Post by Franko10 ™ on Sept 21, 2004 10:50:25 GMT -5
International Uranium Corporation: Mongolia Copper/Gold Drilling and Exploration Update
14:11 EDT Monday, September 13, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 13, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") owns approximately 58% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress today announced an update on their summer exploration program in Mongolia as follows:
Fortress Minerals Corp. ("Fortress") has completed its summer exploration program for 2004 from the Shiveen Gol, Huvs, Gobi Altai and Erdenet Belt (Teltiin and Oyuut Uul) projects in Mongolia. Exploration is still ongoing at its Tsagaan Tolgoi property in NW Mongolia adjacent to the Shiveen Gol property. All properties are 100% owned by Fortress Minerals and constitute part of a roughly 52,000km2 sized land package currently held under license or application by the Company in Mongolia. Upon approval of all exploration licences under application Fortress will become the second largest exploration licence land package owner in Mongolia.
Shiveen Gol (northwest Mongolia) - A total of 9 drill holes have been completed (a combination of RC and diamond drilling) for a total of 1,920.8 metres. The deepest hole was 280.5 metres. Geochemical results will be released when available. As reported in earlier news releases the geological target at Shiveen Gol is an Iron Oxide Copper Gold target with chalcopyrite mineralization reported from surface rock samples in the zone of drilling.
Huvs (north central Mongolia) - Approximately 600 soil, rock and stream sediment samples have been collected to date. A soil orientation survey (91 samples at 100m spacing) was completed in a drainage basin that previously returned 4.37 grams Au per tonne from pan concentrate sampling. Partial soil sample results received to date outline the existence of a gold enriched geochemical zone measuring approximately 2km by 300m. The highest gold soil sample from this zone returned a value of 0.49 g/t, with an average of 0.124 g/t. This gold geochemistry represents the first batch of results from 9 such soil surveys in the same district. The geological target from this zone is either a large tonnage mesothermal vein style or a sediment hosted gold deposit. A complete dataset of results from all sample media will be released when available. As a result of the encouraging results and current hypotheses for gold genesis in this region Fortress has applied for approximately 35,000 km2 of additional mineral exploration licenses in the Huvs region.
Erdenet District (north central Mongolia) - Work has been concluded within the Teltiin (copper-gold) and Oyuut Uul (gold) project areas. At Teltiin, a total of 50-line km of dipole-dipole IP was completed with 150m dipole spacings. A ground magnetic survey was completed over a 28 km2 area with 200m line spacings and readings collected every 10m on-line. A total of approximately 300-rock chip and 400-soil samples were collected. Final results and analysis are pending.
Work within the Oyuut Uul prospect has been completed. A total of 31-line km of IP surveys were completed with dipole-dipole spacings of 50 and 150m. A ground magnetic survey was completed over a 34 km2 area with 200m line-spacings and readings collected every 10m on-line. A total of approximately 60-rock chip and 100 soil samples were collected. Final results and analyses are pending.
Tsagaan Tolgoi - Reconnaissance exploration throughout the Tsagaan Tolgoi license block is ongoing. Approximately 300 rock chip samples have been collected to date from several gold and copper-gold prospects. Final results and analyses are pending.
Gobi Altai Region - A reconnaissance exploration program has been completed within Fortress's 100% owned Gants Modot license block in the west central Gobi Desert region. Approximately 150 rock chip samples were collected during reconnaissance completed in early September. Final results and analyses are pending.
A breakdown of the QA / QC procedures in place for rock and soil samples taken by Fortress are as follows: The samples are prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver assayed the pulps. The Company incorporates one of six quality control laboratory standards into the analytical procedure. The standards are 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.
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 58% 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
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com
14:11 EDT Monday, September 13, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 13, 2004) - (IUC - TSX) International Uranium Corporation ("IUC") owns approximately 58% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress today announced an update on their summer exploration program in Mongolia as follows:
Fortress Minerals Corp. ("Fortress") has completed its summer exploration program for 2004 from the Shiveen Gol, Huvs, Gobi Altai and Erdenet Belt (Teltiin and Oyuut Uul) projects in Mongolia. Exploration is still ongoing at its Tsagaan Tolgoi property in NW Mongolia adjacent to the Shiveen Gol property. All properties are 100% owned by Fortress Minerals and constitute part of a roughly 52,000km2 sized land package currently held under license or application by the Company in Mongolia. Upon approval of all exploration licences under application Fortress will become the second largest exploration licence land package owner in Mongolia.
Shiveen Gol (northwest Mongolia) - A total of 9 drill holes have been completed (a combination of RC and diamond drilling) for a total of 1,920.8 metres. The deepest hole was 280.5 metres. Geochemical results will be released when available. As reported in earlier news releases the geological target at Shiveen Gol is an Iron Oxide Copper Gold target with chalcopyrite mineralization reported from surface rock samples in the zone of drilling.
Huvs (north central Mongolia) - Approximately 600 soil, rock and stream sediment samples have been collected to date. A soil orientation survey (91 samples at 100m spacing) was completed in a drainage basin that previously returned 4.37 grams Au per tonne from pan concentrate sampling. Partial soil sample results received to date outline the existence of a gold enriched geochemical zone measuring approximately 2km by 300m. The highest gold soil sample from this zone returned a value of 0.49 g/t, with an average of 0.124 g/t. This gold geochemistry represents the first batch of results from 9 such soil surveys in the same district. The geological target from this zone is either a large tonnage mesothermal vein style or a sediment hosted gold deposit. A complete dataset of results from all sample media will be released when available. As a result of the encouraging results and current hypotheses for gold genesis in this region Fortress has applied for approximately 35,000 km2 of additional mineral exploration licenses in the Huvs region.
Erdenet District (north central Mongolia) - Work has been concluded within the Teltiin (copper-gold) and Oyuut Uul (gold) project areas. At Teltiin, a total of 50-line km of dipole-dipole IP was completed with 150m dipole spacings. A ground magnetic survey was completed over a 28 km2 area with 200m line spacings and readings collected every 10m on-line. A total of approximately 300-rock chip and 400-soil samples were collected. Final results and analysis are pending.
Work within the Oyuut Uul prospect has been completed. A total of 31-line km of IP surveys were completed with dipole-dipole spacings of 50 and 150m. A ground magnetic survey was completed over a 34 km2 area with 200m line-spacings and readings collected every 10m on-line. A total of approximately 60-rock chip and 100 soil samples were collected. Final results and analyses are pending.
Tsagaan Tolgoi - Reconnaissance exploration throughout the Tsagaan Tolgoi license block is ongoing. Approximately 300 rock chip samples have been collected to date from several gold and copper-gold prospects. Final results and analyses are pending.
Gobi Altai Region - A reconnaissance exploration program has been completed within Fortress's 100% owned Gants Modot license block in the west central Gobi Desert region. Approximately 150 rock chip samples were collected during reconnaissance completed in early September. Final results and analyses are pending.
A breakdown of the QA / QC procedures in place for rock and soil samples taken by Fortress are as follows: The samples are prepared and pulped by Analabs (a subsidiary of SGS Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver assayed the pulps. The Company incorporates one of six quality control laboratory standards into the analytical procedure. The standards are 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.
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 58% 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
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.intluranium.com