Owner
Post by Franko10 ™ on Sept 11, 2004 14:01:55 GMT -5
International Uranium Corporation: New High Grade Results In From Moore Lake Including 4.4 Metres Of 7.02% U3O8
07:00 EDT Thursday, August 19, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 19, 2004) - International Uranium Corporation ("IUC") and JNR Resources Inc., jointly the "Companies", are pleased to announce the latest results from the summer diamond drilling program currently underway on their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan. IUC has an option to earn a 75% interest.
The Companies have just received the geochemical assays from two additional holes drilled this summer on the Maverick Zone (ML-54 & -55) and are pleased to report two new high grade uranium intersections. In fact, ML-55 which intersected 5.14% U3O8 over 6.2 metres, including a 4.4 metre interval of 7.02% U3O8, represents the best hole drilled to date on the property. ML-54 intersected 3.5 % U3O8 over 5.0 metres; including a 2.5 metre interval of 6.52 % U3O8. Of note, is that the 5.0 meter interval in ML-54 also returned 2.4 g/t gold.
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HOLE INTERVAL (M) LENGTH (M) U3O8 %
--------------------------------------------------------------
ML-54 264.50-269.50 5.0 3.50
including 266.00-268.50 2.5 6.52
--------------------------------------------------------------
ML-55 263.00-269.20 6.2 5.14
including 263.50-267.90 4.4 7.02
--------------------------------------------------------------
--------------------------------------------------------------
ML-54 and -55 were progressive 17 metre stepouts to the west of ML-35. The mineralization in both holes is associated with pitchblende, a uranium bearing mineral that is common to high grade deposits. The pitchblende in these two holes occurs throughout the sandstone matrix and as irregular veinlets throughout the host rock. The mineralization in ML-54 occurs at the unconformity, while in ML-55 it occurs in the sandstone, immediately above the unconformity.
The Companies are very pleased with these results. The summer diamond drilling program will continue into the fall. Start up of the second drill is on schedule.
Ron Hochstein, President of IUC, commented, "The summer drilling program at Moore Lake has been an outstanding success so far - and we're barely half way through. It's been particularly exciting for us, as recently, each good hole we get seems to outdo the previous one. With uranium at US $19 per pound and expected to rise further still, we look forward to the continued success of the 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 http://www/intluranium.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
07:00 EDT Thursday, August 19, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 19, 2004) - International Uranium Corporation ("IUC") and JNR Resources Inc., jointly the "Companies", are pleased to announce the latest results from the summer diamond drilling program currently underway on their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan. IUC has an option to earn a 75% interest.
The Companies have just received the geochemical assays from two additional holes drilled this summer on the Maverick Zone (ML-54 & -55) and are pleased to report two new high grade uranium intersections. In fact, ML-55 which intersected 5.14% U3O8 over 6.2 metres, including a 4.4 metre interval of 7.02% U3O8, represents the best hole drilled to date on the property. ML-54 intersected 3.5 % U3O8 over 5.0 metres; including a 2.5 metre interval of 6.52 % U3O8. Of note, is that the 5.0 meter interval in ML-54 also returned 2.4 g/t gold.
--------------------------------------------------------------
--------------------------------------------------------------
HOLE INTERVAL (M) LENGTH (M) U3O8 %
--------------------------------------------------------------
ML-54 264.50-269.50 5.0 3.50
including 266.00-268.50 2.5 6.52
--------------------------------------------------------------
ML-55 263.00-269.20 6.2 5.14
including 263.50-267.90 4.4 7.02
--------------------------------------------------------------
--------------------------------------------------------------
ML-54 and -55 were progressive 17 metre stepouts to the west of ML-35. The mineralization in both holes is associated with pitchblende, a uranium bearing mineral that is common to high grade deposits. The pitchblende in these two holes occurs throughout the sandstone matrix and as irregular veinlets throughout the host rock. The mineralization in ML-54 occurs at the unconformity, while in ML-55 it occurs in the sandstone, immediately above the unconformity.
The Companies are very pleased with these results. The summer diamond drilling program will continue into the fall. Start up of the second drill is on schedule.
Ron Hochstein, President of IUC, commented, "The summer drilling program at Moore Lake has been an outstanding success so far - and we're barely half way through. It's been particularly exciting for us, as recently, each good hole we get seems to outdo the previous one. With uranium at US $19 per pound and expected to rise further still, we look forward to the continued success of the 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 http://www/intluranium.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
