Owner
Post by Franko10 ™ on Sept 11, 2004 12:56:14 GMT -5
JNR/Kennecott Reorganization Agreement
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No. 02-15
Rick Kusmirski, President of JNR Resources Inc. (the "Company") is pleased to announce that the Company and Kennecott Canada Exploration Inc. ("Kennecott") have entered into a 'Reorganization Agreement' with respect to their uranium properties in the Athabasca Basin of Northern Saskatchewan.
Under the terms of this agreement JNR can acquire all of Kennecott's interest in the highly prospective Moore Lake property by expending $2,000,000 on exploration over the next five years. JNR will also immediately acquire Kennecott's interest in the Lazy Edwards Bay and Cigar North properties. Kennecott will retain a 2.5% net smelter return royalty on all of the properties.
The Company is pleased with these developments and with the opportunity that it affords its shareholders. The Company is currently negotiating third party financing options and plans are underway to initiate an extensive diamond drilling program on the Moore Lake property in early January 2003.
Drilling programs on this property over the past couple of years have intersected uranium mineralization in three separate locales. The better results were obtained from an extensive and well mineralized northeast trending structural corridor referred to as the Maverick Zone. This past summer, drill hole ML-25 returned 0.62 % U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2 % U3O8 and including a 0.4 meter interval of 12% U3O8. The mineralization is open in three directions.
Further financing and drilling details will be released over the next couple of weeks.
ON BEHALF OF THE BOARD
"R. T. Kusmirski"
Richard T. (Rick) Kusmirski, President & Director
For further information, please call: (306) 249-3562
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
--------------------------------------------------------------------------------
No. 02-15
Rick Kusmirski, President of JNR Resources Inc. (the "Company") is pleased to announce that the Company and Kennecott Canada Exploration Inc. ("Kennecott") have entered into a 'Reorganization Agreement' with respect to their uranium properties in the Athabasca Basin of Northern Saskatchewan.
Under the terms of this agreement JNR can acquire all of Kennecott's interest in the highly prospective Moore Lake property by expending $2,000,000 on exploration over the next five years. JNR will also immediately acquire Kennecott's interest in the Lazy Edwards Bay and Cigar North properties. Kennecott will retain a 2.5% net smelter return royalty on all of the properties.
The Company is pleased with these developments and with the opportunity that it affords its shareholders. The Company is currently negotiating third party financing options and plans are underway to initiate an extensive diamond drilling program on the Moore Lake property in early January 2003.
Drilling programs on this property over the past couple of years have intersected uranium mineralization in three separate locales. The better results were obtained from an extensive and well mineralized northeast trending structural corridor referred to as the Maverick Zone. This past summer, drill hole ML-25 returned 0.62 % U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2 % U3O8 and including a 0.4 meter interval of 12% U3O8. The mineralization is open in three directions.
Further financing and drilling details will be released over the next couple of weeks.
ON BEHALF OF THE BOARD
"R. T. Kusmirski"
Richard T. (Rick) Kusmirski, President & Director
For further information, please call: (306) 249-3562
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release.
