AuEx Acquires Projects in Santa Cruz Province

VANCOUVER, BC - AuEx Ventures reported that it has entered into a lease agreement with a private individual covering four mineral concessions ("MDs"), located in the highly prospective Deseado Massif area in Santa Cruz province, Argentina. In addition, the Company's wholly owned subsidiary, AuEx Argentina, S.A. has applied for six cateos which when combined with the MDs forms the Company's first five projects in Argentina.
The La Rosita and La Alianza leased MDs are located just north and east of the operating Martha Mine complex in the southwest portion of the Deseado Massif. La Rosita is the more advanced project with large areas of exposed alteration including veining and a database of hundreds of surface samples collected by AuEx and previous explorers. Areas of previously unmapped and un-sampled silicification have been identified and are currently being sampled by AuEx geologists. Exploration by AuEx at La Rosita yielded anomalous gold mineralization on adjacent open ground as well and a cateo covering this area has been applied for.
The El Meridiano and Cerro Covadonga leased MDs are located in the central portion of the Deseado Massif. El Meridiano includes an area of intense silicification extending over one kilometer in length with cross-cutting structural splays containing anomalous gold mineralization. This silicification is surrounded by square kilometers of steam heated terrain near which recent satellite work identified a new area of veining and jarosite alteration. Cerro Covadonga is a large area of silicification which includes banded vein and boiling vein textures.
The Company has also applied for three cateos in the northern portion of the Deseado Massif and one cateo in the eastern portion of the massif. The most interesting of these contains a silicified structural zone which is exposed for over half a kilometer and is anomalous in gold throughout. The regional generative exploration campaign by AuEx is continuing and, as well, more detailed mapping and sampling is underway on the recently acquired concessions with the goal of drilling in late 2008 or early 2009.
Exploration by AuEx in Santa Cruz Province is funded 70% by Agnico-Eagle under a defined generative exploration agreement.
The company's address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].