Post by Zoinkers on Jun 23, 2006 14:27:02 GMT -5
Press Release Source: Magnum Uranium Corp.
Magnum Acquires 35-75 Uranium Property Adjacent to Smith Ranch Deposit
Wednesday June 14, 6:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM - News) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired a 1,080 acre land package in Converse County, Wyoming via a combination of staking and leasing. The package, known as the 35-75 Property, is located 6 miles southwest of Cameco Corporation's ("Cameco") Smith Ranch uranium deposit, the United States' largest producing ISL uranium deposit, having a reserve of 27.8 million pounds of U3O8. The 35-75 Property abuts the southwestern edge of Cameco's southwest-trending land position and its Smith Ranch Permit Area. The property lies in the Powder River Basin at the site of an old, unnamed Nuclear Exploration and Development Company ("NEDCO") prospect that was partially drilled in the early 1970's.
Based on references to NEDCO geologic reports and historic NEDCO drilling information, uranium mineralization at the property exists in two sub-parallel north-northeast-trending roll trends. Alteration is not completely defined, but is said to be complex with altered sands to the west going successively to unaltered and back to altered eastward across the area. A summary of drilling information based on five NEDCO holes drilled in an east-west section through the projected west roll trend indicates uranium mineralization at 250 feet, with anomalous radioactivity throughout the entire section. Results of the drilling also indicate that the altered trend may be the west flank of an altered tongue that trends north.
Magnum considers the 35-75 Property to be a high quality uranium target that warrants additional drilling based on the presence of favorable surface Eocene Wasatch Formation and underlying Paleocene Fort Union Formation sandstone host rocks, as well as its proximity to and potential for multiple stacked roll deposits similar to those found at the adjacent Smith Ranch deposit. According to NEDCO-referenced data drawn from a historical report, the potential exists for a deposit containing a resource in the range of 1.0 million lbs of U3O8, with the material grading in the 0.10% to 0.12% U3O8 range. 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.
Dr. John Carden, Ph.D., P.Geo., a Director and Consulting Geologist for Magnum Uranium Corp., and a Qualified Person as defined by 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, Magnum'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
Contact:
Craig T. Lindsay
Magnum Uranium Corp.
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
info@magnumuranium.com
www.magnumuranium.com
--------------------------------------------------------------------------------
Source: Magnum Uranium Corp.
Magnum Acquires 35-75 Uranium Property Adjacent to Smith Ranch Deposit
Wednesday June 14, 6:00 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2006) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE:MM - News) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has acquired a 1,080 acre land package in Converse County, Wyoming via a combination of staking and leasing. The package, known as the 35-75 Property, is located 6 miles southwest of Cameco Corporation's ("Cameco") Smith Ranch uranium deposit, the United States' largest producing ISL uranium deposit, having a reserve of 27.8 million pounds of U3O8. The 35-75 Property abuts the southwestern edge of Cameco's southwest-trending land position and its Smith Ranch Permit Area. The property lies in the Powder River Basin at the site of an old, unnamed Nuclear Exploration and Development Company ("NEDCO") prospect that was partially drilled in the early 1970's.
Based on references to NEDCO geologic reports and historic NEDCO drilling information, uranium mineralization at the property exists in two sub-parallel north-northeast-trending roll trends. Alteration is not completely defined, but is said to be complex with altered sands to the west going successively to unaltered and back to altered eastward across the area. A summary of drilling information based on five NEDCO holes drilled in an east-west section through the projected west roll trend indicates uranium mineralization at 250 feet, with anomalous radioactivity throughout the entire section. Results of the drilling also indicate that the altered trend may be the west flank of an altered tongue that trends north.
Magnum considers the 35-75 Property to be a high quality uranium target that warrants additional drilling based on the presence of favorable surface Eocene Wasatch Formation and underlying Paleocene Fort Union Formation sandstone host rocks, as well as its proximity to and potential for multiple stacked roll deposits similar to those found at the adjacent Smith Ranch deposit. According to NEDCO-referenced data drawn from a historical report, the potential exists for a deposit containing a resource in the range of 1.0 million lbs of U3O8, with the material grading in the 0.10% to 0.12% U3O8 range. 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.
Dr. John Carden, Ph.D., P.Geo., a Director and Consulting Geologist for Magnum Uranium Corp., and a Qualified Person as defined by 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, Magnum'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
Contact:
Craig T. Lindsay
Magnum Uranium Corp.
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
info@magnumuranium.com
www.magnumuranium.com
--------------------------------------------------------------------------------
Source: Magnum Uranium Corp.