AuEx Ventures Inc. Signs Four Proprty Deal in Nevada with Eldorado Gold by 24hgold

Mots clés associés : Precious Metals |

Re: News Releases - Thursday, June 26, 2008
Title: AuEx Signs Four Proprty Deal in Nevada with Eldorado Gold

AuEx Ventures, Inc. ("AuEx" or the "Company") is pleased to announce that it has signed a Letter Agreement with Eldorado Gold Corporation ("Eldorado Gold") covering four AuEx gold exploration projects in Nevada. The Letter Agreement grants Eldorado Gold the right to earn up to a 70% interest in the properties upon fulfillment of specific payment and work obligations. The aggregate work requirement for the four properties in the first year of the agreement totals $350,000 and is committed. Eldorado Gold will then have the option to expend additional funds and vest an initial 51% interest in any or all of the four properties. To vest a 51% interest in all four properties would require an aggregate total expenditure by Eldorado Gold of $11,000,000 and must be completed within a five year period. Upon vesting a 51% interest in any or all of the properties, Eldorado Gold will have the opportunity to earn an additional 19% interest for a total of 70% by incurring all subsequent costs through completion of a bankable feasibility study. AuEx will be paid a one-time consideration of $90,000 upon execution of a definitive Exploration Earn-in Agreement or 45 days, whichever occurs first. Commenting on the agreement Ronald L. Parratt, President & CEO stated, "We're very pleased to have a new exploration partner like Eldorado Gold. They are an ideal fit for AuEx bringing solid financial capability and technical expertise. Eldorado Gold operates mines in Turkey, China and Brazil and we believe they will be aggressive partners in exploring and potentially developing mines in Nevada".

The four AuEx projects subject to the Letter Agreement include: 1) the Klondike North project which is a volcanic-hosted, epithermal gold target south of Tonopah in Esmeralda County, 2) Green Monster which is a Carlin-type gold target located in the Monitor Range in Nye County, 3) Buffalo Canyon which is an intrusive related gold system also located Nye County and 4) Hays Canyon which is a volcanic-hosted, epithermal gold system located in northern Washoe County. AuEx and Eldorado Gold technical teams will jointly develop exploration programs for the projects and AuEx will initially conduct the exploration programs on behalf of Eldorado Gold. Field activities have already commenced and will be ongoing over the balance of 2008.

Exploration staff at AuEx is continuing to develop more JV opportunities for other potential JV partners in Nevada. US Exploration Manager Eric Struhsacker says "This will be a significant year for new project generation in addition to continuing work on existing JV projects". Mr. Struhsacker is backed by a highly experienced team of 5 other geologists who will be either fully or partially dedicated to project generation. With current project expenditures for the year to exceed US$7 million, the addition of the Eldorado agreement and others on the horizon, this will be a year of significant growth and development for AuEx.

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 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release

By: Ronald L. Parratt, President & CEO

Contact:

Ronald L. Parratt 775-337-1545 or rparratt@auex.com

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.

Copyright � 2008 AUEX VENTURES INC. (XAU) All rights reserved. For more information visit our website at http://www.auexventures.com/ or send email to info@auexventures.com ..
Message sent on Thu Jun 26, 2008 at 5:18:10 AM Pacific Time

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
Sur Google Earth, cliquez sur les pictogrammes, pour voir les informations du projet, accéder à sa page, ou à la page de la compagnie.