Status: Under Joint Venture

Press Releases:

June 26, 2008

AuEx Signs Four Property Deal in Nevada with Eldorado Gold

Target: The Hays Canyon project is a gold-bearing epithermal system located in the northwestern part of the Walker Lake structural corridor. A large color anomaly and corresponding TM anomaly mark an area of intense jarositic staining marginal to a Tertiary rhyodacite flow dome sequence. Anomalous gold in rock chip samples associated with areas of strong silicification indicate that the margin of the flow dome and associated fracture systems are prospective.

Ownership: AuEx has staked 14 claims totaling 280 acres to cover the main target area.

History: The property has no reported production. There are several old adits and shafts on the property that are reported to have been mercury prospects. Tenneco Minerals explored and drilled the prospect in the mid 1980's, but did not test the proposed target. Six shallow RC holes, 200 feet or less, intersected several 5 foot zones of +0.01 opt Au.

Geology: Rocks in the Hays Canyon area consist of andesite, dacite and basalt flows, agglomerates with mudflow breccias, tuffs, and associated intrusive phases of the South Willow Formation. Hydrothermal alteration in the form of silicification, intense bleaching, argillization and jarosite staining is associated with irregularly shaped rhyodacite flow domes that intrude the andesite and tuffs . Silicified breccia zones crossing the property, believed to be related to structures, trend northeast to east west. Sampling of these breccias has given highly anomalous gold values. Tenneco Minerals reports finding coarse alunite that contained up to 0.80 ppm Au. It is possible that this could represent a high sulfidation system related to the Miocene Western Andesite Assemblage, however the alunite could also be a steam heated feature related to a low sulfidation system and the bimodal rift sequence. Further investigation is warranted.

Sampling of silicified and brecciated float within the color anomaly has returned highly anomalous gold values along with anomalous trace elements. A large northeast trending fault is projected to cut through the center of the color anomaly along the northwest limb of the rhyodacite flow dome.

The target would be twofold: First to drill through the flow limbs below the color anomaly and anomalous samples looking for a gold system at the contact with the andesitic rocks. Then secondly to drill the intersection of the flow dome limbs with the northeast trending fault zone in the anomalous areas.