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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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Pequop Land Position Expanded/Project Updates
NR06-01
Pequop
AuEx Ventures, Inc. is pleased to report that it has completed field staking and recording of 237 additional unpatented lode mining claims and has leased an additional 613 acres of fee land at the Company's Pequop gold exploration project in Elko County, Nevada. With the new acquisitions, the Pequop project now consists of over 600 mining claims covering approximately 12,000 acres and over 1,200 acres of fee land for a total of approximately 13,200 acres.
In addition, the Company reports that it has now performed preliminary cyanide amenability testwork on all reported mineralized intercepts from reverse circulation drill holes completed at Pequop during the fall drilling program and reported in October 2005. The preliminary cyanide recovery was estimated by comparing the gold value determined by a 30 gram cyanide digestion analysis performed by American Assay Laboratory to the original American Assay Laboratory 30 gram fire assay value on the same sample pulp for all reported mineralized intercepts. The percentage recovery ranged from 82% to 102% averaging 91% suggesting that the mineralization is amenable to conventional cyanide recovery. These results are encouraging; however extensive additional metallurgical testwork will be required and will be performed when appropriate. Ronald L. Parratt, CPG, is the qualified person, as defined in NI 43-101, and is responsible for the preparation of the information in this news release.
Further drilling by the Company is being planned at Pequop commencing in June 2006. The Company reports that discussions are continuing with NewWest Gold Corporation regarding the Long Canyon target at Pequop although there is nothing definitive to report at this time.
Fireball Ridge
The Company also reports that Newcrest Resources, Inc. has terminated its interest in a lease of the Company's 22 Fireball Ridge claims located in Churchill County, Nevada. Newcrest has agreed however to quitclaim to the Company for no consideration or retained royalty the 119 claims staked by Newcrest which are adjacent to portions of the Company's Fireball Ridge and Fireball South projects enhancing the Company's land position at both prospects. The Company is now seeking a new joint venture partner for the project.
Trinity Silver
The Company also reports that good progress has been made in obtaining and compiling historic exploration data from the Trinity silver project located in Pershing County, Nevada in joint venture with Piedmont Mining Company. Of particular interest are the results of conventional rotary and reverse circulation drilling performed in the mid-1980s confirming the presence of numerous mineralized intercepts beneath and adjacent to the open pit developed in the mid 1980's validating one of the Company's exploration targets. Selected intercepts include:
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Grade
(ounces
Hole From To Thickness per ton
Number (feet) (feet) (feet) silver)
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133 310 345 35 27.72
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113 270 315 45 15.67
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96 90 100 10 24.67
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91 170 195 25 9.78
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SR 2 25 35 10 21.39
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SR 58 150 175 25 13.19
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These intercepts are believed to be in NE trending fault zones however insufficient information exists at this time to reliably estimate the true thickness of the intercepts. The assays are as reported by U.S. Borax and have not been verified by the Company. Data compilation and evaluation is ongoing and is expected to be followed by a drilling program in mid 2006.
Leonid
Lastly, Nevada Superior has reported to the Company the results of three reverse circulation drill holes from drilling completed in November 2005 at the Company's Leonid project located in Elko County, Nevada. The holes are reported to contain what are considered by Nevada Superior as elevated values in pathfinder elements for Carlin style systems such as arsenic and antimony but gold values were not anomalous. Nevada Superior is encouraged by the results to date and reports that they plan to complete their initial drilling program of 6,000 feet in mid 2006.
AuEx Ventures, Inc. is a new, Nevada focused, precious metals exploration company that began trading on June 30, 2005. AuEx has a current portfolio of 11 exploration projects in Nevada and controls over 40,000 acres of unpatented claims and fee land. 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.
By: Ronald L. Parratt, President and CEO
Contact:
Deborah Thiel - Manager Investor Relations
Telephone: 604-541-9655
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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