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Post by Franko10 ™ on Mar 22, 2005 11:31:16 GMT -5
International Uranium Corporation: Drilling Program Underway at Key Lake South
11:19 EST Tuesday, March 22, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - International Uranium Corporation (TSX:IUC) is pleased to announce the start of a winter drilling program at its 100% owned Key Lake South uranium project. The project is located about 20 km southwest of Cameco's Key Lake mine in the Athabasca Basin region of northern Saskatchewan.
The most prospective area on the project is the Twin Lake area in the southern portion of the project. Significant radiometric anomalies were encountered by past work in both bedrock and surficial deposits. Although the Twin Lake area lies in the path of the Key Lake boulder dispersion fan, the scale and strength of the surficial anomalies may indicate an additional, more local source. In January 2004, an airborne EM and magnetometer survey was done on the property which confirmed the presence of a circular basement dome with a diameter of three kilometres which is flanked or mantled by graphite bearing pelites. The project area is underlain by predominantly Aphebian metasediments mantling domal Archean granitoids. The airborne program was followed up this winter with over 75 line-km of horizontal loop EM surveys. As a result of these programs the Company has begun a 1,500 m drill program focusing on a number of conductors in the Twin Lake area of the property (To view attached map please click on the following link: www2.ccnmatthews.com/database/fax/2000/0322iuc.jpg).
Klaus Lehnert-Thiel, P Geo, a member of IUC's uranium advisory committee is the Qualified Person, pursuant to NI 43-101, responsible for the technical data presented in this release.
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. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
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
11:19 EST Tuesday, March 22, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) - International Uranium Corporation (TSX:IUC) is pleased to announce the start of a winter drilling program at its 100% owned Key Lake South uranium project. The project is located about 20 km southwest of Cameco's Key Lake mine in the Athabasca Basin region of northern Saskatchewan.
The most prospective area on the project is the Twin Lake area in the southern portion of the project. Significant radiometric anomalies were encountered by past work in both bedrock and surficial deposits. Although the Twin Lake area lies in the path of the Key Lake boulder dispersion fan, the scale and strength of the surficial anomalies may indicate an additional, more local source. In January 2004, an airborne EM and magnetometer survey was done on the property which confirmed the presence of a circular basement dome with a diameter of three kilometres which is flanked or mantled by graphite bearing pelites. The project area is underlain by predominantly Aphebian metasediments mantling domal Archean granitoids. The airborne program was followed up this winter with over 75 line-km of horizontal loop EM surveys. As a result of these programs the Company has begun a 1,500 m drill program focusing on a number of conductors in the Twin Lake area of the property (To view attached map please click on the following link: www2.ccnmatthews.com/database/fax/2000/0322iuc.jpg).
Klaus Lehnert-Thiel, P Geo, a member of IUC's uranium advisory committee is the Qualified Person, pursuant to NI 43-101, responsible for the technical data presented in this release.
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. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.
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
