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Post by Franko10 ™ on Sept 11, 2004 13:55:20 GMT -5
International Uranium Corporation: Moore Lake Uranium Project Drilling Update
09:00 EST Friday, January 23, 2004
VANCOUVER, BRITISH COLUMBIA--(IUC - TSX) ... International Uranium Corporation (the "Company") is pleased to report that the drill crew has been mobilized and drilling has resumed again after the Christmas break at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan. The project is located 35 kilometers southeast of Cameco's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometers northeast of the Key Lake uranium mine which produced in excess of 100 million pounds U3O8 over its mine life.
A minimum of 5,000 meters (15 holes) will be drilled in this program and will initially focus on following up the high grade uranium mineralization intersected on the Maverick Zone. 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.
The Company has expanded the exploration program on the Moore Lake project to include thirty kilometers of linecutting, gravity and EM. This work will be carried out northeast and west of the Maverick Zone proper, along the same structural/conductive corridor that hosts the known mineralization. The ground work is currently underway, should be completed by early February and will identify additional targets for drill testing.
Of the four holes planned to be drilled prior to the Christmas holiday, only two were completed. This was due to poor ground conditions encountered by the drilling, and is the result of extensive faulting and alteration intersected by the drill holes. These conditions are common in the Athabasca Basin because of the intense alteration found throughout the uranium deposit areas. Drill results will be announced once the initial four planned holes have been completed and assayed.
The Companies have also initiated a review of all geophysical and geochemical data on their Lazy Edward Bay property, with the intent of initiating an exploration program later this winter.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
09:00 EST Friday, January 23, 2004
VANCOUVER, BRITISH COLUMBIA--(IUC - TSX) ... International Uranium Corporation (the "Company") is pleased to report that the drill crew has been mobilized and drilling has resumed again after the Christmas break at the Moore Lake uranium project in the Athabasca Basin of northern Saskatchewan. The project is located 35 kilometers southeast of Cameco's McArthur River uranium mine, the world's largest uranium mine with annual capacity of 18 million pounds U3O8, and 40 kilometers northeast of the Key Lake uranium mine which produced in excess of 100 million pounds U3O8 over its mine life.
A minimum of 5,000 meters (15 holes) will be drilled in this program and will initially focus on following up the high grade uranium mineralization intersected on the Maverick Zone. 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.
The Company has expanded the exploration program on the Moore Lake project to include thirty kilometers of linecutting, gravity and EM. This work will be carried out northeast and west of the Maverick Zone proper, along the same structural/conductive corridor that hosts the known mineralization. The ground work is currently underway, should be completed by early February and will identify additional targets for drill testing.
Of the four holes planned to be drilled prior to the Christmas holiday, only two were completed. This was due to poor ground conditions encountered by the drilling, and is the result of extensive faulting and alteration intersected by the drill holes. These conditions are common in the Athabasca Basin because of the intense alteration found throughout the uranium deposit areas. Drill results will be announced once the initial four planned holes have been completed and assayed.
The Companies have also initiated a review of all geophysical and geochemical data on their Lazy Edward Bay property, with the intent of initiating an exploration program later this winter.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
