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Post by Franko10 ™ on Sept 11, 2004 13:54:59 GMT -5
IUC Signs Letter of Intent to Earn Interest in the Crawford Lake Uranium Project in Athabasca Basin, Saskatchewan
11:26 EST Wednesday, January 21, 2004
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation (the "Company" or "IUC") is pleased to announce that it has signed a letter of intent to earn up to a 75% interest in the Crawford Lake uranium project from Phelps Dodge Corporation of Canada, Limited. Crawford Lake is a 12,979 hectare uranium property located in the heart of the rich uranium producing region of the Athabasca Basin of northern Saskatchewan - a region that accounts for over 33% of the world's uranium production. The project is located approximately 60 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8 . NOTE: Location map available from company at the number listed below or on the company's website at www.intluranium.com.
Historic work on the Crawford Lake project has defined a large-scale, intense alteration zone within what appears to be an extensive hydrothermal system. The project is in close proximity to the Key Lake mine and exhibits a similar alteration package. The Key Lake mine produced well over 100 million pounds U3O8 over its mine life.
During the winter of 1997, three diamond drill holes were completed at Crawford Lake for a total of 1,157 metres on a conductor in the northern sector of the property. Hole CL-11 encountered the most extensive alteration, extending from approximately 100 m depth almost all the way down to the unconformity. This zone shows strong friability with matrix dissolution, bleaching, argillitization and disseminated pyrite mineralization. The geochemistry of the hole is highly encouraging with strong kaolinitization throughout the hole, anomalous Pb over much of the hole and anomalous U3O8 over the bottom 30 m of the sandstone. The unconformity was at 522 m and the end of the hole at 531 m. The basement consists of biotite gneiss and granitoids of likely Aphebian age.
Ron Hochstein, President and C.E.O. of International Uranium, stated: "The Company continues to add to its growing portfolio of uranium projects. Crawford Lake is an exciting exploration project in a prolific uranium region. The key feature of this project is what looks to be a very large hydrothermal system - a system with all the earmarks of those which have created the other large uranium deposits in the basin."
Upon the completion of a formal earn-in agreement, IUC will have an ability to earn up to a 75% interest in the Crawford Lake project through total aggregate expenditures of Cdn $2.5 million over a period of 4 years. First year expenditures will be Cdn $250,000, of which Cdn $150,000 is a firm commitment. The foregoing transaction is subject to all requisite regulatory and corporate approvals. 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 and exploration assets in Mongolia, Canada and 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.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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
11:26 EST Wednesday, January 21, 2004
VANCOUVER, BRITISH COLUMBIA--International Uranium Corporation (the "Company" or "IUC") is pleased to announce that it has signed a letter of intent to earn up to a 75% interest in the Crawford Lake uranium project from Phelps Dodge Corporation of Canada, Limited. Crawford Lake is a 12,979 hectare uranium property located in the heart of the rich uranium producing region of the Athabasca Basin of northern Saskatchewan - a region that accounts for over 33% of the world's uranium production. The project is located approximately 60 kilometres southeast of Cameco Corporation's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8 . NOTE: Location map available from company at the number listed below or on the company's website at www.intluranium.com.
Historic work on the Crawford Lake project has defined a large-scale, intense alteration zone within what appears to be an extensive hydrothermal system. The project is in close proximity to the Key Lake mine and exhibits a similar alteration package. The Key Lake mine produced well over 100 million pounds U3O8 over its mine life.
During the winter of 1997, three diamond drill holes were completed at Crawford Lake for a total of 1,157 metres on a conductor in the northern sector of the property. Hole CL-11 encountered the most extensive alteration, extending from approximately 100 m depth almost all the way down to the unconformity. This zone shows strong friability with matrix dissolution, bleaching, argillitization and disseminated pyrite mineralization. The geochemistry of the hole is highly encouraging with strong kaolinitization throughout the hole, anomalous Pb over much of the hole and anomalous U3O8 over the bottom 30 m of the sandstone. The unconformity was at 522 m and the end of the hole at 531 m. The basement consists of biotite gneiss and granitoids of likely Aphebian age.
Ron Hochstein, President and C.E.O. of International Uranium, stated: "The Company continues to add to its growing portfolio of uranium projects. Crawford Lake is an exciting exploration project in a prolific uranium region. The key feature of this project is what looks to be a very large hydrothermal system - a system with all the earmarks of those which have created the other large uranium deposits in the basin."
Upon the completion of a formal earn-in agreement, IUC will have an ability to earn up to a 75% interest in the Crawford Lake project through total aggregate expenditures of Cdn $2.5 million over a period of 4 years. First year expenditures will be Cdn $250,000, of which Cdn $150,000 is a firm commitment. The foregoing transaction is subject to all requisite regulatory and corporate approvals. 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 and exploration assets in Mongolia, Canada and 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.
Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium; the impact of the sales volume of uranium; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this report. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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
