Post by Franko10 ™ on Mar 14, 2006 9:33:46 GMT -5
IUC Signs Letter of Intent With Cameco to Earn Interest in Park Creek Project
09:27 EST Tuesday, March 14, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2006) - International Uranium Corporation ("IUC") (TSX:IUC) is pleased to announce that it has signed a Letter of Intent with Cameco Corporation ("Cameco") for an option to earn an aggregate 75% interest in Cameco's Park Creek uranium exploration project in the Athabasca Basin of northern Saskatchewan.
The Park Creek project is located in the prolific eastern Athabasca Basin of northern Saskatchewan, approximately 300 kilometres north of the town of La Ronge, and 32 kilometres south of Points North Landing, a centrally-located trucking base and airport facility. The project is strategically located within 40 kilometres of two operating uranium mills, Cameco's Rabbit Lake Operation and Cogema's McClean Lake Mine. The project consists of 8 grouped mineral claims totaling 7,798 hectares.
Basement-hosted uranium deposits similar to the Rabbit Lake Deposit and Eagle Point-type are considered to be the prime exploration targets on the Park Creek Project. Post-Athabasca Group brittle fault structures, rooted in the basement rocks and penetrating the sandstone column have been identified and defined on the property. The Bird Lake Thrust Fault, part of a regionally extensive structural corridor, traverses the length of the property and exhibits an unconformity displacement of up to 80 metres vertically. Drill holes indicate that sections of the Bird Lake Fault are highly prospective, as they have been impacted by hydrothermal alteration and contain anomalous uranium concentrations in the sandstone column. Such alteration and geochemical enrichment is considered important, as these features are often observed in the vicinity of uranium deposits in the Athabasca Basin. Several north-south trending faults intersect and crosscut the Bird Lake Fault. Such structural intersections are believed to be key features that led to the formation of the Rabbit Lake Deposit and the Eagle Point Deposits.
Previous exploration work on the Park Creek Project includes airborne geophysics, ground geophysics, surface boulder sampling, and diamond drilling. Property-wide boulder sampling has defined a broad illitic clay anomaly and an area of uranium and lead enrichment in Athabasca Group sandstone boulders. Previous drilling totaling 83 diamond drill holes has confirmed the presence of strong hydrothermal alteration and anomalous uranium geochemistry along the Bird Lake Fault and on the Esker Grid, features indicative of uranium deposits. Cameco has identified 8 high priority drill-ready targets on the Park Creek project that require testing.
The Letter of Intent contemplates a potential joint venture opportunity whereby Cameco grants IUC an option to acquire up to an aggregate 75% interest in the Park Creek project in two stages by incurring Cdn $2.8 million in exploration expenditures over a period of 3 years to earn 49%, and then an option to earn an additional 26% by incurring expenditures of Cdn $3.0 million over two years. IUC will be the operator during the earn-in period.
IUC's Director, Exploration, Paul Ogryzlo, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news 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 is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.
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 and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
09:27 EST Tuesday, March 14, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2006) - International Uranium Corporation ("IUC") (TSX:IUC) is pleased to announce that it has signed a Letter of Intent with Cameco Corporation ("Cameco") for an option to earn an aggregate 75% interest in Cameco's Park Creek uranium exploration project in the Athabasca Basin of northern Saskatchewan.
The Park Creek project is located in the prolific eastern Athabasca Basin of northern Saskatchewan, approximately 300 kilometres north of the town of La Ronge, and 32 kilometres south of Points North Landing, a centrally-located trucking base and airport facility. The project is strategically located within 40 kilometres of two operating uranium mills, Cameco's Rabbit Lake Operation and Cogema's McClean Lake Mine. The project consists of 8 grouped mineral claims totaling 7,798 hectares.
Basement-hosted uranium deposits similar to the Rabbit Lake Deposit and Eagle Point-type are considered to be the prime exploration targets on the Park Creek Project. Post-Athabasca Group brittle fault structures, rooted in the basement rocks and penetrating the sandstone column have been identified and defined on the property. The Bird Lake Thrust Fault, part of a regionally extensive structural corridor, traverses the length of the property and exhibits an unconformity displacement of up to 80 metres vertically. Drill holes indicate that sections of the Bird Lake Fault are highly prospective, as they have been impacted by hydrothermal alteration and contain anomalous uranium concentrations in the sandstone column. Such alteration and geochemical enrichment is considered important, as these features are often observed in the vicinity of uranium deposits in the Athabasca Basin. Several north-south trending faults intersect and crosscut the Bird Lake Fault. Such structural intersections are believed to be key features that led to the formation of the Rabbit Lake Deposit and the Eagle Point Deposits.
Previous exploration work on the Park Creek Project includes airborne geophysics, ground geophysics, surface boulder sampling, and diamond drilling. Property-wide boulder sampling has defined a broad illitic clay anomaly and an area of uranium and lead enrichment in Athabasca Group sandstone boulders. Previous drilling totaling 83 diamond drill holes has confirmed the presence of strong hydrothermal alteration and anomalous uranium geochemistry along the Bird Lake Fault and on the Esker Grid, features indicative of uranium deposits. Cameco has identified 8 high priority drill-ready targets on the Park Creek project that require testing.
The Letter of Intent contemplates a potential joint venture opportunity whereby Cameco grants IUC an option to acquire up to an aggregate 75% interest in the Park Creek project in two stages by incurring Cdn $2.8 million in exploration expenditures over a period of 3 years to earn 49%, and then an option to earn an additional 26% by incurring expenditures of Cdn $3.0 million over two years. IUC will be the operator during the earn-in period.
IUC's Director, Exploration, Paul Ogryzlo, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news 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 is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.
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 and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com