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Post by Franko10 ™ on Jan 23, 2006 10:50:12 GMT -5
Magnum Uranium Corp. Acquires Shallow Uranium Resource in Wyoming (ccnm)
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired the Lye Uranium Property (the "Lye Property") located in Fremont County, Wyoming. The property was acquired via staking and consists of 42 federal lode mining claims and one Wyoming State Mineral Lease. Shallow uranium mineralization at the Lye Property was previously explored and held by Atlantic Ritchfield Company ("ARCO") from 1967 to 1978. According to an internal company memo, ARCO held the Lye Property for this lengthy time period as they felt the property had significant potential based on its above-average thickness, shallow depth, and projected low stripping ratio, all suggesting the possibility of a low-cost and relatively simple open-pit mining operation.
Originally discovered as a surface radiation anomaly, uranium mineralization at the Lye Property is hosted in sandstone of the Eocene Wind River Formation. Results of 139 holes drilled on the property by ARCO show that the mineralization exists from the surface to a depth of 60 feet and that a significant portion of this mineralization is within 30 feet of the surface. Results of the drilling further indicate that the zone of mineralization is northeast trending, extends continuously over a strike length of 2,200 feet, and is open at both ends. The mineralized zone averages a thickness of 20 feet and width of 300 feet.
In a 1977 memo, ARCO reported an open-ended uranium resource at Lye of 540,000 pounds U3O8. Although considered relevant, the reader is cautioned that this potential resource estimate does not comply with the guidelines of National Instrument 43-101 and Magnum is not treating it as such. John R. Carden, Ph.D., L.G., a qualified person in accordance with National Instrument 43-101, supervised the preparation of the technical information in this release.
The Company
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, the Company's primary property holdings are located in the Athabasca Basin, Saskatchewan, Canada and in the Western United States, specifically Wyoming, Utah, Idaho, and Washington.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
info@magnumuranium.com
www.magnumuranium.com
The TSX Venture Exchange has neither approved or disapproved of the contents herein.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 23, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired the Lye Uranium Property (the "Lye Property") located in Fremont County, Wyoming. The property was acquired via staking and consists of 42 federal lode mining claims and one Wyoming State Mineral Lease. Shallow uranium mineralization at the Lye Property was previously explored and held by Atlantic Ritchfield Company ("ARCO") from 1967 to 1978. According to an internal company memo, ARCO held the Lye Property for this lengthy time period as they felt the property had significant potential based on its above-average thickness, shallow depth, and projected low stripping ratio, all suggesting the possibility of a low-cost and relatively simple open-pit mining operation.
Originally discovered as a surface radiation anomaly, uranium mineralization at the Lye Property is hosted in sandstone of the Eocene Wind River Formation. Results of 139 holes drilled on the property by ARCO show that the mineralization exists from the surface to a depth of 60 feet and that a significant portion of this mineralization is within 30 feet of the surface. Results of the drilling further indicate that the zone of mineralization is northeast trending, extends continuously over a strike length of 2,200 feet, and is open at both ends. The mineralized zone averages a thickness of 20 feet and width of 300 feet.
In a 1977 memo, ARCO reported an open-ended uranium resource at Lye of 540,000 pounds U3O8. Although considered relevant, the reader is cautioned that this potential resource estimate does not comply with the guidelines of National Instrument 43-101 and Magnum is not treating it as such. John R. Carden, Ph.D., L.G., a qualified person in accordance with National Instrument 43-101, supervised the preparation of the technical information in this release.
The Company
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, the Company's primary property holdings are located in the Athabasca Basin, Saskatchewan, Canada and in the Western United States, specifically Wyoming, Utah, Idaho, and Washington.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
info@magnumuranium.com
www.magnumuranium.com
The TSX Venture Exchange has neither approved or disapproved of the contents herein.
