Mineralization Extended in West Zone at Long Canyon

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Mineralization Extended in West Zone at Long Canyon

posted on Dec 29, 2008 10:32AM

December 29, 2008

AuEx Ventures, Inc.: Mineralization Extended in West Zone at Long Canyon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2008) - AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX:XAU) is pleased to report new gold drill intercepts, including hole LC173C returning 85 feet (25.8 meters) at 0.264 ounces per ton (9.03 grams per tonne), that infills shallow, oxide gold mineralization in the West Zone at the Company's 49% owned Long Canyon gold exploration project located in Elko County, Nevada. Fronteer Development Group Inc. ("Fronteer"), operator and 51% owner, provided these results to the Company from 14 additional holes completed since the 2008 drilling program commenced in May. The combination core and reverse circulation drilling program totaling 164 holes was completed in early December and assays for a number of holes are still outstanding. Commenting on the results, Ronald L. Parratt, President and CEO, stated, "These results are the best yet from the West Zone at Long Canyon and demonstrate that this zone has significant upside potential. Mineralization continues to be oxidized, shallow and is open. It's certainly been a remarkable year for Long Canyon. Looking ahead, the 2009 drilling program will start with numerous mineralized holes to offset the large southwest extension of the original soil anomaly to be drilled for the first time and of course, extension drilling to the northeast. It should be yet another exciting year." The following table summarizes the new reportable assay results (to see map please click on: http://media3.marketwire.com/docs/xa... ):

--------------------------------------------------------------------------
                      Intercept                           Intercept
           From     To   Length       Au     From       To   Length     Au
Hole ID   (feet) (feet)   (feet) (oz/ton) (metres) (metres) (metres)  (gpt)
--------------------------------------------------------------------------
LC117C    269.4    281     11.6    0.077     82.1     85.7      3.6   2.64
--------------------------------------------------------------------------
including   278    281        3    0.244     84.8     85.7      0.9   8.37
--------------------------------------------------------------------------
            301    351       50    0.082     91.8    107.0     15.2   2.79
--------------------------------------------------------------------------
including   331    332        1    0.389    100.9    101.2      0.3  13.33
--------------------------------------------------------------------------
LC122C      256    266       10    0.022     78.0     81.1      3.1   0.74
--------------------------------------------------------------------------
LC127C      141    156       15    0.113     43.0     47.6      4.6   3.87
--------------------------------------------------------------------------
including   141    146        5    0.292     43.0     44.5      1.5   9.99
--------------------------------------------------------------------------
            163    176       13    0.016     49.7     53.7      4.0   0.56
--------------------------------------------------------------------------
            201    271       70    0.050     61.3     82.6     21.3   1.71
--------------------------------------------------------------------------
including   236    241        5    0.170     72.0     73.5      1.5   5.81
--------------------------------------------------------------------------
LC130C      147    202       55    0.127     44.8     61.6     16.8   4.34
--------------------------------------------------------------------------
including   162    182       20    0.194     49.4     52.4      6.1   6.63
--------------------------------------------------------------------------
            184    187        3    0.260     56.1     57.0      0.9   8.91
--------------------------------------------------------------------------
          198.5  200.5        2    0.169     60.5     61.1      0.6   5.80
--------------------------------------------------------------------------
LC135C      172    192       20    0.080     52.4     58.5      6.1   2.74
--------------------------------------------------------------------------
including   175    180        5    0.154     53.4     54.9      1.5   5.25
--------------------------------------------------------------------------
LC156       405    435       30    0.045    123.5    132.6      9.1   1.41
--------------------------------------------------------------------------
LC158       415    505       90    0.035    126.5    154.0     27.5   1.18
--------------------------------------------------------------------------
            520    630       10    0.027    158.5    161.6      3.1   0.93
--------------------------------------------------------------------------
LC172       165    190       25    0.159     50.3     57.9      7.6   5.45
--------------------------------------------------------------------------
including   170    180       10    0.273     51.8     54.9      3.0   9.36
--------------------------------------------------------------------------
LC173C    121.5    206     84.5    0.264     37.0     62.8     25.8   9.03
--------------------------------------------------------------------------
Drill holes LC154, LC167, LC177, LC178 and LC181 had no reportable
intercepts. Drill hole ID numbers ending with a "C" indicate core holes
with all others being reverse circulation holes.

Gold mineralization is present at Long Canyon in a series of multiple, parallel northeast directed zones aggregating 800 to 1,000 feet in width with a strike length of approximately 1.1 miles (1.7 kilometers) hosted within a sequence of eastward dipping Cambrian and Ordovician limestone and dolomite. Mineralization is oxidized, starts at the surface and is mostly, if not entirely, above the water table. The mineralization is still open to the northeast and 1,600 feet (480 meters) of surface anomaly on the southwest defined by gold soil chemistry and gold outcrop sample data is still undrilled. The 2009 exploration and development drilling program is expected to begin in April or May.

In addition to drilling, Fronteer continues to develop additional detailed geological mapping, soil geochemistry and geophysics as aids to understanding the distribution and controls of gold mineralization. This work is also developing new exploration targets on the large Long Canyon property. An NI 43-101 resource estimate will be generated for Long Canyon at the conclusion of the 2008 exploration program and is expected to be completed in late January or February 2009. In addition to further drilling, plans for 2009 are expected to include metallurgical testing, preliminary engineering evaluation and environmental baseline studies.

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. Samples exceeding 10 grams per tonne gold were re-assayed using a gravimetric finish and the values received were reported in the averages. 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; true widths have not been determined. 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 twenty exploration projects in Nevada, one project in Spain and five 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

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