Owner
Post by Franko10 ™ on Sept 11, 2004 14:01:25 GMT -5
International Uranium Corporation: High Grade Uranium Zone Expanded at Moore Lake With Best Holes Received to Date
13:06 EDT Tuesday, August 17, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2004) - (IUC - TSX) ... International Uranium Corporation ("IUC") and JNR Resources Inc. ("JNR") are pleased to provide an update on the summer diamond drilling program on their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan.
The Companies have received the geochemical results for the first three holes drilled this summer on the high grade Maverick Zone (ML-47 to - 49), and are pleased to report two new significant uranium intersections in Holes ML-48 and ML-49.
------------------------------------------------------------
HOLE INTERVAL (M) LENGTH (M) U3O8 %
------------------------------------------------------------
ML-48 269.00-273.70 4.7 4.01
including 270.00-272.70 2.7 6.74
------------------------------------------------------------
ML-49 262.00-266.50 4.5 2.41
Including 262.50-265.00 2.5 4.17
------------------------------------------------------------
ML-47 269.05-278.05 9.0 0.30(i)
including 273.05-275.85 2.8 0.64(i)
------------------------------------------------------------
(i) grade equivalent
Holes ML-48 and ML-49 were progressive 17 meter stepouts to the west of ML-25 (the discovery hole), and represent the best intersections to date on the property. Of note, while the uranium mineralization in ML-48 is of the classic unconformity style, the mineralization in ML-49 is hosted entirely by sandstone. This variety in mineralization styles, including previously intersected basement hosted mineralization, is common to uranium deposits in the Athabasca Basin.
ML-47 was drilled south of and on section with ML-31. The results for this hole were determined from a calibrated downhole probe. Geochemical results are not available because of the poor core recovery through the mineralized zone. Hole ML-47 will require follow-up, as it is still in the footwall of the Maverick structure, with the optimum target still to the south.
The Companies have also received the interpretation from the geophysical surveys completed on the property earlier this summer. The structural corridor that hosts the uranium mineralization has been extended to the northeast and west, and can now be traced over a minimum strike length of three kilometers.
The Companies are very pleased with these results and a second drill crew is being mobilized. The second drill should be operating within ten days. Assay results from several other holes are pending and will be released as soon as available.
Ron Hochstein, President of IUC, commented, "The excellent results we are receiving from Moore Lake combined with the continuing rise in uranium prices bodes very well for the project. The high grade uranium zone has been significantly expanded and we look forward to continued success in the summer drill program."
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
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.
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
13:06 EDT Tuesday, August 17, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 17, 2004) - (IUC - TSX) ... International Uranium Corporation ("IUC") and JNR Resources Inc. ("JNR") are pleased to provide an update on the summer diamond drilling program on their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan.
The Companies have received the geochemical results for the first three holes drilled this summer on the high grade Maverick Zone (ML-47 to - 49), and are pleased to report two new significant uranium intersections in Holes ML-48 and ML-49.
------------------------------------------------------------
HOLE INTERVAL (M) LENGTH (M) U3O8 %
------------------------------------------------------------
ML-48 269.00-273.70 4.7 4.01
including 270.00-272.70 2.7 6.74
------------------------------------------------------------
ML-49 262.00-266.50 4.5 2.41
Including 262.50-265.00 2.5 4.17
------------------------------------------------------------
ML-47 269.05-278.05 9.0 0.30(i)
including 273.05-275.85 2.8 0.64(i)
------------------------------------------------------------
(i) grade equivalent
Holes ML-48 and ML-49 were progressive 17 meter stepouts to the west of ML-25 (the discovery hole), and represent the best intersections to date on the property. Of note, while the uranium mineralization in ML-48 is of the classic unconformity style, the mineralization in ML-49 is hosted entirely by sandstone. This variety in mineralization styles, including previously intersected basement hosted mineralization, is common to uranium deposits in the Athabasca Basin.
ML-47 was drilled south of and on section with ML-31. The results for this hole were determined from a calibrated downhole probe. Geochemical results are not available because of the poor core recovery through the mineralized zone. Hole ML-47 will require follow-up, as it is still in the footwall of the Maverick structure, with the optimum target still to the south.
The Companies have also received the interpretation from the geophysical surveys completed on the property earlier this summer. The structural corridor that hosts the uranium mineralization has been extended to the northeast and west, and can now be traced over a minimum strike length of three kilometers.
The Companies are very pleased with these results and a second drill crew is being mobilized. The second drill should be operating within ten days. Assay results from several other holes are pending and will be released as soon as available.
Ron Hochstein, President of IUC, commented, "The excellent results we are receiving from Moore Lake combined with the continuing rise in uranium prices bodes very well for the project. The high grade uranium zone has been significantly expanded and we look forward to continued success in the summer drill program."
Drill core was prepared and analysed by the Saskatchewan Research Council in accordance with industry standards. Drill results and technical data have been reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
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.
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
