If Agnico Eagle likes this area. Bryn could be sitting in the middle of a large VERY LARGE STRIKE
Agnico-Eagle Vests 51% at West Pequop and Elects to Carry AuEx to Earn Additional 19%
Marketwire
Posted: 2008-06-19 08:00:00
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 06/19/08 -- AuEx Ventures, Inc. ("AuEx" or the "Company") (TSX VENTURE: XAU) is pleased to report that exploration funding partner Agnico-Eagle (USA), Limited ("Agnico") has advised the Company that it has expended in excess of the required $5,000,000 to vest an initial 51% interest in the Company's West Pequop exploration property located in Elko County, Nevada. Further, Agnico has advised the Company that they elect to earn an additional 19% interest in the project for a total of 70% by carrying all further costs through the completion of a bankable feasibility study within five years. Upon confirmation to AuEx that the spending obligation has been met, the parties will execute a formal joint venture agreement governing activities going forward. Commenting on the news Ronald Parratt, President & CEO of AuEx, states, "We are very pleased with the aggressive exploration program conducted by Agnico at West Pequop during these past 2 years and are excited to enter into our first formal joint venture with a partner like Agnico. New gold mineralization continues to be found at West Pequop and we are confident that the amount of mineralization at the project will grow substantially as a result of ongoing drilling by Agnico."
AuEx and Agnico entered into an exploration earn-in agreement on May 9, 2006 that required Agnico to expend $5,000,000 within a 5 year period to earn an initial 51% in the West Pequop exploration property now consisting of over 23,000 acres. Since signing the agreement, Agnico has aggressively explored in a number of areas of the large property drilling gold mineralization in the Section 34, Mountain Top and the new Range Front target areas. Drilling is continuing at present in the Acrobat/Juggler target area and Agnico has indicated that drilling will be ongoing throughout 2008.
New assay results from the ongoing drilling program continue to come in slowly and the table below provides these results as reported to the Company by Agnico.
--------------------------------------------------------------------------
Drill Hole Thickness Grade
Number From (feet) To (feet) (feet) (oz/ton) Comments
--------------------------------------------------------------------------
WNC-104 66.0 71.5 5.5 0.035 Mountain Top
(core) 131.0 136.5 5.0 0.180
--------------------------------------------------------------------------
WN-106 695 700 5 0.016 Section 34
--------------------------------------------------------------------------
WN-107 805 825 20 0.175 Section 34
--------------------------------------------------------------------------
WNC-108 1011.5 1013.0 1.5 0.012 Mountain Top
(core) 1055.3 1060.5 5.2 0.017
1119.2 1120.2 1.0 0.013
--------------------------------------------------------------------------
WN-109 20 35 15 0.010 Section 34
190 200 10 0.022
--------------------------------------------------------------------------
WN-111 275 300 25 0.014 Section 34
860 870 10 0.041
905 915 10 0.015
925 935 10 0.012
945 950 5 0.010
--------------------------------------------------------------------------
WNC-112 162 192 30 0.024 Section 34
(core) 274 277 3.0 0.024
--------------------------------------------------------------------------
WN-113 90 100 10 0.013 Section 34
--------------------------------------------------------------------------
WNC-115 868.0 869.8 1.8 0.025 Section 34
(core) 1022.0 1032.0 10.0 0.010
1057.0 1063.6 6.8 0.037
1113.0 1117.0 4.0 0.013
1139.9 1149.1 9.2 0.034
--------------------------------------------------------------------------
WNC-116 35.3 42.5 7.2 0.115 Section 34
(core) 197.0 201.0 4.0 0.010
619.7 637.0 17.3 0.333
651.2 656.0 4.8 0.010
935.0 940.0 5.0 0.019
985.0 990.0 5.0 0.015
1000.0 1008.0 8.0 0.025
--------------------------------------------------------------------------
WN-117 55 65 10 0.055 Section 34
--------------------------------------------------------------------------
WNC-119 511.8 540.0 28.2 0.023 Range Front
(core) 578.0 581.0 3.0 0.013
586.0 591.0 5.0 0.012
--------------------------------------------------------------------------
WN-125 0 20 20 0.012 Juggler/Acrobat
--------------------------------------------------------------------------Drill holes WN-092, 097, 099, 100, 102, 118, 120, 121, 122, 123, 126 and holes WNC-105, 114 did not contain reportable gold values. Updated drill hole maps are posted on the Company's website.
As reported to AuEx by Agnico, all drill samples were collected following standard industry practice and were assayed by Inspectorate America Corporation of Sparks, Nevada. Gold results were determined using standard fire assay techniques on a 30 gram sample with an atomic absorption finish. QA/QC included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is underway. All intercepts are reported as drilled; true widths have not been calculated. All data, as reported to the Company by Agnico and disclosed in this press release including sampling, analytical and test data have been reviewed by the Company's qualified person Mr. Ronald L. Parratt, M.Sc., and Certified Professional Geologist. Further details concerning the West Pequop property are described in the Company's National Instrument 43-101 report filed on Sedar and are on the Company's website.
AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of eighteen exploration projects in Nevada, five projects in Argentina and one project in Spain. The Company controls over 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Nine of the projects are in exploration earn-in or formal joint venture agreements with six 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 & CEO
