Owner
Post by Franko10 ™ on Apr 5, 2005 16:10:24 GMT -5
IUC Options Additional Uranium Properties in Mongolia and Forms Strategic Alliance with Erdene Gold
09:51 EDT Tuesday, April 05, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2005) - International Uranium Corporation (TSX:IUC) ("IUC") is pleased to announce that it has signed a Memorandum of Agreement with Erdene Gold Inc. ("Erdene") to acquire a 65% interest in Erdene's uranium properties in Mongolia. Please see attached map, www2.ccnmatthews.com/database/fax/2000/iuc0405.jpg
The Erdene uranium properties comprise an area of greater than 1.3 million hectares covering highly prospective ground in the central regional belt of sedimentary basins. Multiple uranium occurrences, radiometric anomalies and favourable geology for sediment-hosted uranium deposits have been identified throughout the license areas.
Several properties are in proximity to IUC's (70% interest) known uranium deposits. IUC's past work in Mongolia has to date included nearly 150,000 meters of drilling and operation of two ISL pilot tests. The Company has identified inferred uranium resources totalling 21,672,000 @ 0.052% U3O8 for approximately 8,700 tonnes U (22.6 million pounds U3O8). These deposits occur at depths of less than 150 meters, and pilot testing has confirmed that ISL is applicable. The identified uranium deposits occur in Cretaceous age fluvial and lacustrine sediments derived from weathering of crystalline basement rocks, including granites and metamorphic rocks. Uranium mineralization occurs in sandstones, siltstones, clays and coaley sediments deposited in intermontane basins. The resource estimate was completed prior to the implementation of NI 43-101, however, the Company considers this estimate to be relevant and the best existing estimate of the resources.
IUC will have the option to acquire a 65% interest in the Erdene uranium properties in consideration for expenditures of Cdn $ 6 million over a period of 4 years. In addition, IUC will purchase, by way of private placement, 1 million common shares of Erdene at a price of Cdn $1.00 per share.
Furthermore, IUC has entered into a strategic alliance with Erdene for purposes of staking additional ground for uranium exploration in Mongolia for a period of 3 years. The foregoing transactions are subject to due diligence and all requisite regulatory approvals.
Formed in 2002, Erdene has established itself as one of the leading exploration companies in Mongolia with a primary focus on copper/gold. The Company holds a diversified and solid portfolio of exploration properties in Mongolia.
Ron Hochstein, President of IUC, commented, "The addition of Erdene's properties now brings our uranium property position in Mongolia to over 3.6 million hectares. The uranium potential of Mongolia is just beginning to unfold and we are excited about the possibility of new discoveries and expanding IUC's known uranium resources in the country during this summer campaign. We hope to continue our success we've had in Mongolia since starting there in 1994."
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
09:51 EDT Tuesday, April 05, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2005) - International Uranium Corporation (TSX:IUC) ("IUC") is pleased to announce that it has signed a Memorandum of Agreement with Erdene Gold Inc. ("Erdene") to acquire a 65% interest in Erdene's uranium properties in Mongolia. Please see attached map, www2.ccnmatthews.com/database/fax/2000/iuc0405.jpg
The Erdene uranium properties comprise an area of greater than 1.3 million hectares covering highly prospective ground in the central regional belt of sedimentary basins. Multiple uranium occurrences, radiometric anomalies and favourable geology for sediment-hosted uranium deposits have been identified throughout the license areas.
Several properties are in proximity to IUC's (70% interest) known uranium deposits. IUC's past work in Mongolia has to date included nearly 150,000 meters of drilling and operation of two ISL pilot tests. The Company has identified inferred uranium resources totalling 21,672,000 @ 0.052% U3O8 for approximately 8,700 tonnes U (22.6 million pounds U3O8). These deposits occur at depths of less than 150 meters, and pilot testing has confirmed that ISL is applicable. The identified uranium deposits occur in Cretaceous age fluvial and lacustrine sediments derived from weathering of crystalline basement rocks, including granites and metamorphic rocks. Uranium mineralization occurs in sandstones, siltstones, clays and coaley sediments deposited in intermontane basins. The resource estimate was completed prior to the implementation of NI 43-101, however, the Company considers this estimate to be relevant and the best existing estimate of the resources.
IUC will have the option to acquire a 65% interest in the Erdene uranium properties in consideration for expenditures of Cdn $ 6 million over a period of 4 years. In addition, IUC will purchase, by way of private placement, 1 million common shares of Erdene at a price of Cdn $1.00 per share.
Furthermore, IUC has entered into a strategic alliance with Erdene for purposes of staking additional ground for uranium exploration in Mongolia for a period of 3 years. The foregoing transactions are subject to due diligence and all requisite regulatory approvals.
Formed in 2002, Erdene has established itself as one of the leading exploration companies in Mongolia with a primary focus on copper/gold. The Company holds a diversified and solid portfolio of exploration properties in Mongolia.
Ron Hochstein, President of IUC, commented, "The addition of Erdene's properties now brings our uranium property position in Mongolia to over 3.6 million hectares. The uranium potential of Mongolia is just beginning to unfold and we are excited about the possibility of new discoveries and expanding IUC's known uranium resources in the country during this summer campaign. We hope to continue our success we've had in Mongolia since starting there in 1994."
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
