Owner
Post by Franko10 ™ on Feb 17, 2005 14:48:36 GMT -5
International Uranium Corporation: $7 Million Private Placement
14:42 EST Thursday, February 17, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 17, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) reports that it has agreed to sell on a non-brokered, private placement basis, up to an aggregate of 1 million Flow Through Common Shares at a price of $7.00 per share for gross proceeds of $7 million.
The gross proceeds of the Flow-Through Shares shall be used for the exploration of the Company's Canadian exploration projects. The Company will use its best efforts to ensure that the exploration expenditures qualify for the investment expenditure credits for purposes of the Income Tax Act (Canada).
The Company will pay a 4% finder's fee in connection with the private placement. The private placement is subject to regulatory approval.
The 2005 winter exploration program is currently underway on the Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan. The program includes a minimum of 15,000 meters of diamond drilling. The drilling will focus on following up and expanding the strike length of the high grade intersections obtained on the Maverick Zone (4.03% eU3O8 over 10.0 meters; including 19.96% eU3O8 over 1.4 meters; ML-61), as well as testing prospective targets on several regional grids.
The program also includes some 300 kilometers of line cutting and grid re-establishment, followed up by a combination of ground EM, magnetic and gravity surveys. In addition, a seismic survey is being carried out over the Maverick structural corridor, to further investigate the structural and geological relationships of the Maverick uranium mineralization.
There are two drills currently operating on the regional grids. A third drill will be mobilized to the Maverick Zone once the seismic program in the immediate area of the Maverick Zone has been completed. IUC has an option to earn a 75% interest in the Moore Lake project from JNR Resources Inc.
All results and technical information were obtained, verified and compiled under a formal quality assurance and quality control (QA/QC) program. JNR's President, Richard T. Kusmirski, P Geo, and Exploration Manager, David L. Billard, P Geo, are the Qualified Persons, pursuant to NI 43-101, responsible for the technical data presented in this release. IUC's President, Ron Hochstein, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the results and technical information as well as the adequacy of the analytical procedures.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and 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)
www.intluranium.com
14:42 EST Thursday, February 17, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 17, 2005) - International Uranium Corporation ("IUC") (TSX:IUC) reports that it has agreed to sell on a non-brokered, private placement basis, up to an aggregate of 1 million Flow Through Common Shares at a price of $7.00 per share for gross proceeds of $7 million.
The gross proceeds of the Flow-Through Shares shall be used for the exploration of the Company's Canadian exploration projects. The Company will use its best efforts to ensure that the exploration expenditures qualify for the investment expenditure credits for purposes of the Income Tax Act (Canada).
The Company will pay a 4% finder's fee in connection with the private placement. The private placement is subject to regulatory approval.
The 2005 winter exploration program is currently underway on the Moore Lake uranium project, located in the Athabasca Basin of northern Saskatchewan. The program includes a minimum of 15,000 meters of diamond drilling. The drilling will focus on following up and expanding the strike length of the high grade intersections obtained on the Maverick Zone (4.03% eU3O8 over 10.0 meters; including 19.96% eU3O8 over 1.4 meters; ML-61), as well as testing prospective targets on several regional grids.
The program also includes some 300 kilometers of line cutting and grid re-establishment, followed up by a combination of ground EM, magnetic and gravity surveys. In addition, a seismic survey is being carried out over the Maverick structural corridor, to further investigate the structural and geological relationships of the Maverick uranium mineralization.
There are two drills currently operating on the regional grids. A third drill will be mobilized to the Maverick Zone once the seismic program in the immediate area of the Maverick Zone has been completed. IUC has an option to earn a 75% interest in the Moore Lake project from JNR Resources Inc.
All results and technical information were obtained, verified and compiled under a formal quality assurance and quality control (QA/QC) program. JNR's President, Richard T. Kusmirski, P Geo, and Exploration Manager, David L. Billard, P Geo, are the Qualified Persons, pursuant to NI 43-101, responsible for the technical data presented in this release. IUC's President, Ron Hochstein, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the results and technical information as well as the adequacy of the analytical procedures.
IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and 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)
www.intluranium.com
