Post by Franko10 ™ on Sept 11, 2004 13:00:24 GMT -5
News Release
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December 1, 2003 -- JNR Resources Inc. (TSX.V: JNN): Rick Kusmirski is pleased to announce that the TSX Venture Exchange has approved the Option of the Company's Moore Lake and Lazy Edward Bay uranium properties to International Uranium Corp. (IUC). These properties occur in the Athabasca Basin of northern Saskatchewan, a region that hosts the world's richest uranium deposits.
As a result, the Company and IUC are planning to initiate an extensive winter diamond drilling program on the Moore Lake project within the next couple of weeks. All of the permits required to carry out the field work have been obtained and the diamond drilling contract is being finalised. A review of previous geophysical work is also underway. The planned program will consist of a minimum of 5000 meters (15 holes), with three or four holes to be drilled before the Christmas Holiday. Drilling would resume again early in the New Year.
The program will initially focus on following up the uranium mineralization intersected to date on the Maverick zone. The best intercept to date was from drill hole ML-25 which returned 0.62 per cent U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2 per cent U3O8 and including a high-grade interval of 12 per cent U3O8 over 0.4 meters. The mineralized samples in this and other holes in the area, 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.
On October 23, 2003, the Company announced that it signed a Letter of Intent with IUC that would give IUC the option to earn a 51% interest in the Moore Lake property through 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 property through additional expenditures and investments of $2.2 million over years three and four. In addition, IUC can earn a 75% interest in the Company's Lazy Edward Bay project through expenditures of $500,000 over two years. The Company will be manager of the exploration programs.
Further drilling details will be released over the next couple of weeks.
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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December 1, 2003 -- JNR Resources Inc. (TSX.V: JNN): Rick Kusmirski is pleased to announce that the TSX Venture Exchange has approved the Option of the Company's Moore Lake and Lazy Edward Bay uranium properties to International Uranium Corp. (IUC). These properties occur in the Athabasca Basin of northern Saskatchewan, a region that hosts the world's richest uranium deposits.
As a result, the Company and IUC are planning to initiate an extensive winter diamond drilling program on the Moore Lake project within the next couple of weeks. All of the permits required to carry out the field work have been obtained and the diamond drilling contract is being finalised. A review of previous geophysical work is also underway. The planned program will consist of a minimum of 5000 meters (15 holes), with three or four holes to be drilled before the Christmas Holiday. Drilling would resume again early in the New Year.
The program will initially focus on following up the uranium mineralization intersected to date on the Maverick zone. The best intercept to date was from drill hole ML-25 which returned 0.62 per cent U3O8 over 9.1 meters, including a 4.8 meter interval of 1.2 per cent U3O8 and including a high-grade interval of 12 per cent U3O8 over 0.4 meters. The mineralized samples in this and other holes in the area, 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.
On October 23, 2003, the Company announced that it signed a Letter of Intent with IUC that would give IUC the option to earn a 51% interest in the Moore Lake property through 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 property through additional expenditures and investments of $2.2 million over years three and four. In addition, IUC can earn a 75% interest in the Company's Lazy Edward Bay project through expenditures of $500,000 over two years. The Company will be manager of the exploration programs.
Further drilling details will be released over the next couple of weeks.
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.