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Post by Franko10 ™ on Sept 11, 2004 14:00:34 GMT -5
International Uranium Corporation: Mongolia Shiveen Gol Copper/Gold Update
17:55 EDT Wednesday, July 14, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 14, 2004) - (IUC - TSX) ... International Uranium Corporation owns approximately 63% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress today reported results from a rock sampling program at the Shiveen Gol copper/gold project in Mongolia as follows:
Recent rock sampling results from the 100% owned Shiveen Gol, copper-gold project in NW Mongolia have significantly enhanced the surface extent of known mineralization. The project is drill-ready and site preparation is underway to start a proposed drilling campaign of a minimum of 2,000 metres for later this month.
The Shiveen Gol project is located 1,100 km west of Ulaanbaatar, the capital city of Mongolia. The project area was first investigated by the current exploration team in 2003. The mineralization is interpreted to represent an Iron Oxide Copper Gold (IOCG) system located on the flanks of a large multi-stage Caldera complex (of approximately 35km2 size). The current zones of interest within the Shiveen Gol mineralised system, the "Ring Dyke Zone" (RDZ) and "Sino Pit Zone" (SPZ) appear to have not been investigated by previous Russian and Mongolian 'expeditions' as their attention appears to have been focussed on nearby polymetallic veins. However, it is believed that approximately 10,000 tonnes of rock had been extracted from three pits within the SPZ by ancient miners (pre-18th Century). The RDZ (1.6km2) and SPZ (1km2) are located adjacent to each other and within a few hundred metres of a regional North to North West trending structure.
The Ring Dyke Zone was recognised at the end of the 2003 field season and partially investigated by 2 diamond drill holes, a third was started but terminated prematurely due to bad weather. All three holes intercepted anomalous copper mineralization in the range 0.1%-0.5% copper. These holes are now interpreted to be located on the edge of the Shiveen Gol mineralised system as determined by the results of ground magnetic work and rock geochemistry completed in 2004.
To-date, a total of 98 rock chip and grab samples have been collected from the RDZ. Of these samples, 20 assayed in excess of 1% Cu including one continuous 17 metre chip sample returning a value of 2.5% Cu. The maximum value obtained to date from the RDZ is 5.9% Cu. Precious metal results also indicate that local enrichment has taken place with results for Au up to 301 ppb, and Ag up to 102ppm.
The recently discovered Sino Pit Zone is approximately 2km by 500m and comprises disseminated chalcopyrite within quartz monzonites and metamorphosed diorites. Over 30 rock geochemistry sample results are pending for this zone but of the 36 samples collected to date 22 contain in excess of 0.5% Cu and 5 contain Cu concentrations in excess of 1% Cu (maximum 1.9% Cu). The SPZ is scheduled to be drilled in the proposed upcoming drill program.
In summary, the 2004 exploration program at Shiveen Gol has been successful in significantly increasing the size of the zone of interest from less than 1km2 to approximately 2.6km2. Fortress intends to drill a minimum of 8 to 10 holes or approximately 2,000m into the Shiveen Gol prospect (RDZ and SPZ zones). The type of drilling scheduled is a combination Reverse Circulation / Diamond drill capable of angled holes.
Fortress currently holds 100% interest in 1.75 million hectares of exploration permits in Mongolia. Besides Shiveen Gol, Fortress is also currently working on two other exploration fronts in Mongolia, the Erdenet copper-molybdenum (gold) belt and Huvsgol gold project. Further information on the proposed drilling program at Shiveen Gol and the exploration progress at the other programs will be released during the current field season.
Rock samples were prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver assayed the pulps. Fortress randomly incorporates one of six quality control laboratory Standards into the analytical procedure. The Standards were provided by Ore Research and Exploration Pty. Ltd. (Australia) and each Standard has been evaluated by several recognised mineral testing laboratories in accordance with International Standards Organisation (ISO) recommendations. The Company's Qualified Person under National Instrument 43-101 is G.E. (Greg) McKelvey, a registered geologist in Wyoming and a Certified Professional Geologist in accordance with the guidelines of the American Institute of Professional Geologists. Mr. McKelvey is also a member of the Society of Economic Geologists, and a Fellow of the Geological Society of America.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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
17:55 EDT Wednesday, July 14, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 14, 2004) - (IUC - TSX) ... International Uranium Corporation owns approximately 63% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress today reported results from a rock sampling program at the Shiveen Gol copper/gold project in Mongolia as follows:
Recent rock sampling results from the 100% owned Shiveen Gol, copper-gold project in NW Mongolia have significantly enhanced the surface extent of known mineralization. The project is drill-ready and site preparation is underway to start a proposed drilling campaign of a minimum of 2,000 metres for later this month.
The Shiveen Gol project is located 1,100 km west of Ulaanbaatar, the capital city of Mongolia. The project area was first investigated by the current exploration team in 2003. The mineralization is interpreted to represent an Iron Oxide Copper Gold (IOCG) system located on the flanks of a large multi-stage Caldera complex (of approximately 35km2 size). The current zones of interest within the Shiveen Gol mineralised system, the "Ring Dyke Zone" (RDZ) and "Sino Pit Zone" (SPZ) appear to have not been investigated by previous Russian and Mongolian 'expeditions' as their attention appears to have been focussed on nearby polymetallic veins. However, it is believed that approximately 10,000 tonnes of rock had been extracted from three pits within the SPZ by ancient miners (pre-18th Century). The RDZ (1.6km2) and SPZ (1km2) are located adjacent to each other and within a few hundred metres of a regional North to North West trending structure.
The Ring Dyke Zone was recognised at the end of the 2003 field season and partially investigated by 2 diamond drill holes, a third was started but terminated prematurely due to bad weather. All three holes intercepted anomalous copper mineralization in the range 0.1%-0.5% copper. These holes are now interpreted to be located on the edge of the Shiveen Gol mineralised system as determined by the results of ground magnetic work and rock geochemistry completed in 2004.
To-date, a total of 98 rock chip and grab samples have been collected from the RDZ. Of these samples, 20 assayed in excess of 1% Cu including one continuous 17 metre chip sample returning a value of 2.5% Cu. The maximum value obtained to date from the RDZ is 5.9% Cu. Precious metal results also indicate that local enrichment has taken place with results for Au up to 301 ppb, and Ag up to 102ppm.
The recently discovered Sino Pit Zone is approximately 2km by 500m and comprises disseminated chalcopyrite within quartz monzonites and metamorphosed diorites. Over 30 rock geochemistry sample results are pending for this zone but of the 36 samples collected to date 22 contain in excess of 0.5% Cu and 5 contain Cu concentrations in excess of 1% Cu (maximum 1.9% Cu). The SPZ is scheduled to be drilled in the proposed upcoming drill program.
In summary, the 2004 exploration program at Shiveen Gol has been successful in significantly increasing the size of the zone of interest from less than 1km2 to approximately 2.6km2. Fortress intends to drill a minimum of 8 to 10 holes or approximately 2,000m into the Shiveen Gol prospect (RDZ and SPZ zones). The type of drilling scheduled is a combination Reverse Circulation / Diamond drill capable of angled holes.
Fortress currently holds 100% interest in 1.75 million hectares of exploration permits in Mongolia. Besides Shiveen Gol, Fortress is also currently working on two other exploration fronts in Mongolia, the Erdenet copper-molybdenum (gold) belt and Huvsgol gold project. Further information on the proposed drilling program at Shiveen Gol and the exploration progress at the other programs will be released during the current field season.
Rock samples were prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver assayed the pulps. Fortress randomly incorporates one of six quality control laboratory Standards into the analytical procedure. The Standards were provided by Ore Research and Exploration Pty. Ltd. (Australia) and each Standard has been evaluated by several recognised mineral testing laboratories in accordance with International Standards Organisation (ISO) recommendations. The Company's Qualified Person under National Instrument 43-101 is G.E. (Greg) McKelvey, a registered geologist in Wyoming and a Certified Professional Geologist in accordance with the guidelines of the American Institute of Professional Geologists. Mr. McKelvey is also a member of the Society of Economic Geologists, and a Fellow of the Geological Society of America.
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: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; 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 release. 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
