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Wednesday, Dec 31, 2008

AuEx Ventures, Inc. 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.""

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.