VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/16/10 -- AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased to report the signing of a new exploration earn-in agreement on the Pasco Canyon Project with Christopher James Gold Corp. Pasco Canyon is located in northern Nye County, Nevada on the east side of the Toquima Range near the Round Mountain, Gold Hill and Northumberland gold deposits which are reported by the owners of those projects to have past production plus current resources of about 20 million ounces of total gold.
Pasco Canyon contains a low-sulfidation epithermal system defined at the surface by a 400 meter by 600 meter zone of boiling related breccias and quartz/adularia vein swarms. The prospect was a grass roots discovery by AuEx staff using proprietary processing of satellite imagery. This gold bearing system is located on what is believed to be the eastern edge of the Mount Jefferson Caldera with the new Gold Hill Deposit located on the western edge of the same feature.
Under the terms of the agreement, Christopher James Gold is required to expend US$3 million within four years to earn an undivided 51% interest in the project. The agreement also provides an option for Christopher James Gold to earn an additional 19% interest for a total of 70% by expending an additional US$2 million on the property within two years. Christopher James paid the Company US$10,000 on signing and is obligated to spend a minimum of US$100,000 in the first year. Work commitments escalate over the 6 year earn in period. Commenting on the new venture, President Ronald L. Parratt stated, "We are very glad to be working with Dr. E. Max Baker and Christopher James Gold on this project. They bring solid exploration experience and have the financial capability to allow the gold and silver potential of the Pasco Canyon project to be tested."
AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of twenty one exploration projects in Nevada, three 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. Eleven of the projects are in exploration earn-in or formal joint venture agreements with seven 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 Ventures, Inc.
Ronald L. Parratt, President and Chief Executive Officer
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 news release contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.