AuEx Ventures Inc. acquires Nevada Silver Project
NR05-4
Thu Aug 11, 2005
AuEx Ventures Inc. (AuEx) is pleased to report that it has leased the former producing Trinity silver mine and surrounding property in Pershing County, Nevada from Newmont Mining Corporation. According to Newmont records the Trinity silver mine, which was operated by U.S. Borax from 1987 to 1989, produced approximately 5mm ounces of silver from approximately 1.1mm tons of oxidized ore grading approximately 6 ounces silver per ton utilizing heap leach technology. The mine was subsequently reclaimed.
Silver mineralization was discovered at Trinity by U.S. Borax in 1981 and was subsequently explored under a joint venture between U.S. Borax and Santa Fe Pacific Gold Corp. from 1982 until 1986 leading to the development of the Trinity mine that produced for a little over 2 years. The property was subsequently explored further by Santa Fe Pacific Gold in the period 1990 to 1992 but has seen no exploration since that time. Reports prepared by U.S. Borax at the conclusion of mining indicate that the property still contained more than 4mm tons of silver mineralization grading over 2 ounces per ton silver. AuEx has not verified these results to date. Based upon the extensive exploration database for the project which includes surface geochemistry, drill data and geophysics, AuEx sees meaningful exploration potential beyond the U.S. Borax reported mineralization including potentially open pittable as well as underground exploration targets. The property consists of 41 unpatented mining claims and 1,280 acres of land owned by Newmont and 3,760 acres of fee leases controlled by Newmont for a total package of about 5,800 acres. The property will be made available for joint venture consistent with the Company's business plan.
Under the terms of the agreement, AuEx will reimburse Newmont claim holding fees for 2004 and 2005 totaling approximately US$11,000 and is committed to expend US$200,000 in exploration expenses during the first 30 months of the agreement. Thereafter, the company must spend at least US$100,000 per year to keep the agreement in effect and must expend a total US$2,000,000 by the end of the 6th agreement year. The Company can purchase the property at any time prior to the end of the third agreement year for US$500,000 or for US$1,000,000 thereafter subject to a royalty retained by Newmont. In addition, Newmont retains the right to back-in up to completion of feasibility upon fulfillment of specific expenditure requirements.
AuEx Ventures is a newly listed, Nevada focused, precious metals public exploration company that began trading on June 30, 2005. AuEx controls over 40,000 acres of unpatented claims and fee land, and has a current portfolio of properties 11 exploration projects, two of which are under joint venture agreements. The company intends to continue to leverage the extensive in-house Nevada exploration experience and high-end technical skills of its founders to execute its joint venture business model. AuEx will continue to grow its property portfolio and offer projects it has advanced to select partners under joint venture arrangements.
AuEx Ventures, Inc.
By: Ronald L. Parratt, President and CEO
Contact Ronald L. Parratt
Telephone: 775-337-1545
E-mail: rparratt@auex.com
auexventures.com |
