Owner
Post by Franko10 ™ on Sept 11, 2004 12:58:55 GMT -5
Letter of Intent Signed with International Uranium Corp.
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October 23, 2003 -- JNR Resources Inc. (TSX.V: JNN) is pleased to announce that it has signed a letter of intent with International Uranium Corp. ("IUC") to carry out further exploration on some of its uranium projects in the world's largest uranium producing region, the Athabasca Basin of northern Saskatchewan.
Upon completion of a formal option agreement, IUC will have the option to earn a 51% interest in the Moore Lake Property through aggregate expenditures and investments of $2.2 million over the first two years. IUC will also have the option to earn a further 24% interest in the Moore Lake Property through additional aggregate expenditures and investments of $2.2 million over years three and four. In addition IUC can earn a 75% interest in JNR's Lazy Edward Bay project through expenditures of $500,000 over two years. JNR will be manager of the exploration programs.
The Moore Lake Property contains typical unconformity-type uranium mineralization. The best intercept to date was from the Maverick Zone. Drillhole ML-25 returned 0.62% U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2% U3O8 and including a high grade interval of 12% U3O8 over 0.4 meters. The mineralized samples in this and other holes were also highly anomalous in silver, copper, nickel, lead, cobalt, vanadium, arsenic, zinc and boron -- associations unique and common to the large unconformity deposits in the Athabasca Basin such as McArthur River and Cigar Lake.
In addition, the association of uranium and these other metals along structures intersected at shallow depths in the sandstone is suggestive of a fertile and extensive mineralizing system at depth. Furthermore the high grade intercept in hole ML-25 occurred several metres into the basement. The unconformity, the optimum target, has not yet been tested on this drill section.
Discussions are underway with IUC as to the timing of the drilling programs and further exploration of several other prospective targets on the Moore Lake and Lazy Edward Bay Properties. It should be noted that the Maverick Zone can be drilled year round.
JNR further announces that it will be proceeding with the consolidation of its issued and authorized share capital on a 5:1 basis and the change of name from JNR Resources Inc. to Titan Resources Ltd., approved by JNR's shareholders at its Annual General Meeting held on July 25, 2003. The change of name and consolidation is subject to formal approval of the TSX Venture Exchange.
JNR's Management and Board of Directors are pleased with these recent developments, which they feel will offer JNR's shareholders the best opportunity to move forward and realize value from their investment.
The foregoing transactions are subject to all requisite regulatory approvals.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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October 23, 2003 -- JNR Resources Inc. (TSX.V: JNN) is pleased to announce that it has signed a letter of intent with International Uranium Corp. ("IUC") to carry out further exploration on some of its uranium projects in the world's largest uranium producing region, the Athabasca Basin of northern Saskatchewan.
Upon completion of a formal option agreement, IUC will have the option to earn a 51% interest in the Moore Lake Property through aggregate expenditures and investments of $2.2 million over the first two years. IUC will also have the option to earn a further 24% interest in the Moore Lake Property through additional aggregate expenditures and investments of $2.2 million over years three and four. In addition IUC can earn a 75% interest in JNR's Lazy Edward Bay project through expenditures of $500,000 over two years. JNR will be manager of the exploration programs.
The Moore Lake Property contains typical unconformity-type uranium mineralization. The best intercept to date was from the Maverick Zone. Drillhole ML-25 returned 0.62% U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2% U3O8 and including a high grade interval of 12% U3O8 over 0.4 meters. The mineralized samples in this and other holes were also highly anomalous in silver, copper, nickel, lead, cobalt, vanadium, arsenic, zinc and boron -- associations unique and common to the large unconformity deposits in the Athabasca Basin such as McArthur River and Cigar Lake.
In addition, the association of uranium and these other metals along structures intersected at shallow depths in the sandstone is suggestive of a fertile and extensive mineralizing system at depth. Furthermore the high grade intercept in hole ML-25 occurred several metres into the basement. The unconformity, the optimum target, has not yet been tested on this drill section.
Discussions are underway with IUC as to the timing of the drilling programs and further exploration of several other prospective targets on the Moore Lake and Lazy Edward Bay Properties. It should be noted that the Maverick Zone can be drilled year round.
JNR further announces that it will be proceeding with the consolidation of its issued and authorized share capital on a 5:1 basis and the change of name from JNR Resources Inc. to Titan Resources Ltd., approved by JNR's shareholders at its Annual General Meeting held on July 25, 2003. The change of name and consolidation is subject to formal approval of the TSX Venture Exchange.
JNR's Management and Board of Directors are pleased with these recent developments, which they feel will offer JNR's shareholders the best opportunity to move forward and realize value from their investment.
The foregoing transactions are subject to all requisite regulatory approvals.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
