR14,000 has been paid and the remainder will be paid in EUR50,000
annual installments on each November 20 beginning in 2009. The
sellers retained a 1.5% NSR that can be bought down.
On October 13, 2009 Basti and AuEx signed an option agreement
with WUC whereby WUC can acquire a 70% interest in the properties
by funding the continued exploration and development within the
Baza Area of Interest. The Baza Project currently contains two
exploration permits and a third is pending for a total of more than
10,000 hectares.
WUC has the right to carry EuEx (a wholly owned subsidiary of
AuEx) through bankable feasibility on any given exploration permit
to earn up to 70% of the project and by paying an aggregate of
US$400,000 to AuEx of which US$100,000 has been received. To
maintain the option US$100,000 must be paid on the first, second,
and third anniversaries of the Agreement to AuEx and minimum annual
expenditures must be incurred at the rate of:
EUR500,000 on or before the first anniversary;
EUR600,000 on or before the second anniversary;
EUR1,000,000 on or before the third anniversary; and
EUR500,000 in each subsequent year until such time as a bankable
feasibility study is obtained on a particular Permit.
If WUC spends at least EUR3,000,000 on any given Exploration
Permit or Application, it is entitled to a 5% NSR which reduces to
a 1% NSR after EUR6,000,000 in payments.
AuEx is very pleased to be working with WUC in this exciting new
copper-gold district. The WUC staff and Board are well known to
AuEx and this lends itself to a healthy working relationship.
All data, as reported in this press release including sampling,
analytical and test data, have been reviewed by the Company's
qualified person Mr. Richard L. Bedell, 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. Ten of the projects are in
joint venture or exploration earn-in agreements with six 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.
Richard L. Bedell, Executive Vice President
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. Richard L. Bedell 775-337-1545
rbedell@auex.com AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com
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