Owner
Post by Franko10 ™ on Sept 11, 2004 12:28:30 GMT -5
Drilling Underway at Moore Lake
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Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that diamond drilling has resumed on the JNR Resources Inc./Kennecott Canada Exploration Inc. ("Kennecott") Joint Venture Moore Lake Project.
The drilling program will consist of 4 to 5 holes comprising a total of 1,500 metres. This program will continue to follow up the unconformity type uranium mineralization that was intersected by drill hole ML00-03, as well as to test new targets in the same general area, designated the "Maverick Zone", which were identified by a recently completed gravity survey. ML00-03, as previously reported, intersected a grade equivalent of 0.442 % U3O8 over 9.20 metres.
Upon completion of drilling on the Maverick Zone, and after receipt of all data derived from this program, Kennecott will have 30 days to provide notice to the Company with respect to Kennecott financing further work on the Moore Lake property. Kennecott can increase its interest to 65% in this property by funding the next $10 million in exploration expenditures, and can further increase its interest to 70% by expending $100 million on the property or by carrying it through to production, whichever comes first.
If Kennecott does not elect to fund further work on the Moore Lake property, then the property will revert 100% to the Company, which will be free to develop it without further obligation to Kennecott.
Further information will be released as the program progresses, and as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
"Dale W. Hoffman"
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
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Dale W. Hoffman, President of JNR Resources Inc. (the "Company"), is pleased to report that diamond drilling has resumed on the JNR Resources Inc./Kennecott Canada Exploration Inc. ("Kennecott") Joint Venture Moore Lake Project.
The drilling program will consist of 4 to 5 holes comprising a total of 1,500 metres. This program will continue to follow up the unconformity type uranium mineralization that was intersected by drill hole ML00-03, as well as to test new targets in the same general area, designated the "Maverick Zone", which were identified by a recently completed gravity survey. ML00-03, as previously reported, intersected a grade equivalent of 0.442 % U3O8 over 9.20 metres.
Upon completion of drilling on the Maverick Zone, and after receipt of all data derived from this program, Kennecott will have 30 days to provide notice to the Company with respect to Kennecott financing further work on the Moore Lake property. Kennecott can increase its interest to 65% in this property by funding the next $10 million in exploration expenditures, and can further increase its interest to 70% by expending $100 million on the property or by carrying it through to production, whichever comes first.
If Kennecott does not elect to fund further work on the Moore Lake property, then the property will revert 100% to the Company, which will be free to develop it without further obligation to Kennecott.
Further information will be released as the program progresses, and as it becomes available.
If you have any questions about this news release, or for more information, please contact Dale W. Hoffman or Peter D. Herbert at the above-noted numbers.
JNR RESOURCES INC.
Per:
"Dale W. Hoffman"
Dale W. Hoffman, President
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
