Pequop/Long Canyon Mineral Rights Resolved
Thu Dec 15, 2005
Note: Map of contested area is at bottom of press release. to view map click on link at bottom of this post
AuEx Ventures, Inc. announced on November 8, 2005 that a third party had asserted ownership of mineral rights underlying a portion of the Long Canyon exploration target and that the Company would be assessing the merits of the assertion. AuEx has now substantially completed its assessment of that claim and has concluded that the assertion has merit. The mineral rights in question are shown on the attached map and are controlled by NewWest Gold Corporation, a private company. NewWest and AuEx have commenced negotiations with a view to reaching a mutually agreeable business arrangement. AuEx intends to continue exploration at Long Canyon in 2006, as well as on the balance of the Pequop project, and has commenced additional permitting necessary for these activities.
The Long Canyon exploration target is one of five known Carlin style gold exploration targets within the overall 12,000 acre Pequop project that is owned by the company's wholly owned subsidiary Pittston Nevada Gold Company, Ltd., the shares of which were acquired indirectly by AuEx on June 28, 2005. AuEx commissioned and obtained a title report on the Pequop project prior to acquiring Pittston Nevada. The report indicates in error that the mineral rights in question are held by Pittston Nevada. AuEx has reviewed title to the balance of the Long Canyon mineral rights and has found no other discrepancies.
AuEx Ventures, Inc. is a new, Nevada focused, precious metals exploration company that began trading on June 30, 2005. AuEx has a current portfolio of 11 exploration projects in Nevada and controls over 40,000 acres of unpatented claims and fee land. The company applies the extensive Nevada 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.
By: Ronald L. Parratt, President and CEO
Contact:
Deborah Thiel -- Manager Investor Relations
Telephone: 604-541-9655
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.
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