Post by Zoinkers on Aug 17, 2006 5:12:08 GMT -5
Press Release Source: International Uranium Corporation
IUC Announces Drilling on Sims Lake Uranium Project in Labrador to Begin
Wednesday August 16, 10:25 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) announces that drilling on the Sims Lake Uranium Project located northwest of Churchill Falls in western Labrador is scheduled to start at the end of August 2006. IUC is the operator and has been granted the exclusive right and Initial Option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of 2 years.
Two target areas along the unconformity between the early Proterozoic Knob Lake Group and late Proterozoic Sims Formation have been identified in previous exploration programs and are scheduled for drill testing. The Sims Lake claim group covers 4390 hectares in three contiguous licenses consisting of 176 unpatented claims.
The initial drill program will consist of 3 - 4 holes covering the two identified target areas. Available data suggests that uranium has been redistributed within the Sims Formation with evidence suggesting that uranium accumulations may have occurred along the geological unconformity between the Sims Lake rock types and the Knob Lake Group. A conductor is confirmed as lying beneath Sims Formation rocks at or near the unconformity with the Knob Lake group rocks. Reducing environments (conductors) in this environment now present attractive uranium drill targets.
Uranium bearing boulders and a soil anomaly along the unconformity on the Sims Lake claim group also indicates potential for "unconformity style" uranium deposits.
Establishment of a 28 km line-cut grid and a horizontal loop survey are scheduled to start immediately. The geophysics is to be used as an aid in targeting a previously defined airborne conductor projected to lay at the unconformity. The airborne radiometric and electromagnetic surveys (flown by Aeroquest Limited) were undertaken by Consolidated Abaddon Resources in July of 2005. Radioactive boulders of Sims formation rock were located in the vicinity of this target.
A second target area lies 5 kilometres south of the first. This target is at the head of a large uranium in soil anomaly that appears to have a source at this same unconformity.
A boulder survey is also planned to identify other prospective portions of the unconformity for further follow-up.
The Sims Lake property covers parts of the known Sims Formation where uranium was discovered near the Sims - Knob Lake Group unconformity in the early 1980's. The Sims Formation is a flat lying clastic sequence of late Proterozoic age that overlies deformed sediments of the early Proterozoic Knob Lake Group. The similarity in ages and relationships between these groups of rock makes the setting analogous to many other Proterozoic basins around the world that host 'unconformity-type' uranium deposits, most notably the Athabasca Basin of Northern Saskatchewan. The depth to the unconformity in the Sims Lake basin ranges from 0 to 150 metres on the Property.
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 Russia, Nicaragua and 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 resources is recognized 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 and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation
IUC Announces Drilling on Sims Lake Uranium Project in Labrador to Begin
Wednesday August 16, 10:25 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC - News) announces that drilling on the Sims Lake Uranium Project located northwest of Churchill Falls in western Labrador is scheduled to start at the end of August 2006. IUC is the operator and has been granted the exclusive right and Initial Option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of 2 years.
Two target areas along the unconformity between the early Proterozoic Knob Lake Group and late Proterozoic Sims Formation have been identified in previous exploration programs and are scheduled for drill testing. The Sims Lake claim group covers 4390 hectares in three contiguous licenses consisting of 176 unpatented claims.
The initial drill program will consist of 3 - 4 holes covering the two identified target areas. Available data suggests that uranium has been redistributed within the Sims Formation with evidence suggesting that uranium accumulations may have occurred along the geological unconformity between the Sims Lake rock types and the Knob Lake Group. A conductor is confirmed as lying beneath Sims Formation rocks at or near the unconformity with the Knob Lake group rocks. Reducing environments (conductors) in this environment now present attractive uranium drill targets.
Uranium bearing boulders and a soil anomaly along the unconformity on the Sims Lake claim group also indicates potential for "unconformity style" uranium deposits.
Establishment of a 28 km line-cut grid and a horizontal loop survey are scheduled to start immediately. The geophysics is to be used as an aid in targeting a previously defined airborne conductor projected to lay at the unconformity. The airborne radiometric and electromagnetic surveys (flown by Aeroquest Limited) were undertaken by Consolidated Abaddon Resources in July of 2005. Radioactive boulders of Sims formation rock were located in the vicinity of this target.
A second target area lies 5 kilometres south of the first. This target is at the head of a large uranium in soil anomaly that appears to have a source at this same unconformity.
A boulder survey is also planned to identify other prospective portions of the unconformity for further follow-up.
The Sims Lake property covers parts of the known Sims Formation where uranium was discovered near the Sims - Knob Lake Group unconformity in the early 1980's. The Sims Formation is a flat lying clastic sequence of late Proterozoic age that overlies deformed sediments of the early Proterozoic Knob Lake Group. The similarity in ages and relationships between these groups of rock makes the setting analogous to many other Proterozoic basins around the world that host 'unconformity-type' uranium deposits, most notably the Athabasca Basin of Northern Saskatchewan. The depth to the unconformity in the Sims Lake basin ranges from 0 to 150 metres on the Property.
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 Russia, Nicaragua and 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 resources is recognized 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 and C.E.O.
Contact:
Sophia Shane
International Uranium Corporation
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
--------------------------------------------------------------------------------
Source: International Uranium Corporation