AuEx Ventures, Inc.: Pequop South Gold Exploration Property Optioned
Thursday, August 27th 2009
AuEx Ventures, Inc. 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 announce that it has entered into an Exploration Earn-in Agreement (“Agreement”) with Golden Dory Resources, Corp. (“GDR”) of Gander, Newfoundland, Canada concerning the Company’s Pequop South gold exploration property located about 8 miles south of the Company’s Long Canyon gold deposit in eastern Elko County, Nevada. The Pequop South property consists of 79 unpatented mining claims owned by the Company.
Under the terms of the Agreement, GDR has paid the Company an initial payment of US$20,000 and has committed to expend a minimum of US$50,000 during the first agreement year. GDR is required to expend a minimum of US$2,850,000 and complete a bankable feasibility study within seven years to earn a 70% undivided interest in the South Pequop property. Should GDR expend US$5,000,000 or more and terminate its interest without vesting, it would be entitled to a 3% net smelter return royalty capped at twice its investment.
The South Pequop property is underlain by a northeast trending series of middle Paleozoic sedimentary rocks consisting predominately of limestone and dolomite with minor clastic units. Preliminary surface evaluation has identified areas of hydrothermal alteration including jasperoid and hematite bearing limestone breccias which are anomalous in gold and the pathfinder elements arsenic, barium and antimony indicative of potential Carlin style mineralization. The area was initially targeted for field review by AuEx using remote sensing techniques earlier in 2009.
All data disclosed in this press release including sampling, analytical and test data, have been reviewed by the Company’s qualified person Mr. Eric M. Struhsacker, M.Sc., and Certified Professional Geologist as recognized by the American Institute of Professional Geologists.
