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Piedmont Mining Company, Inc. - PIED - has
signed an Option Agreement with AuEx, Inc., a wholly-owned subsidiary
of AuEx Ventures, Inc. (TSX Venture: XAU.U) on the Pasco Canyon Gold
Property in Nye County, Nevada. This property consists of 24
contiguous unpatented mining claims and is located about 55 miles
north of Tonopah and about 14 miles northeast of the Round Mountain
Gold Mine, the largest heap leach gold mine in the United States.
Pasco Canyon is an epithermal gold target within an alteration
zone that was initially defined from satellite imagery. Outcroppings
of hydrothermally altered volcanic breccia exhibit strong
silicification and hypogene clay alteration with abundant limonite.
Coarsely bladed quartz pseudomorphs after calcite in veins and in the
breccia matrix is suggestive of a boiling zone, typically associated
with low sulfide epithermal gold mineralization. The surface exposures
are anomalous in arsenic, mercury, barium and manganese, common
pathfinder elements in gold exploration, but the surface outcrops are
only weakly anomalous in gold. Gold values can vary significantly with
depth in such deposits, and these surface exposures may represent the
upper part of the mineral system.
This property is located at the junction of the Table Mountain
Caldera and the Mt. Jefferson Caldera, within the Toquima Caldera
Complex. This caldera complex is associated with the Round Mountain
gold deposit (10 million ounces of gold produced), the Gold Hill
deposit (with a resource of 2 million ounces of gold), the Jefferson
Canyon and the Corcoran Canyon gold deposits. A program of detailed
geologic mapping and sampling will first be conducted to define drill
targets. Drilling permits must then be obtained prior to conducting a
drill program.
Piedmont paid $10,000 in cash to AuEx on signing the five-year
Option Agreement. Piedmont must pay all the claims maintenance fees
and expend at least $50,000 in exploration expenditures during the
first year; $100,000 during the second year; $200,000 during the third
year; $200,000 during the fourth year and $450,000 during the fifth
year of the Option Agreement to earn a 60% interest in the property
and the project, subject to a net smelter returns 1% royalty payable
to two Principals of AuEx, Inc. Piedmont may terminate the Option
Agreement at any time after the first year upon 30 days notice. Upon
achieving an undivided 60% interest, the two parties will then form a
joint venture and Piedmont will be the operator of the joint venture.
Piedmont is a development-stage company with minimal revenues,
limited assets and an $11.5 million tax-loss carryforward. Its Common
Stock is traded in the US electronic pink sheets under the symbol:
PIED.

Certain statements contained herein are forward-looking statements
and accordingly involve risks and uncertainties that could cause
actual results or outcomes to differ materially from those expressed
in the forward-looking statements. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events of performance, and underlying assumptions and other statements
that are other than statements of historic facts. The forward-looking
statements contained herein are based on various assumptions
including, but not limited to, an assumption that the Company will be
able to raise sufficient capital to execute on its business plan. The
Company's expectations, beliefs and projections are expressed in good
faith and are believed by the Company to have a reasonable basis, but
there can be no assurance that management's expectations, beliefs or
projections will be achieved or accomplished.



KEYWORD: NORTH AMERICA NEVADA UNITED STATES
INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY TECHNOLOGY HARDWARE MANUFACTURING AEROSPACE CHEMICALS/PLASTICS NATURAL RESOURCES MINING/MINERALS PROFESSIONAL SERVICES BANKING FINANCE COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONTRACT/AGREEMENT
SOURCE: Piedmont Mining Company, Inc.