First Resource Estimate for Long Canyon

VANCOUVER, BC - AuEx Ventures, Inc. reported the first resource estimate for the Long Canyon gold deposit located in eastern Elko County, Nevada. Long Canyon is a joint venture between AuEx (49%) and Fronteer Development Group Inc. (51% and operator). This resource estimate provides an exciting starting point for the Long Canyon Venture and for the new Pequop Gold District.
The Classified Mineral Resource estimate is quoted at a cut-off grade of 0.3 grams per tonne and consists of;
- An indicated resource of 363,000 ounces at an average grade of 2.35 g/t gold (4,808,000 tonnes); and
- An inferred resource of 459,000 ounces at an average grade of 1.63 g/t gold (8,780,000 tonnes).
Importantly, at a 1.0 gram per tonne cut-off, the grade, tonnage and classification of this initial resource demonstrates the robustness of the deposit as follows;
- An indicated resource of 322,000 ounces at an average grade of 4.01 g/t gold (2,496,000 tonnes); and
- An inferred resource of 369,000 ounces at an average grade of 3.16 g/t gold (3,634,000 tonnes).
Commenting on these results, Ronald L. Parratt, President & CEO of AuEx stated "This resource estimate marks a strong beginning for the new Pequop Gold District. Much work remains ahead for Long Canyon but obviously much opportunity as well. The same can be said for West Pequop. We're fortunate to be working with two excellent partners in Fronteer at Long Canyon and Agnico-Eagle at West Pequop and look forward to continued success and resource growth from the 2009 drilling programs with both."
The company’s address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].