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Post by Franko10 ™ on Sept 11, 2004 13:53:13 GMT -5
International Uranium Corporation: Drilling to Commence at Moore Lake Uranium Project in Athabasca Basin, Saskatchewan
10:01 EST Monday, December 01, 2003
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation ("IUC") is pleased to announce that an extensive winter diamond drilling program is scheduled to commence within the next couple of weeks at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan, a region that hosts the world's richest uranium reserves. All of the permits required to carry out the field work have been obtained and the drilling contract is being finalized. A review of previous geophysical work is also underway. The planned program will consist of a minimum of 5,000 metres (15 holes), with 3 or 4 holes expected to be completed before the Christmas holiday. Drilling would then resume again early in the New Year.
The program will initially focus on following up the high grade uranium mineralization intersected on the Maverick Zone (To view attached map, please click on the following link: www2.cdn-news.com/database/fax/2000/iuc1201a.jpg). The high grade discovery was made about a year ago in Hole ML-25 which included an interval grading 12% U3O8 over 0.4 metres (total intercept returned 0.62% U3O8 over 9.1 m, including a 4.8 metre interval of 1.2% U3O8). 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, Cigar Lake, etc. 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.
The project is located 35 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometres northeast of the Key Lake uranium mine. This region accounts for over 33% of the world's uranium production.
The properties are being optioned from JNR Resources Inc. IUC has an option to earn up to a 75% interest in the Moore Lake Uranium Property through aggregate expenditures and investments of Cdn $4.4 million over a period of 4 years. In addition, IUC has an option to acquire a 75% interest in the Lazy Edward Bay Uranium Property, located west of Moore Lake, through expenditures of Cdn $500,000 over a period of 2 years. Drill results and technical data have been reviewed by Richard Bailes, P.Geo., a Qualified Person pursuant to NI-43-101.
IUC is a uranium producer that holds significant uranium resources in Mongolia and in the U.S. including a fully-permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.). The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
10:01 EST Monday, December 01, 2003
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation ("IUC") is pleased to announce that an extensive winter diamond drilling program is scheduled to commence within the next couple of weeks at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan, a region that hosts the world's richest uranium reserves. All of the permits required to carry out the field work have been obtained and the drilling contract is being finalized. A review of previous geophysical work is also underway. The planned program will consist of a minimum of 5,000 metres (15 holes), with 3 or 4 holes expected to be completed before the Christmas holiday. Drilling would then resume again early in the New Year.
The program will initially focus on following up the high grade uranium mineralization intersected on the Maverick Zone (To view attached map, please click on the following link: www2.cdn-news.com/database/fax/2000/iuc1201a.jpg). The high grade discovery was made about a year ago in Hole ML-25 which included an interval grading 12% U3O8 over 0.4 metres (total intercept returned 0.62% U3O8 over 9.1 m, including a 4.8 metre interval of 1.2% U3O8). 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, Cigar Lake, etc. 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.
The project is located 35 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometres northeast of the Key Lake uranium mine. This region accounts for over 33% of the world's uranium production.
The properties are being optioned from JNR Resources Inc. IUC has an option to earn up to a 75% interest in the Moore Lake Uranium Property through aggregate expenditures and investments of Cdn $4.4 million over a period of 4 years. In addition, IUC has an option to acquire a 75% interest in the Lazy Edward Bay Uranium Property, located west of Moore Lake, through expenditures of Cdn $500,000 over a period of 2 years. Drill results and technical data have been reviewed by Richard Bailes, P.Geo., a Qualified Person pursuant to NI-43-101.
IUC is a uranium producer that holds significant uranium resources in Mongolia and in the U.S. including a fully-permitted 2,000 ton per day uranium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.). The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
