2009 Work Program For Long Canyon Announced

VANCOUVER, BC - AuEx Ventures, Inc. reported that the 2009 budget for the Long Canyon Venture located in eastern Elko County, Nevada will be US$14.1 million. Work planned for the 2009 program will include drilling to increase the size of the deposit, preliminary metallurgical, environmental and engineering studies and preliminary assessments of potential processing options and economics. The Long Canyon Venture is owned 49% by AuEx and 51% by Fronteer Development Group Inc. who is the project operator.
The 2009 drilling program will consist of approximately 35,000 meters of reverse circulation and core drilling and is designed to increase the confidence level in the known gold mineralization, increase the overall amount of gold mineralization and discover new areas of gold mineralization. Work activities will include infill drilling to upgrade the known resources reported in the March 13, 2009 press release, extension drilling to the northeast of the deposit to extend mineralization where it remains open, extension drilling to the southwest where over 450 meters of untested surficial gold values remain untested and finally initial drill testing of new gold exploration targets on the large 10,000 acre property. The 2009 drilling program is scheduled to begin in May.
Other work planned for 2009 will consist of preliminary metallurgical evaluation, preliminary engineering investigations and environmental studies. These are designed to provide a better understanding of processing options and project economics leading to a better understanding of potential development options. Work on these various items is underway at present.
The first resource estimate for the Long Canyon gold deposit, using data available through February 9, 2009 and, at a 0.3 gram/tonne cut-off grade, consisted of; an indicated resource of 363,000 ounces contained in 4,808,000 tonnes at a grade of 2.35 grams/tonne and an inferred resource of 459,000 ounces contained in 8,780,000 tonnes at a grade of 1.63 grams/tonne. Importantly, at a 1.0 gram/tonne cut-off, the resource ounces are only slightly lower with the indicated total at 322,000 ounces contained in 2,496,000 tonnes at a grade of 4.01 grams/tonne and the inferred total at 369,000 ounces contained in 3,634,000 tonnes at a grade of 3.16 grams/tonne demonstrating the robust grade of the deposit.
The company’s address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].