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Message: Partner AuEx Adds 96,000 Acres of Land in Northeastern Nevada
| May 13, 2009 |
| AuEx Adds 96,000 Acres of Land in Northeastern Nevada |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2009) - AuEx Ventures, Inc. ("AuEx" or "Company") (TSX:XAU) is pleased to announce that the Company has entered into an exploration license and option to lease agreement (the "Agreement") with Nevada Land and Resource Company LLC ("NLRC") covering approximately 73,000 acres of fee land and mineral rights and, in addition, has staked unpatented mining claims covering approximately 23,440 acres all in the vicinity of the newly discovered Pequop Gold District in northeastern Elko County, Nevada. Geologic field work has revealed alteration and mineralization outside of the defined areas of interest now in joint venture by AuEx and its partners Agnico-Eagle Mines Limited and Fronteer Development Group, Inc. These new areas were found using Thematic Mapper satellite imaging and BLEG surface sampling data which is of similar magnitude to that which lead to the original discovery of gold mineralization in the Pequop Gold District. In addition, geological data and geophysics have produced an intriguing reconstruction of the regional geology after taking into account significant Basin and Range extension. This has led to a new area of anomalous Pequop-style geochemistry on the edge of a pediment with buried geophysical targets. These data suggest that the Pequop Gold District may be more extensive than previously recognized. The six year Agreement covers about 28,000 acres of private land with mineral rights and approximately 45,000 acres of reserved mineral rights. During the initial four years of the Agreement, the Company will pay NLRC $0.75 per acre per year for fee land and $0.375 per acre per year for reserved minerals. During the last two years, the Company will pay NLRC $1.50 per acre per year for fee land and $0.75 per acre per year for reserved minerals. The Company is required to release one half of the total acreage subject to the Agreement by the end of the fourth year. The Agreement can be terminated anytime after the first year. The Company has the right to take mining leases at any time on the fee land or mineral rights subject to a $10 per acre per year payment for fee land and $5.00 per acre per year payment for reserved minerals for the first ten years and a 3% net smelter return royalty. Payments for the next ten years are $15 per acre per year for fee land and $7.50 for reserved minerals. The leases are for a primary term of twenty years and the Company has the right to purchase the property at any time for current market value subject to a 3% net smelter return royalty retained by NLRC. An option to buy down the royalty is included in the Agreement. In addition, the Company has located approximately 1172 unpatented mining claims covering about 23,440 acres at a number of locations within the Pequop region based on BLEG and rock chip surface geochemical sampling, geophysics and Thematic Mapper satellite imagery. The claims cover several new exploration prospects in the vicinity of the Company's West Pequop and Long Canyon deposits. These new prospects will be subject to follow up sampling and additional mapping and the Company intends to seek joint venture partners for these new projects. Commenting on the acquisition efforts, Ronald L. Parratt, President & CEO stated,"These acquisition efforts strongly enhance the Company's presence in northeastern Nevada and allows us to capitalize on the knowledge learned in the Pequop Gold District. We see significant opportunity in the region and look forward to evaluating these new exploration ideas." AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, two projects in Argentina and one project in Spain. The Company controls about 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Eleven of the projects are in exploration earn-in or formal joint venture agreements with five companies who provide exploration funding. The Company applies the extensive 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 & CEO |
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