Post by Zoinkers on Sept 4, 2006 23:53:39 GMT -5
AUG 31, 2006 - 10:56 ET
IUC Announces Drilling Begins on Sims Lake Uranium Project in Labrador
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC) announces that the summer/fall exploration program on Consolidated Abaddon's Sims Lake uranium project located northwest of Churchill Falls in western Labrador is now underway. International Uranium Corporation (IUC) is the operator and has been granted the right and initial option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of two years.
A drill contract has been let to Lantech Drilling Services Ltd. The drilling contractor has now mobilized equipment and crew onto the Sims Lake property and drilling will start immediately. It is anticipated that the initial drilling will consist of 3 - 4 holes covering two main target areas. A conductor has been confirmed as lying beneath the Sims Formation rocks at or near the unconformity with the Knob Lake type rocks. Reducing environments (conductors) in this environment present attractive uranium drill targets.
Consolidated Abaddon is managing the work program at this time. Establishment of a 28 kilometre line-cut grid has been completed. Vickers Geophysics Inc. has been contracted to conduct magnetometer, VLF-EM, and Max Min (Horizontal Loop- EM) surveys on the Sims Lake grid. Vickers Geophysics has mobilized a crew to the property and the surveys are in progress. A reconnaissance boulder survey is also underway to further identify prospective portions of the unconformity for further drilling.
The similarity in ages and relationships between the Sims Lake Formation and the Knob Lake group of rocks makes the western Labrador setting analogous to other Proterozoic basins around the world that host unconformity type uranium deposits, most notably the Athabasca Basin of northern Saskatchewan. The depth to the perceived unconformity in the Sims Lake Basin ranges from surface 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
You can return to the Top of this page
IUC Announces Drilling Begins on Sims Lake Uranium Project in Labrador
--------------------------------------------------------------------------------
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC) announces that the summer/fall exploration program on Consolidated Abaddon's Sims Lake uranium project located northwest of Churchill Falls in western Labrador is now underway. International Uranium Corporation (IUC) is the operator and has been granted the right and initial option to acquire a 51% interest in the uranium rights to the Sims Lake property over a period of two years.
A drill contract has been let to Lantech Drilling Services Ltd. The drilling contractor has now mobilized equipment and crew onto the Sims Lake property and drilling will start immediately. It is anticipated that the initial drilling will consist of 3 - 4 holes covering two main target areas. A conductor has been confirmed as lying beneath the Sims Formation rocks at or near the unconformity with the Knob Lake type rocks. Reducing environments (conductors) in this environment present attractive uranium drill targets.
Consolidated Abaddon is managing the work program at this time. Establishment of a 28 kilometre line-cut grid has been completed. Vickers Geophysics Inc. has been contracted to conduct magnetometer, VLF-EM, and Max Min (Horizontal Loop- EM) surveys on the Sims Lake grid. Vickers Geophysics has mobilized a crew to the property and the surveys are in progress. A reconnaissance boulder survey is also underway to further identify prospective portions of the unconformity for further drilling.
The similarity in ages and relationships between the Sims Lake Formation and the Knob Lake group of rocks makes the western Labrador setting analogous to other Proterozoic basins around the world that host unconformity type uranium deposits, most notably the Athabasca Basin of northern Saskatchewan. The depth to the perceived unconformity in the Sims Lake Basin ranges from surface 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Uranium Corporation
Sophia Shane
Corporate Communications
(604) 689-7842
(604) 689-4250 (FAX)
www.intluranium.com
You can return to the Top of this page