AuEx Ventures, Inc.: Reef Project Agreement Executed
17 8월 2010 - 8:00PM
Marketwired
AuEx Ventures, Inc. (TSX: XAU) ("AuEx" or the "Company") is pleased
to report that it has signed an exploration earn-in agreement on
its Reef Project with Golden Dory Resources Corp. ("Golden Dory")
of Gander Newfoundland. This brings the total number of active
exploration agreements and joint ventures up to 16 for AuEx
worldwide. The Reef Property is contiguous to the south of Midway
Gold Corp.'s Pan gold project. Midway reported a favorable
preliminary economic assessment study in July 2010 and they target
2011 for completion of a bankable feasibility study on the Pan
project. In addition the Reef Property is across the valley to the
west from the White Pine gold mining district which includes the
Mount Hamilton, Green Springs and Easy Junior mines.
The Reef Property is in the Pancake Range in White Pine County
Nevada. It has a strong north to south structural control and a
south plunging anticline with anomalous chemistry on its crest
abutting an altered Cretaceous aged intrusive. The anomaly is in
the Joanna limestone and in the overlying Chainman Shale. The
exploration target is the underlying Pilot Shale and Devil's Gate
limestone. Diorite dikes cut the Paleozoic stratigraphy within the
claim block and rock chips up to 5.2 g/t gold have been
obtained.
Under the terms of the agreement, Golden Dory paid the Company
$10,000 on signing and is required to expend a minimum of
$2,850,000 within a 7 year period and complete a bankable
feasibility study to earn an undivided 70% interest in the
property. If Golden Dory elects to terminate its interest without
vesting, but has expended $5,000,000, it shall be entitled to a 3%
NSR capped at twice its expenditure. Golden Dory is the operator
but AuEx will conduct the bulk of the work under a work agreement
funded by Golden Dory.
Richard L. Bedell, Certified Professional Geologist, is the
Company's designated Qualified Person for this news release.
AuEx Ventures, Inc. is a precious metals exploration company
that has a current portfolio of nineteen exploration projects in
Nevada, one project in Utah, four projects in Argentina and one
project in Spain. The Company controls about 167,000 acres of
unpatented claims and fee land in prospective areas of Nevada.
Sixteen of the projects are in exploration earn-in or formal joint
venture agreements with eight companies who provide exploration
funding. The Company applies the extensive exploration experience
and high-end technical skills of its founders to search for and
acquire new precious metal exploration projects that are then
offered for joint venture. AuEx is listed on the Toronto Stock
Exchange under the symbol XAU.
AuEx Ventures, Inc.
Richard L. Bedell, Executive Vice President
This release includes certain statements that may be deemed to
be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. All statements in
this release, other than statements of historical facts, that
address future production, reserve potential, exploration and
development activities and events or developments that the Company
expects, are forward-looking statements. Although the management of
AuEx believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploration and development successes,
continued availability of capital and financing, and general
economic, market or business conditions. Please see our public
filings at www.sedar.com for further information.
This press release uses the terms "indicated resources" and
"inferred resources", which are calculated in accordance with the
Canadian National Instrument 43-101 and the Canadian Institute of
Mining and Metallurgy Classification system. We advise investors
that while those terms are recognized and required by Canadian
regulations, the U.S. Securities and Exchange Commission does not
recognize them. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves. In addition, "Inferred resources" have a
great amount of uncertainty as to their existence, and great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of an Inferred Mineral Resource
will ever be upgraded to a higher category. Under Canadian rules,
estimates of Inferred Mineral Resources may not form the basis of
feasibility or pre-feasibility studies, except in rare cases. U.S.
investors are cautioned not to assume that part or all of an
inferred resource exists, or is economically or legally
minable.
Contacts: AuEx Ventures, Inc. Richard L. Bedell Executive Vice
President 775-337-1545 rbedell@auex.com
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