Owner
Post by Franko10 ™ on Sept 11, 2004 14:01:02 GMT -5
IUC Acquires New Uranium Properties in Mongolia
11:22 EDT Thursday, July 15, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 15, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") is pleased to announce the addition of six new uranium exploration areas to the "Gurvan Saihan" Joint Venture in Mongolia. IUC is the Managing Director and Operator and holds a 70% interest in the Mongolia JV, with the Mongolian government and a Russian geological concern each holding a 15% interest.
With the rising uranium spot market, the Company moved to capitalize on its local knowledge of prime uranium exploration areas in Mongolia by substantially adding to its property position. Seven new exploration licenses, in six separate locales, were recently issued to the JV. These licenses total approximately 540,000 hectares, which brings the Gurvan Saihan Joint Venture's total land position in Mongolia to 1.65 million hectares.
All of the new license areas are located in the Central Gobi region and lie along the same regional belt of sedimentary basins that host significant uranium deposits at the JV's Hairhan and Haraat properties. The identified uranium deposits occur in Cretaceous age fluvial and lacustrine sediments derived from weathering of crystalline basement rocks, including granites and metamorphic rocks. Uranium mineralization occurs in sandstones, siltstones, clays and coaley sediments deposited in intermontane basins. The focus of past and planned uranium exploration is for sandstone-hosted deposits that can be mined using the "In Situ Leach" ("ISL") method.
The JV's past work included nearly 150,000 meters of drilling and operation of two ISL pilot tests. The JV has identified inferred uranium resources totalling 21,672,000 @ 0.052% U3O8 for approximately 8,700 tonnes U (22.6 million pounds U3O8). These deposits occur at depths of less than 150 meters, and pilot testing has confirmed that ISL is applicable. The resource estimate was completed by the JV prior to the implementation of NI 43-101, however, the Company considers this estimate to be relevant and the best existing estimate of the resources.
The areas recently licensed are known to have deposits of the Cretaceous Zuunbayan formation sediments that are the same as the host rocks for uranium deposits at Hairhan and Haraat. Based on past regional geologic work and prospecting work performed in 1998-1999, a number of radiometric anomalies and uranium occurrences have been identified in the new license areas. The Company is preparing plans to initiate exploration in 2004. Initial work will include geologic mapping and gamma spectrometric surveys to locate local anomalies in the host formation. Drilling is presently contemplated for the 2004 work also, and definitive targets and programs will be developed in the coming weeks.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company owns approximately 63% of the outstanding shares of Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia.
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.
United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
NOTE: Location map available from the company at the number listed below or on the company's website at www.intluranium.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
11:22 EDT Thursday, July 15, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jul 15, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") is pleased to announce the addition of six new uranium exploration areas to the "Gurvan Saihan" Joint Venture in Mongolia. IUC is the Managing Director and Operator and holds a 70% interest in the Mongolia JV, with the Mongolian government and a Russian geological concern each holding a 15% interest.
With the rising uranium spot market, the Company moved to capitalize on its local knowledge of prime uranium exploration areas in Mongolia by substantially adding to its property position. Seven new exploration licenses, in six separate locales, were recently issued to the JV. These licenses total approximately 540,000 hectares, which brings the Gurvan Saihan Joint Venture's total land position in Mongolia to 1.65 million hectares.
All of the new license areas are located in the Central Gobi region and lie along the same regional belt of sedimentary basins that host significant uranium deposits at the JV's Hairhan and Haraat properties. The identified uranium deposits occur in Cretaceous age fluvial and lacustrine sediments derived from weathering of crystalline basement rocks, including granites and metamorphic rocks. Uranium mineralization occurs in sandstones, siltstones, clays and coaley sediments deposited in intermontane basins. The focus of past and planned uranium exploration is for sandstone-hosted deposits that can be mined using the "In Situ Leach" ("ISL") method.
The JV's past work included nearly 150,000 meters of drilling and operation of two ISL pilot tests. The JV has identified inferred uranium resources totalling 21,672,000 @ 0.052% U3O8 for approximately 8,700 tonnes U (22.6 million pounds U3O8). These deposits occur at depths of less than 150 meters, and pilot testing has confirmed that ISL is applicable. The resource estimate was completed by the JV prior to the implementation of NI 43-101, however, the Company considers this estimate to be relevant and the best existing estimate of the resources.
The areas recently licensed are known to have deposits of the Cretaceous Zuunbayan formation sediments that are the same as the host rocks for uranium deposits at Hairhan and Haraat. Based on past regional geologic work and prospecting work performed in 1998-1999, a number of radiometric anomalies and uranium occurrences have been identified in the new license areas. The Company is preparing plans to initiate exploration in 2004. Initial work will include geologic mapping and gamma spectrometric surveys to locate local anomalies in the host formation. Drilling is presently contemplated for the 2004 work also, and definitive targets and programs will be developed in the coming weeks.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the Company owns approximately 63% of the outstanding shares of Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia.
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.
United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
ON BEHALF OF THE BOARD
Ron F. Hochstein, President
NOTE: Location map available from the company at the number listed below or on the company's website at www.intluranium.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
