Owner
Post by Franko10 ™ on Mar 28, 2006 14:20:20 GMT -5
Magnum Acquires Property in Powder River Basin, Wyoming
09:00 EST Tuesday, March 28, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired the Turnercrest Uranium District ("Turnercrest") in Converse and Campbell Counties, Wyoming. The property was acquired via a combination of staking and leasing of private and State ground. The property covers a 1.5-mile long trend of shallow, near-surface uranium mineralization that includes the historic North American Key, Sundance Betty, Little Betty and Powder River Minerals mines, all of which produced uranium between 1955 and 1956.
Uranium mineralization found at Turnercrest lies directly along the "old rose" alteration line, or redox boundary, which extends from the Pumpkin Buttes Uranium District southward through Turnercrest and on to the Highland Uranium Mine - Box Creek District several miles north of Douglas, Wyoming. To date, the Southern Powder River Basin has produced in excess of 60 million pounds of uranium (including production from Cameco's Smith Ranch ISL mine).
Assays of grab and selected rock-chip samples collected by Magnum geologists from surface outcrops and shallow prospect pits and trenches contain ore-grade uranium values over extensive areas along the trend of mineralization. Specifically, values range from 0.021% to 9.11% U3O8, with visible yellow-green secondary and black primary uranium minerals found within Eocene Wasatch Formation ferruginous and manganese-oxide stained sandstone and conglomerate host rocks.
Turnercrest represents a high priority target for Magnum, where significant untested potential exists for extensive shallow uranium mineralization in the Wasatch Formation, as well as for deeper, stacked mineralization in underlying sandstones of the Paleocene Fort Union Formation. 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 Western United States, specifically Wyoming, Utah, Idaho, and Washington, and in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 dissaproved of the contents herein.
09:00 EST Tuesday, March 28, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired the Turnercrest Uranium District ("Turnercrest") in Converse and Campbell Counties, Wyoming. The property was acquired via a combination of staking and leasing of private and State ground. The property covers a 1.5-mile long trend of shallow, near-surface uranium mineralization that includes the historic North American Key, Sundance Betty, Little Betty and Powder River Minerals mines, all of which produced uranium between 1955 and 1956.
Uranium mineralization found at Turnercrest lies directly along the "old rose" alteration line, or redox boundary, which extends from the Pumpkin Buttes Uranium District southward through Turnercrest and on to the Highland Uranium Mine - Box Creek District several miles north of Douglas, Wyoming. To date, the Southern Powder River Basin has produced in excess of 60 million pounds of uranium (including production from Cameco's Smith Ranch ISL mine).
Assays of grab and selected rock-chip samples collected by Magnum geologists from surface outcrops and shallow prospect pits and trenches contain ore-grade uranium values over extensive areas along the trend of mineralization. Specifically, values range from 0.021% to 9.11% U3O8, with visible yellow-green secondary and black primary uranium minerals found within Eocene Wasatch Formation ferruginous and manganese-oxide stained sandstone and conglomerate host rocks.
Turnercrest represents a high priority target for Magnum, where significant untested potential exists for extensive shallow uranium mineralization in the Wasatch Formation, as well as for deeper, stacked mineralization in underlying sandstones of the Paleocene Fort Union Formation. 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 Western United States, specifically Wyoming, Utah, Idaho, and Washington, and in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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 dissaproved of the contents herein.
