Post by Zoinkers on Nov 13, 2006 18:46:47 GMT -5
SEP 14, 2006 - 12:02 ET
IUC Announces Mining Contractors Signed, Ore Shipments to Commence in October
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 14, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC) is pleased to announce that it has reached an agreement with Reliance Resources, LLC to conduct contract mining at the Company's Pandora Mine in the U.S. Reliance is based out of Moab, Utah and is a locally owned business operating in the Moab area for the last several years. The Pandora Mine, located near LaSal, Utah (part of the Deer Creek complex, please see attached map, www.ccnmatthews.com/docs/iuc0914.jpg) is a previously developed mine last operated in the late 1980's. Mining activities are well underway and ore shipments to the Company's White Mesa Mill in Blanding, Utah will begin in early October. In addition to the re-start of mining operations in existing areas, Reliance will conduct additional mine development as needed to further expand into previously un-developed areas.
IUC has also reached an agreement with Tomcat Mining Corporation for drift development work on the Topaz Mine (part of the Sunday Mine complex), located in the Big Gypsum Valley in eastern Colorado. The Topaz development work which is progressing well, involves approximately 1,300 feet of access drift leading to several areas of undeveloped ore. Tomcat Mining is based out of Naturita, Colorado and is a locally owned company.
Tomcat Mining has also been contracted to begin mining in the West Sunday and St. Jude Mines in Colorado (part of the Sunday Mine complex). The West Sunday and St. Jude were last mined in 1999 by IUC and are fully developed mines ready for production once utilities and ventilation are re-established, which is nearing completion.
IUC is also in final negotiations with a third contractor for mining and development on the Sunday and GMG mines.
Initial production rates for the first year of production are currently budgeted at approximately 3.2 million pounds uranium and 4.7 million pounds of vanadium.
Ron Hochstein, President of IUC, commented, "This is a major milestone in the development of our U.S. mining operations. We are very pleased to be working with top-rated, highly experienced mine contractors. Ore shipments to our mill are about to commence and as the newest U.S. uranium producer, we look forward to a whole new phase of growth for the Company."
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
IUC Announces Mining Contractors Signed, Ore Shipments to Commence in October
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VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 14, 2006) - International Uranium Corporation ("IUC" or the "Company") (TSX:IUC) is pleased to announce that it has reached an agreement with Reliance Resources, LLC to conduct contract mining at the Company's Pandora Mine in the U.S. Reliance is based out of Moab, Utah and is a locally owned business operating in the Moab area for the last several years. The Pandora Mine, located near LaSal, Utah (part of the Deer Creek complex, please see attached map, www.ccnmatthews.com/docs/iuc0914.jpg) is a previously developed mine last operated in the late 1980's. Mining activities are well underway and ore shipments to the Company's White Mesa Mill in Blanding, Utah will begin in early October. In addition to the re-start of mining operations in existing areas, Reliance will conduct additional mine development as needed to further expand into previously un-developed areas.
IUC has also reached an agreement with Tomcat Mining Corporation for drift development work on the Topaz Mine (part of the Sunday Mine complex), located in the Big Gypsum Valley in eastern Colorado. The Topaz development work which is progressing well, involves approximately 1,300 feet of access drift leading to several areas of undeveloped ore. Tomcat Mining is based out of Naturita, Colorado and is a locally owned company.
Tomcat Mining has also been contracted to begin mining in the West Sunday and St. Jude Mines in Colorado (part of the Sunday Mine complex). The West Sunday and St. Jude were last mined in 1999 by IUC and are fully developed mines ready for production once utilities and ventilation are re-established, which is nearing completion.
IUC is also in final negotiations with a third contractor for mining and development on the Sunday and GMG mines.
Initial production rates for the first year of production are currently budgeted at approximately 3.2 million pounds uranium and 4.7 million pounds of vanadium.
Ron Hochstein, President of IUC, commented, "This is a major milestone in the development of our U.S. mining operations. We are very pleased to be working with top-rated, highly experienced mine contractors. Ore shipments to our mill are about to commence and as the newest U.S. uranium producer, we look forward to a whole new phase of growth for the Company."
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