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AuEx Ventures, Inc.

TICKER: TSX:XAU

DESCRIPTION: AuEx Ventures, Inc. ("AuEx") is an advanced-exploration to development stage Nevada-based precious metals company that controls about 176,000 acres of unpatented mining claims and fee land. The company has a current portfolio of 24 exploration projects in Nevada, 7 of which are under exploration earn-in or joint venture agreements; five projects in Argentina, 2 of which are under joint venture agreements; and one project in Spain. AuEx and its partners anticipate expenditures of over $21,000,000 in 2009, which includes planned expenditures on the Long Canyon and West Pequop projects located in Nevada's newest gold district, known as "Pequop."

Highlight: In March 2009, an Initial NI-43-101 Report on Long Canyon announced 363,000 ounces of Au of Indicated Mineralization, and 459,000 ounces of Au of Inferred Mineralization (0.3 g/t cut-off grade). To review the Initial NI-43-101 Report on Long Canyon or learn more about our company and properties that are available for joint venture, please visit: www.auex.com.

WEBSITE: http://www.auex.com
Auex Ventures Shareholders Ratify Adoption Of Shareholder Rights Plan (6/15/09) Auex Ventures, Inc. Closes $11 Million Private Placement (6/16/09) Auex Ventures Announces $11 Million Private Placement (5/14/09)

The information below is based on the most recent information we have received from analysts and the companies participating in The Gold Report. We encourage you to visit the company's web site for updates.

"AuEx Ventures and JV partner Fronteer Development Group (TSX-FRG, not rated) released the remaining infill drill results from the 2009 drill program at the Long Canyon gold project located in Elko County, Nevada. Long Canyon is a joint venture between AuEx (49%) and Fronteer Development Group Inc. (51% and operator).

A total of 238 holes (186 core/ 52 RC) were drilled at Long Canyon during 2009 for a total of 33,152 m. Highlights from the infill drill results released today included the following notable intercepts:

Hole LCM22: 16.76 g/t Au over 6.3 m contained within a broader intercept of 39.6m grading 4.97 g/t Au from a down-hole depth of 26.5m.
Hole LCM30: 3.94 g/t Au over 77.7 m at a down-hole depth of 7.9 m.
Hole LCM33: 3.29 g/t Au over 42.7 m at a down-hole depth of 72.6 m.

. . .The delivery of a PEA for Long Canyon in December 2009 benchmarks the economic potential offered by the project. The PEA considers the Long Canyon gold project to be developed as an open pit mine with a run-of-mine (ROM) heap leach operation. A six year mine life has been modeled with a total of 565,000 ounces of gold produced at a direct cash cost of US$351/oz (inclusive of US$42.76/oz for G&A and US$11.78/oz for reclamation). Average LOM head grade has been modeled at 2.15 g/t with recoveries between 80% and 88%. Initial project capital costs, are estimated at US$66 million with an additional US$6 million of subsequent sustaining capital."
-CHRIS THOMPSON, HAYWOOD SECURITIES (02/01/10)

"AuEx Ventures was added to the portfolio in December 2008 at ~C$1.28. We sold half the position in November 2009 at ~C$2.82. Our cost basis is now virtually nil and leaves us in a position to profit from this top exploration company's management and properties. XAU is a 'hold' in the portfolio. . .

AuEx's market capitalization is C$104 million (C$142 million fully diluted) and working capital stands at ~C$12 million (in-the-money warrants bring in another C$10 million). They have 21 gold exploration projects in Nevada, three in Argentina and one in Spain. Ten of these are under joint venture agreements in which partners are earning in on XAU's projects. President Ron Parrat anticipates about C$7 million in partner expenditure for 2010 and hopes to have a few more joint ventures signed up over the year. XAU generative costs should be around C$2 million and at least another $10 million will go towards pre-feasibility work at Long Canyon."
- Exploration Insights (01/31/10)

"This is the most advanced project generator company on my list, and I am liking it more all the time. Its most advanced project is the Long Canyon Project in Nevada, in which it holds a 49% interest. AuEx fully expects to retain its 49% in this multimillion-ounce project. Last week, some more good results were announced from two step-out holes 400 meters to the north, thus significantly enlarging the deposit. AuEx will spend approximately $10 million in 2010 to retain its 49% interest on this flagship project. . .The metallurgy on this project is excellent, with heap-leach recoveries expected to be about as rapid and high as any in the industry. Of course, given its location in the heart of Nevada, there are no major infrastructure concerns. We are expecting a new resource calculation by April, and beyond that, still higher numbers as the deposit remains open to the north."
- J.Taylor's Energy & Energy Tech Stocks (01/22/10)

"Growth potential intact and resource update anticipated.

Key developments at Long Canyon in 2009 included a maiden resource estimate (Indicated resource: 363,000 oz Au grading 2.35 g/t; Inferred resource: 459,000 oz Au grading 1.63 g/t Inferred at a 0.3 g/t cut-off) in March. The estimate was followed by the tabling of a positive Preliminary Economic Assessment in December, highlighting robust economics; a pre-tax NPV of $145 million, 565,000 ounces of gold production at an average grade of 2.15 g/t, a cash cost of $351 per ounce, and initial capital expenditures of $66 million.

At Long Canyon, look for an updated resource estimate incorporating last year's drilling (30,000m in 2009) in Q1/10, metallurgical test results and the commencement of the 2010 drill program in March (40,000m to 50,000m using five rigs). At West Pequop, look for the tabling of a maiden resource estimate in Q1/10 and the finalization of 2010 exploration plans. AuEx is well financed ($12.5 million) and has adequate funds in the treasury to fund its near-term exploration requirements."
-CHRIS THOMPSON, HAYWOOD SECURITIES (01/19/10)

"AuEx Ventures and Fronteer Development released drill assay results from the Long Canyon gold discovery in Nevada today as well. 'Highlights' include 9.29 grams per tonne gold over 35 meters (beginning at 112 meters), 13.28 grams per tonne gold over 22 meters (beginning at 280 meters), and 2.24 grams per tonne gold over 15 meters (beginning at 283 meters). These results represent significant step-out holes up to 400 meters north of previous drilling and the defined resource (total 822,000 ounces indicated and inferred). Nearby drill holes and holes from the same drill pad (DH-258, 359, 367, 381, 396, 379, and 392) returned generally poor results.

. . .In the EI portfolio we have sold enough of XAU to own it for free, and at this point I am willing to let it ride. Fronteer has a more complex mix of properties and I am also willing to let it ride, based on the potential that Northumberland, Michelin and Sandman offer."
- Exploration Insights (01/06/10)

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