AuEx drills 38.1 m of 4.59 g/t Au at Long Canyon

AuEx Ventures Inc (C:XAU)
Shares Issued 19,473,489
Last Close 7/28/2008 $2.10
Tuesday July 29 2008 - News Release

Mr. Ronald Parratt reports

AUEX VENTURES, INC.: LONG CANYON DRILLING RETURNS 125 FEET AT 0.13 OPT GOLD

AuEx Ventures Inc. has released new gold intercepts, including hole LC085, which returned 38.1 metres (125 feet) at 4.59 grams per tonne (0.134 ounce per ton), that extends shallow, oxide gold mineralization in the Main zone at the company's Long Canyon gold exploration project located in Elko county in Nevada. Fronteer Development Corp. provided these results to the company from 17 holes completed since the 2008 drilling program commenced in May. The combination core and reverse circulation drilling program continues to extend gold mineralization discovered in the Main zone to the northeast and has, as well, discovered a new parallel zone of mineralization 200 metres (650 feet) to the northwest. Fronteer has completed more than 4,100 metres (13,700 feet) of reverse circulation and core drilling so far in 2008 and plans to complete a total of 11,500 metres (37,700 feet) during the 2008 exploration program. The attached table summarizes the new assay results.

                          Inter-                              Inter-

                           cept                                cept

            From     To  length       Au     From       To   length     Au

Hole ID    (feet) (feet)  (feet) (oz/ton) (metres) (metres) (metres)  (g/t)



LC068        205    215      10    0.010     62.5     65.5      3.0   0.35

             255    265      10    0.027     77.7     80.8      3.0   0.94

LC069             no reportable intercepts

LC070        230    245      15    0.016     70.1     74.7      4.6   0.56

             250    340      90    0.048     76.2    103.7     27.4   1.63

including    300    310      10    0.209     91.5     94.5      3.0   7.17

             445    455      10    0.012    135.7    138.7      3.0   0.42

             490    510      20    0.011    149.4    155.5      6.1   0.38

LC071         85    115      30    0.022     25.9     35.1      9.1   0.75

             135    165      30    0.029     41.2     50.3      9.1   0.99

LC073        305    315      10    0.011     93.0     96.0      3.0   0.38

             345    355      10    0.010    105.2    108.2      3.0   0.35

             370    450      80    0.067    112.8    137.2     24.4   2.28

including    375    380       5    0.197    114.3    115.9      1.5   6.74

             395    400       5    0.276    120.4    122.0      1.5   9.47

             460    470      10    0.011    140.2    143.3      3.0   0.39

             520    530      10    0.013    158.5    161.6      3.0   0.44

LC075        360    375      15    0.021    109.8    114.3      4.6   0.73

LC077             no reportable intercepts

LC078             no reportable intercepts

LC079        650    660      10    0.034    198.2    201.2      3.0   1.18

LC081        260    325      65    0.066     79.3     99.1     19.8   2.27

including    280    295      15    0.181     85.4     89.9      4.6   6.19

             345    385      40    0.125    105.2    117.4     12.2   4.29

including    365    375      10    0.378    111.3    114.3      3.0  12.95

LC082        335    350      15    0.019    102.1    106.7      4.6   0.65

LC084        330    365      35    0.132    100.6    111.3     10.7   4.53

including    340    350      10    0.413    103.7    106.7      3.0  14.13

LC085        250    375     125    0.134     76.2    114.3     38.1   4.59

including    265    280      15    0.368     80.8     85.4      4.6  12.59

             310    330      20    0.231     94.5    100.6      6.1   7.90

             340    350      10    0.269    103.7    106.7      3.0   9.21

             395    405      10    0.032    120.4    123.5      3.0   1.10

             420    430      10    0.060    128.0    131.1      3.0   2.05

             485    495      10    0.057    147.9    150.9      3.0   1.95

LC086        370    490     120    0.097    112.8    149.4     36.6   3.31

including    390    420      30    0.298    118.9    128.0      9.1  10.21

LC087        360    390      30    0.274    109.8    118.9      9.1   9.38

including    365    380      15    0.515    111.3    115.9      4.6  17.63

LC088        250    260      10    0.017     76.2     79.3      3.0   0.58

LC090        465    475      10    0.021    141.8    144.8      3.0   0.71

             505    520      15    0.012    154.0    158.5      4.6   0.43

LC091        305    335      30    0.045     93.0    102.1      9.1   1.53

The new drill data indicate that the Main zone of gold mineralization at Long Canyon is now at least 1.2 kilometres (4,000 feet) in length and remains open to the northeast well beyond the limits of the original soil gold anomaly. The Main zone is open to the southwest where approximately 500 metres (1,600 feet) of the soil gold anomaly remains undrilled. In addition, the West zone of mineralization is open to both the southwest and northeast. All mineralized intercepts consist of near-surface, oxidized material. An updated drill hole map is available for review on the Company's website.

Under the terms of the earn-in agreement with the company, Fronteer may earn a 51-per-cent interest in the Long Canyon property by investing $5-million over a five-year period and may earn an additional 14 per cent by advancing Long Canyon through feasibility. Fronteer is expected to meet its initial earn-in obligation by the end of this year. A plan of operations has been submitted to the Elko District Office of the U.S. Bureau of Land Management by Fronteer to expand the drilling program on the Long Canyon project.

As reported to AuEx by Fronteer, all drill samples were collected following standard industry practice and were assayed by American Assay Laboratories Inc. of Sparks, Nev. Gold results were determined using standard fire assay techniques on a 30-gram sample with an atomic absorption finish. Quality assurance/quality control included the insertion of numerous standards and blanks into the sample stream. Check assays and preliminary cyanide amenability testing is under way. All intercepts are reported as drilled using a 0.30 g/t cut-off and are estimated by Fronteer to be 80 per cent to 90 per cent of the drilled thickness. All data, as reported to the company by Fronteer and disclosed in this press release including sampling, analytical and test data, have been reviewed by the company's qualified person, Eric Struhsacker, MSc, certified professional geologist. Further details concerning the Long Canyon property are described in the company's National Instrument 43-101 report filed on SEDAR and are on the company's website.

© 2008 Canjex Publishing Ltd.