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Contact: Connie M. Parratt
Investor Relations, 775-337-1545
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News Releases
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AuEx Joint Ventures Bunce Property
AuEx Ventures Inc. ("AuEx") is pleased to announce that it has signed an Exploration and Development Agreement with North Range Resources, Ltd. ("North Range") regarding AuEx's Bunce gold exploration project. Bunce is located approximately 20 miles northeast of Lovelock in Pershing County, Nevada. The property consists of 148 unpatented mining claims and 4,800 acres of leased or optioned fee land for a total of over 7,700 acres and is located about 14 miles southwest of AuEx's Trinity Silver project.
AuEx has granted North Range, a private Newfoundland, Canada based company, an option to earn a 51% interest in the Bunce project by funding $2,000,000 in exploration within four years and paying all underlying land and lease payments during that four-year earn-in period. North Range paid AuEx $15,000 on signing and is obligated to fund $250,000 of exploration in the first year of the option. AuEx will be the operator during this earn-in phase. North Range may then elect to earn an additional 9% interest (60% total) by spending an additional $2,500,000 at no less than $500,000 per year and may earn an additional 10% interest (70% total) by funding all expenditures through completion of feasibility. The Chairman and CEO of North Range is a shareholder and former director of AuEx.
The Bunce property is a large, epithermal gold system that contains several areas of gold mineralization identified through drilling conducted by previous explorers. AuEx has compiled several sets of exploration data generated by these previous explorers and has developed new remote sensing and geophysical data that identified untested exploration targets. In April of 2006, AuEx completed a single 1,200 foot deep reverse circulation drill hole testing the margin of one of the new targets. That hole contained 750 feet of anomalous gold mineralization averaging over 100 parts per billion with associated pathfinder geochemistry. 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. AuEx QC/QA included the insertion of numerous standards and blanks. All data, as disclosed in this press release including sampling, analytical and test data have been verified by the Company's qualified person Mr. Ronald L. Parratt, M.Sc., and Certified Professional Geologist. The initial phase of exploration funded by North Range will further test this target and begin evaluation of the others. Fieldwork is expected to begin shortly with drilling planned for the fall of 2006. Most of the fee property and 40 unpatented mining claims are under lease from Newmont Mining Corp. An independent Technical Report dated March 5, 2005 entitled "Geological Assessment and Exploration Proposal for the Bunce Project, Trinity Range, Pershing County, Nevada, U.S.A." is filed on the Company's profile on the SEDAR website at www.sedar.com.
AuEx Ventures, Inc. is a Nevada focused, precious metals exploration company that began trading on June 30, 2005. AuEx has a current portfolio of 12 exploration projects in Nevada consisting of over 40,000 acres of fee land and unpatented mining claims with six of these projects currently in joint venture agreements. AuEx 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:
Ronald L. Parratt 775-337-1545
Deborah Thiel Manager, Investor Relations 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.
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News Release.pdf