Drill Results Confirm and Extend Gold Zones at Long Canyon

RENO, NV - AuEx Ventures, Inc. reported new gold drill intercepts, including hole LC160C returning 83.5 feet at 0.155 ounces per ton and hole LC161C returning 48 feet at 0.267 ounces per ton, 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., 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".
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.
The company?s address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].