Contact: Connie M. Parratt
Investor Relations, 775-337-1545
News Releases
 
Monday: January 26, 2009  News Release.pdf cparratt@auex.com

Drill Results Confirm And Extend Gold Zones At Long Canyon


AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to report new gold drill intercepts, including hole LC160C returning 83.5 feet (25.4 meters) at 0.155 ounces per ton (5.32 grams per tonne) and hole LC161C returning 48 feet (14.6 meters) at 0.267 ounces per ton (9.15 grams per tonne), that infill and extend shallow, oxide gold mineralization 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 23 additional holes completed during the 2008 drilling program. 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 continue to demonstrate the size potential and continuity of the Long Canyon gold system. Mineralization continues to be oxidized, shallow and is still open. The 2009 drilling program will start with numerous mineralized holes to offset, initial drilling of the large southwest extension of the original soil anomaly and of course, extension drilling to the northeast. Several new exploration targets outside of these will be drill tested as well". The following table summarizes the new reportable assay results:

Hole ID

From

To

Intercept
Length

Au

From

To

Intercept
Length

Au

Zone

 

(feet)

(feet)

(feet)

(oz/ton)

(meters)

(meters)

(meters)

(gpt)

 

 

 

 

 

 

 

 

 

 

 

LC139C

227

282

55

0.117

69.2

86.0

16.8

4.02

NE

including

241.5

243.2

1.7

1.183

73.6

74.1

0.5

40.53

 

 

267

272

5.0

0.376

81.4

82.9

1.5

12.87

 

LC142C

287

306

19

0.080

87.5

93.3

5.8

2.74

NE

including

302

306

4.0

0.176

92.1

93.3

1.2

6.02

 

LC146C

177

187

10

0.033

54.0

57.0

3.0

1.12

Shadow

LC148C

202

217

15

0.017

61.6

66.2

4.6

0.58

Shadow

LC153C

291

306

15

0.025

88.7

93.3

4.6

0.87

Shadow

LC157C

62

77

15

0.012

18.9

23.5

4.6

0.41

NE

 

115.5

136.5

21

0.036

35.2

41.6

6.4

1.23

 

LC159

420

435

15

0.024

128

132.6

4.6

0.81

Shadow

 

455

475

20

0.033

138.7

144.8

6.1

1.13

 

 

490

535

45

0.022

149.4

163.1

13.7

0.74

 

 

645

655

10

0.033

196.6

199.6

3.0

1.12

 

LC160C

76

159.5

83.5

0.155

23.2

48.6

25.4

5.32

Shadow

including

81

106

25.0

0.446

24.7

32.3

7.6

15.29

 

 

675.6

796

120.4

0.060

206.0

242.7

36.7

2.05

 NE

including

684.4

693

8.6

0.225

208.7

211.3

2.6

7.70

 

LC161C

5

53

48

0.267

1.5

16.2

14.6

9.15

NE

including

23

38

15

0.519

7.0

11.6

4.6

17.78

 

LC162

395

450

55

0.100

120.4

137.2

16.8

3.42

Shadow

including

400

405

5

0.211

122

123.5

1.5

7.24

 

 

580

605

25

0.018

176.8

184.5

7.6

0.62

 

 

615

625

10

0.012

187.5

190.5

3.0

0.39

 

 

630

650

20

0.011

192.1

198.2

6.1

0.38

 

 

660

725

65

0.033

201.2

221

19.8

1.14

 

 

775

785

10

0.015

236.3

239.3

3.0

0.53

 

LC163C

31

106

75

0.029

9.5

32.3

22.9

0.98

NE

including

66

70

4

0.253

20.1

21.3

1.2

8.67

 

LC164C

462

482

20

0.049

140.8

146.9

6.1

1.69

Shadow

LC165C

72.5

88

15.5

0.037

22.1

26.8

4.7

1.26

NE

LC166C

42

52

10

0.030

12.8

15.9

3.0

1.04

NE

LC171C

10

28

18

0.015

3

8.5

5.5

0.53

NE south

LC175

285

310

25

0.057

86.9

94.5

7.6

1.96

Shadow

 

435

450

15

0.043

132.6

137.2

4.6

1.47

 

LC176

175

205

30

0.118

53.4

62.5

9.1

4.04

Shadow

including

185

190

5

0.219

56.4

57.9

1.5

7.49

 

 

195

200

5

0.204

59.5

61

1.5

6.98

 


Drill holes LC143C, LC155C, LC168C, LC169C, LC170C and LC174C had no reportable intercepts. Drill hole ID numbers ending with a "C" indicate core holes with all others being reverse circulation holes.

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 is being generated for Long Canyon and is expected to be completed in late February 2009. In addition to further drilling, plans for 2009 are expected to include metallurgical testing, preliminary engineering evaluation and environmental baseline studies.

As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by either American Assay Laboratories, Inc. of Sparks, Nevada or ALS Chemex of Reno, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. Samples exceeding 10 grams per tonne gold were re-assayed using a gravimetric finish and the values received were reported in the averages. QA/QC included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled using a 0.30 gram/tonne cut-off; true widths have not been determined. All data, as reported to the Company by Fronteer and disclosed in this press release including sampling, analytical and test data have been reviewed by the Company's qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist. Further details concerning the Long Canyon property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website.

AuEx Ventures, Inc. is a TSX listed precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, one project in Spain and two projects in Argentina. The Company controls about 80,000 acres of unpatented mining claims and fee land in Nevada. Eleven of the projects are in joint venture or exploration earn-in agreements with five companies. 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:

Ronald L. Parratt 775-337-1545 or rparratt@auex.com


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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