Owner
Post by Franko10 ™ on Sept 11, 2004 13:58:23 GMT -5
International Uranium Corporation: Mongolia Copper/Gold Project Update
13:23 EDT Tuesday, June 08, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 8, 2004) - (IUC - TSX) International Uranium Corporation ("IUC" or "the Company") is pleased to provide an update on the Company's copper/gold exploration program in Mongolia. In March, 2004, IUC announced the sale of its copper/gold properties in Mongolia to Fortress IT Corp. ("Fortress"). Filings and documentation pursuant to the sale have been submitted to the TSX Venture Exchange and regulatory authorities for approval. Fortress' shares are expected to resume trading soon after the receipt of regulatory approval. Upon conclusion of the transaction, IUC, through its shareholdings of Fortress, will hold an approximate 63% interest in the Mongolia copper/gold projects.
The 2004 work program is progressing under the direction of Fortress and is focusing initially on 3 of several key projects held in the country: Shiveen Gol, Erdenet and Altargany. The total copper/gold exploration land package in Mongolia encompasses over 1.74 million hectares and covers the most prospective regions in the country.
At the Shiveen Gol project in northwestern Mongolia, detailed geologic mapping and an extensive surface rock geochemistry program has been completed and has outlined a large, highly prospective target. The surface area of copper mineralization, IOCG-style hydrothermal alteration, strong IP chargeability, and anomalous ground magnetic signature covers an area of approximately 6 square kilometres.
The Company would like to report a correction to one of the Shiveen Gol copper values previously announced on December 4, 2003. The error was detected on the lab report and has since been corrected. No significant copper values were obtained in drill hole SGDD-15. The results reported from the lab were 33 metres of 0.23% Cu.
At the Erdenet project in northcentral Mongolia, an aggressive field program has been initiated on key holdings in the Erdenet belt. The work has consisted of integrated soil and rock geochemistry, geologic and alteration mapping, and ground magnetic surveys. Two targets for porphyry copper mineralization have emerged from the work. The Company anticipates drilling at least one of these targets this season. The Erdenet project covers over 5,000 square kilometres of prospective porphyry copper geology, northeast of Mongolia's largest operating copper mine (the Erdenet Mine). The Erdenet Mine is the only known commercial deposit in a +300 km long volcano-plutonic belt similar in its geologic setting to the Chilean Andes. Such belts worldwide commonly produce clusters of such deposits.
To date, the Company has completed over 900 line kilometres of ground magnetic and 200 line kilometres of IP surveys at the Shiveen Gol Project, and over 250 line kilometres of ground magnetic surveys in the Erdenet Project. The Company presently has an active ground magnetic program underway and an ongoing IP program in the Erdenet Project. Interpretation of the new work is being integrated with surface mapping, leached cap interpretations, and geochemistry to define drill targets at both Shiveen Gol and Erdenet.
At the Altargany project in western Huvsgul province, the company is planning an aggressive field campaign to follow up on the work completed in 2003 which defined a 15 kilometre long strong gold stream-sediment geochemisty anomaly.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits 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.), as well as uranium exploration properties in the Athabasca Region in Canada. 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
13:23 EDT Tuesday, June 08, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 8, 2004) - (IUC - TSX) International Uranium Corporation ("IUC" or "the Company") is pleased to provide an update on the Company's copper/gold exploration program in Mongolia. In March, 2004, IUC announced the sale of its copper/gold properties in Mongolia to Fortress IT Corp. ("Fortress"). Filings and documentation pursuant to the sale have been submitted to the TSX Venture Exchange and regulatory authorities for approval. Fortress' shares are expected to resume trading soon after the receipt of regulatory approval. Upon conclusion of the transaction, IUC, through its shareholdings of Fortress, will hold an approximate 63% interest in the Mongolia copper/gold projects.
The 2004 work program is progressing under the direction of Fortress and is focusing initially on 3 of several key projects held in the country: Shiveen Gol, Erdenet and Altargany. The total copper/gold exploration land package in Mongolia encompasses over 1.74 million hectares and covers the most prospective regions in the country.
At the Shiveen Gol project in northwestern Mongolia, detailed geologic mapping and an extensive surface rock geochemistry program has been completed and has outlined a large, highly prospective target. The surface area of copper mineralization, IOCG-style hydrothermal alteration, strong IP chargeability, and anomalous ground magnetic signature covers an area of approximately 6 square kilometres.
The Company would like to report a correction to one of the Shiveen Gol copper values previously announced on December 4, 2003. The error was detected on the lab report and has since been corrected. No significant copper values were obtained in drill hole SGDD-15. The results reported from the lab were 33 metres of 0.23% Cu.
At the Erdenet project in northcentral Mongolia, an aggressive field program has been initiated on key holdings in the Erdenet belt. The work has consisted of integrated soil and rock geochemistry, geologic and alteration mapping, and ground magnetic surveys. Two targets for porphyry copper mineralization have emerged from the work. The Company anticipates drilling at least one of these targets this season. The Erdenet project covers over 5,000 square kilometres of prospective porphyry copper geology, northeast of Mongolia's largest operating copper mine (the Erdenet Mine). The Erdenet Mine is the only known commercial deposit in a +300 km long volcano-plutonic belt similar in its geologic setting to the Chilean Andes. Such belts worldwide commonly produce clusters of such deposits.
To date, the Company has completed over 900 line kilometres of ground magnetic and 200 line kilometres of IP surveys at the Shiveen Gol Project, and over 250 line kilometres of ground magnetic surveys in the Erdenet Project. The Company presently has an active ground magnetic program underway and an ongoing IP program in the Erdenet Project. Interpretation of the new work is being integrated with surface mapping, leached cap interpretations, and geochemistry to define drill targets at both Shiveen Gol and Erdenet.
At the Altargany project in western Huvsgul province, the company is planning an aggressive field campaign to follow up on the work completed in 2003 which defined a 15 kilometre long strong gold stream-sediment geochemisty anomaly.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits 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.), as well as uranium exploration properties in the Athabasca Region in Canada. 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
