Post by Franko10 ™ on Sept 21, 2004 10:51:15 GMT -5
International Uranium Corporation: 20% Uranium Intercept at Moore Lake
14:49 EDT Wednesday, September 15, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 15, 2004) - (IUC - TSX) ... International Uranium Corporation ("IUC") and JNR Resources Inc., jointly the "Companies" are pleased to provide a further update on the summer drilling program for their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan.
Drill hole ML-61, returned a grade equivalent of 4.03% U3O8 over 10.0 meters (264.68 to 274.68 m); including a 1.4 meter intercept of 19.96% U3O8. The uranium mineralization in this hole occurs at the unconformity and in the overlying sandstone. ML-61 was drilled 5 meters south of drill hole ML-49 which was previously reported to have intersected sandstone-hosted uranium mineralization (2.41% U3O8 over 4.5 meters).
Drill hole ML-60, returned a grade equivalent of 2.20% U3O8 over 4.2 meters (265.48 to 269.68 m); including a 1.5 meter intercept of 4.30% U3O8. The uranium mineralization in this hole is sandstone-hosted. ML-60 was drilled midway between two previously reported holes; ML-54 (3.50% U3O8 over 5.0 m) and ML-55 (5.14% U3O8 over 6.2 m).
The intersections reported for drill holes ML-61 & -60 were determined using a calibrated Geiger probe, appropriate for high grade mineralization. The probe measures gamma radiation to estimate the U3O8 grade, a standard procedure when core loss is extensive. Extensive core loss through mineralized zones is due to the intense alteration and structural disruption, and is very common in this type of uranium mineralization.
Geochemical results have also been received from drill holes ML-50 to -53.
ML-52 & -53 were drilled 15 meters to the north of previously reported hole ML-48 (4.01% U3O8 over 4.7 m) and ML-49, respectively. They are clearly in the footwall of the mineralized zone and intersected a highly altered and structurally disrupted sandstone column; that returned highly anomalous levels of uranium, lead and boron. ML-52 also intersected 6 meters of perched mineralization beginning at 50 meters downhole. Individual 0.5 meter samples returned up to 0.12% U3O8, and were accompanied by highly anomalous lead and anomalous copper values.
ML-50 & -51 were drilled 15 meters south of ML-48 and -49 respectively. Both drill holes are in the hanging wall of the mineralized zone and intersected several meters of highly anomalous radioactivity including weak uranium mineralization, in strongly altered and structurally disrupted basement rocks.
Additional geochemical results have been received for the mineralized samples from ML-54 & -55, and indicate that they are also highly anomalous with respect to copper, nickel, lead, cobalt, vanadium and arsenic. In fact, the 5 meter wide mineralized intercept in ML-54 returned 2.29% nickel and 0.57% cobalt; while the 4.4 meter intercept in ML-55 that returned 7.02% U3O8; also contains 1.33% nickel and 0.96% cobalt.
The Companies are very pleased with these results. The intersection in ML-61 is the best to date on the property and indicative of the high grade nature of the mineralizing system. Two drills are currently operating and will continue to do so until freeze-up. Assay and/or probe results from additional holes will be released as they become available.
Drill core was prepared and analyzed 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 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
14:49 EDT Wednesday, September 15, 2004
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 15, 2004) - (IUC - TSX) ... International Uranium Corporation ("IUC") and JNR Resources Inc., jointly the "Companies" are pleased to provide a further update on the summer drilling program for their Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan.
Drill hole ML-61, returned a grade equivalent of 4.03% U3O8 over 10.0 meters (264.68 to 274.68 m); including a 1.4 meter intercept of 19.96% U3O8. The uranium mineralization in this hole occurs at the unconformity and in the overlying sandstone. ML-61 was drilled 5 meters south of drill hole ML-49 which was previously reported to have intersected sandstone-hosted uranium mineralization (2.41% U3O8 over 4.5 meters).
Drill hole ML-60, returned a grade equivalent of 2.20% U3O8 over 4.2 meters (265.48 to 269.68 m); including a 1.5 meter intercept of 4.30% U3O8. The uranium mineralization in this hole is sandstone-hosted. ML-60 was drilled midway between two previously reported holes; ML-54 (3.50% U3O8 over 5.0 m) and ML-55 (5.14% U3O8 over 6.2 m).
The intersections reported for drill holes ML-61 & -60 were determined using a calibrated Geiger probe, appropriate for high grade mineralization. The probe measures gamma radiation to estimate the U3O8 grade, a standard procedure when core loss is extensive. Extensive core loss through mineralized zones is due to the intense alteration and structural disruption, and is very common in this type of uranium mineralization.
Geochemical results have also been received from drill holes ML-50 to -53.
ML-52 & -53 were drilled 15 meters to the north of previously reported hole ML-48 (4.01% U3O8 over 4.7 m) and ML-49, respectively. They are clearly in the footwall of the mineralized zone and intersected a highly altered and structurally disrupted sandstone column; that returned highly anomalous levels of uranium, lead and boron. ML-52 also intersected 6 meters of perched mineralization beginning at 50 meters downhole. Individual 0.5 meter samples returned up to 0.12% U3O8, and were accompanied by highly anomalous lead and anomalous copper values.
ML-50 & -51 were drilled 15 meters south of ML-48 and -49 respectively. Both drill holes are in the hanging wall of the mineralized zone and intersected several meters of highly anomalous radioactivity including weak uranium mineralization, in strongly altered and structurally disrupted basement rocks.
Additional geochemical results have been received for the mineralized samples from ML-54 & -55, and indicate that they are also highly anomalous with respect to copper, nickel, lead, cobalt, vanadium and arsenic. In fact, the 5 meter wide mineralized intercept in ML-54 returned 2.29% nickel and 0.57% cobalt; while the 4.4 meter intercept in ML-55 that returned 7.02% U3O8; also contains 1.33% nickel and 0.96% cobalt.
The Companies are very pleased with these results. The intersection in ML-61 is the best to date on the property and indicative of the high grade nature of the mineralizing system. Two drills are currently operating and will continue to do so until freeze-up. Assay and/or probe results from additional holes will be released as they become available.
Drill core was prepared and analyzed 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 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