West Pequop Final 2009 Drill Results

 

VANCOUVER, BC - AuEx Ventures, Inc. reported the final 2009 drill results and an important new target developing in the core of the mountain from the West Pequop project in joint venture with operating partner Agnico-Eagle (USA), Limited. The 2009 drill program at West Pequop consisted of 57 core and reverse circulation drill holes totaling 51,359 feet. AuEx reported on the results from the final 23 holes including holes.

 WN195 with 40 feet at 0.061 ounces per ton ("opt") gold,

 WN202 with 40 feet at 0.083 opt gold,

 WN203 with 45 feet at 0.058 opt gold, and

 WN205 with 80 feet at 0.043 opt gold.

The 2009 drilling program has provided better definition of mineralization in the Acrobat/Juggler, Section 34 and Mountain Top deposits and more data on the Range Front Target and on a new target named Trapeze. An initial resource estimate is currently underway for the three deposits at West Pequop and should be released during the second quarter of 2010.

In addition to drilling, trenching across the structure at the Mountain Top deposit included 85 feet at 0.141 opt gold. The trenching will constrain the geometry of grade shells being developed for the first resource estimate.

In 2009, exploration outside the previously drilled areas expanded in scope throughout the West Pequop Joint Venture's area of interest. A soil survey of over 9,800 samples was carried out over an area of four by eight miles on a variable grid of 800 by 200 feet down to 200 by 100 feet. In addition, reconnaissance mapping in select areas was completed and more than 1,300 new rock chip samples were taken. The findings of this work lead to the recognition of significant anomalism along the range front, more mineralization between previously drilled areas, and anomalies associated with faults and karst features in a north-south-trending graben that comprises the crest of the Pequop Mountains between the Mountain Top Zone and Long Canyon. The graben preserves favorable calcareous host rocks of Ordovician Pogonip Group and the Cambrian sequence beneath the Eureka Quartzite, which has been relatively impermeable to ascending hydrothermal fluids. The soil analyses (ranging from below the detection limit of 1 ppb to up to 6.2 grams per ton gold) outline considerable leakage around and within the graben structure.

The ground between Long Canyon and West Pequop is highly prospective and received only preliminary surficial exploration. Drilling in 2010 will for the first time, begin to step out from the known drilled mineralization and start to evaluate the numerous other targets that include multi-gram gold surface samples. Systematic exploration in this new gold district and exciting new results highlight the promise of further discovery and resource expansion for years to come. Importantly, the secondary and tertiary targets defined by anomalous gold, trace elements, geophysics, structural and lithologic extrapolation have not begun to be tested.

The company’s address is

940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].