AuEx Ventures, Inc.: Pasco Canyon Agreement Signed With Christopher James Gold
February 16 2010 - 6:00AM
Marketwired
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.
Contacts: AuEx Ventures, Inc. Ronald L. Parratt 775-337-1545
rparratt@auex.com www.auex.com
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