AuEx Signs Wood Hills South Project Earn in Agreement
December 14 2009 - 6:00AM
Marketwired
AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX: XAU) is pleased
to announce the execution of an exploration earn in agreement with
NuLegacy Gold Corporation NV ("NuLegacy") concerning the Company's
Wood Hills South gold exploration project located in eastern Elko
County Nevada about 12 miles to the west of the Company's West
Pequop and Long Canyon joint venture projects in the new Pequop
Gold District.
The Wood Hills South project totals over 40,000 acres consisting
of optioned fee land and mineral rights and 451 unpatented mining
claims that are owned by the Company. It is largely a pediment
covered gold exploration target that was developed through
evaluation of regional geophysical data combined with outcrop
mapping and rock chip sampling. Evaluation of this data led to the
recognition of a possible geologic setting that appears similar to
the geologic setting related to gold mineralization in the nearby
Pequop Gold District. NuLegacy will commence exploration at Wood
Hills South in January 2010 and will initially focus on gathering
ground based geophysical data and significant additional surface
geochemistry. Data from these efforts will be used to develop
targets for an initial drilling program scheduled for either late
2010 or early 2011.
Under the terms of the earn in agreement NuLegacy paid AuEx
$20,000 on signing and is committed to expend a minimum of $150,000
during the first year of the agreement. NuLegacy will then have 6
additional years with escalating annual work commitments to expend
a minimum total of $5,000,000 and complete a bankable feasibility
study in order to earn a 70% interest in the Wood Hills South
project. Should NuLegacy terminate its interest in the Wood Hills
South project without vesting an interest but have expended
$3,000,000 or more, it will be entitled to a 4% net smelter return
royalty from potential future production capped at twice its
investment.
NuLegacy is a private Nevada focused gold exploration company
financed and operated by a well respected management team familiar
to the Company that has successfully defined, discovered and
developed numerous gold resources. AuEx looks forward to working
with NuLegacy in its efforts to discover a significant new gold
deposit in the emerging new Pequop Gold District.
AuEx Ventures, Inc. is a TSX listed precious metals exploration
company that has a current portfolio of twenty three exploration
projects in Nevada, one project in Spain and two projects in
Argentina. The Company controls over 167,000 acres of unpatented
mining claims and fee land in Nevada. Eleven of the projects are in
joint venture or exploration earn-in agreements with seven
companies. The Company applies the extensive Nevada 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 & CEO
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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt President &
CEO 775-337-1545 rparratt@auex.com
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