GoldMinerPulse Report: AuEx Ventures Inc. Metal Value

AuEx Ventures Inc. (XAU) NI 43-101 Metal Value Report

The AuEx Ventures Inc. website is at www.auexventures.com.

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Fronteer (FRG) owns 51% of the Long Canyon project and is the project operator.

Agnico-Eagle has options on 70% of the West Pepuop gold deposit (bankable feasibility study is required by June 17, 2013).

GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-05-19.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**AuEx Ventures Inc. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$24.88
Average Ore Value per Tonne	US$91.37
Metal Value Leverage (MVL)	-no stock price-
Market Capitalization as a Percentage of Metal Value	- price unavailable
Recent Closing Stock Price	C$ [note 1]
Fully Diluted Share Count	48.14 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	50%
Percentage In Situ Inferred Resource	50%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	694.06 K oz
Average Gold Ore Grade	1.6 g/t
Market Capitalization per oz of Gold In Situ	US$0.00 ( C$0.00 )
Gold Equivalent Ounces Estimate	694.06 K oz
Market Capitalization per oz of Gold Equivalent	US$0.00 ( C$0.00 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share taken from the AuEx Ventures, Fact Sheet (viewed August 2010).

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal			Gold
Total Counts (reserves + resources)			694.06 K oz
Metal Prices in US$ (from 2012-02-03)			$1,725.90 / oz
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count			$24.88
Percentage of Total Metal Value			100.00%
Metal Value Percentage Proven + Probable			0%
Metal Value Percentage Measured + Indicated			50%
Metal Value Percentage Inferred			50%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	PP%	MI%	I%
Long Canyon	Nevada, USA	$21.51 ( 86.4% )	US$93.36	599.92 K oz	0	55%	45%
West Pepuop	Nevada, USA	$3.38 ( 13.6% )	US$80.46	94.14 K oz	0	20%	80%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Long Canyon

Latest NI43-101 Report: Technical Report on the Long Canyon Project Elko County, Nevada, USA
2009-04-24 (119 pages).

Updates: Fronteer Gold reports new resource estimate for Long Canyon gold deposit, Nevada Wed May 19, 2010 news release.

Project Location: Nevada, USA. View the Fronteer Development Group and AUEX Ventures Long Canyon project on a Google Map.

Average Ore Value (all estimate types): US$93.36

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$11.82	329.73 K oz	1.710 g/t	12.24 M t

Estimate notes: Fronteer Gold reports new resource estimate for Long Canyon gold deposit, Nevada Wed May 19, 2010 news release.
Resource quantities adjusted for ownership percentage of 49.0%.
Cutoff 0.20 g/t. Cutoff

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$9.69	270.18 K oz	1.650 g/t	10.39 M t

Estimate notes: See notes for Measured + Indicated.
Resource quantities adjusted for ownership percentage of 49.0%.
cutOffNotes

West Pepuop

The West Pequop Gold Exploration Project (West Pequop) is an advanced stage Carlin-Type gold exploration Joint Venture with Agnico-Eagle (Agnico-Eagle holds 70%). The West Pequop property is located in the Pequop Mountain range, Elko County, approximately 23 miles by road to the southeast of the town of Wells, Nevada. The mineralization defined at West Pequop Property is Carlin-Type gold mineralization.

[Source: NI 43-101 Report, July 15, 2010]

3% [Source: July 2010 NI 43-101 Report, p. 18 of 131.]

Latest NI43-101 Report: NI 43-101 Technical Report on Resources West Pequop Gold Exploration Project Nevada, USA
2010-07-15 (131 pages).

Project Location: Nevada, USA. View the West Pequop property on a Google Map.

Average Ore Value (all estimate types): US$80.46

Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.69	19.29 K oz	1.630 g/t	1.23 M t

Estimate notes: See Table 1: Total In-situ Mineral Resources for West Pequop at 0.3 g/t Au cutoff grade (SRK 2010). on p. 7 of 131 in the NI 43-101 dated July 2010.
Resource quantities adjusted for ownership percentage of 30.0%.
Cutoff grade 0.3 g/t Au.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.68	74.85 K oz	1.410 g/t	5.50 M t

Estimate notes: See note for Indicated.
Resource quantities adjusted for ownership percentage of 30.0%.

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