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Monroe Minerals Announces Drilling Results on Ucore’s Lost Pond Property

(Halifax, N.S., April 14, 2009) – Ucore Uranium Inc. (TSX-V: UCU) is pleased to announce  results from an eighteen hole, 2,504 m diamond drill program completed on the Lost Pond property in western Newfoundland by Monroe Minerals Inc. (TSX-V: MMX).  The property hosts a number of uranium and Rare Earth Oxide (REO) showings which have been the focus of two drill programs by Ucore over the past two years.  The Monroe drill program was completed in December 2008 and was focused on testing the U2 Cataclastic Zone uranium mineralization and the U3 REO Zone.

Commenting on the results, Monroe CEO and President Derek Moran said, “The results on the U2 uranium target were encouraging. The uranium-mineralized intersection has increased to a 20.1 m core length, including a higher grade interval, and the zone is apparently open down-plunge. While the REE results were positive, mineralization may be controlled by a number of fault blocks which complicate the continuity of the U3 REO zone.” 
 
U2 Cataclastic Zone Grid:  Five holes (LP08-05, 06, 06B, 07 and 21) targeted the Cataclastic Zone in the area which had previous intersections up to 0.045% U3O8 over 12.3 m.  LP08-05 intersected a 4.0 m section of the alteration/structural zone starting at a down-hole depth of 139.05 m. LP08-06 was abandoned after 19 m due to blocky ground, whereas LP08-06B and 07 intersected the horizon above its now projected plunge. The final hole, LP08-21, targeted the down-plunge extent of the zone and hit the target at 235.4 m, resulting in an intersection of 0.038% U3O8 over 20.1 m, including 0.061% U3O8over 3.0 m.  The Cataclastic Zone is interpreted as a 75° dipping zone and the true widths are approximately 75% to 80% of the down hole drill intercepts. It remains completely open down-plunge and additional drilling is planned.
  
Three other holes on the U2 Cataclastic Zone grid (LP08-08, 09 and10) tested uranium geochemistry anomalies located 400 m to 800 m away from the known mineralization and did not encounter any significant uranium zones. The following table lists all of the holes and anomalous results from this latest stage of drilling on the U2 Cataclastic Zone:
Hole Number
Grid North
Grid East
Azimuth°
Dip°
 
From (m)
To (m)
Interval (m)
%U308
LP08-05
9,900
10,277
272
-60
 
139.05
143.1
4.05
0.032
 
 
 
 
 
LP08-06A
9,968
10,170
93
-50
Abandoned in broken ground
LP08-06B
9,964
10,180
93
-55
 
12.05
15.8
3.75
0.038
Includes
14.1
15.8
1.7
0.067
LP08-07
10,000
10,365
272
-60
No Significant Values
LP08-08
9,900
10,820
272
-50
No Significant Values
LP08-08B
9,900
10,800
272
-50
No Significant Values
LP08-09
10,300
10,475
272
-50
No Significant Values
LP08-10
10,700
10,675
272
-50
No Significant Values
LP08-21
9,970
10,390
262
-56
 
235.4
255.5
20.1
0.038
Includes
238.5
241.5
3.0
0.061
 
U3 REO Grid: Ten holes (LP08-11 to 20) targeted the U3 REO zone, located about two kilometres east of the U2 Cataclastic Zone.  The holes were drilled on sections approximately 50 m apart to evaluate a discrete 250 m long bulls-eye magnetic high.  This magnetic high is associated with REO minerals and previous drilling by Ucore in 2007 intersected up to 4.47%Total Rare Earth Oxides (“TREO”) over     5.64 m. Monroe’s drilling intersected multiple mineralized zones, including 4.32% TREO over 2.0 m core length in hole LP08-13 and 1.162% TREO over 15.3 m core length in LP08-17.  This near surface mineralization appears to be affected by a number of fault blocks which complicate the continuity of the rare earth-bearing U3 zone.  Additional work, including a series of short drill holes will be required to better define the deposit geometry. True width estimates are not known at this time. A summary of the drill results from the U3 Grid drilling are as follows:
 
Hole Number
Grid North
Grid East
Az°
Dip°
 
From (m)
To (m)
Interval (m)
%TREO
LP08-11
2,034
1,950
190
50
 
49.5
52.8
3.3
1.260
Includes
50.5
52.8
2.3
1.757
and
50.5
51.0
0.5
4.809
LP08-12
2,075
1,950
190
50
No Significant Values
LP08-13
2,075
2,000
190
50
 
50.1
51.4
1.3
3.631
Includes
50.1
50.4
0.3
15.035
 
64.9
66.9
2.0
4.321
Includes
64.9
65.9
1.0
6.482
 
77
81.75
4.75
2.133
Includes
80.75
81.75
1.0
9.591
LP08-14
2,040
2,000
190
45
 
23.75
25.1
1.35
1.173
Includes
24.75
25.1
0.35
4.416
LP08-14B
2,040
1,990
190
45
No Significant Values
LP08-15
2,005
2,050
190
50
 
70.41
74.48
4.07
1.003
Includes
70.41
72.48
2.07
1.520
LP08-16
1,956
2,100
190
50
No Significant Values
LP08-17
2,020
2,100
190
50
 
17.1
19.4
2.3
2.841
Includes
17.1
17.9
0.8
5.379
 
87.9
103.2
15.3
1.162
Includes
102.0
103.0
1.0
2.555
 
112.3
119.8
7.5
1.269
Includes
115.1
116.1
1.0
2.235
and
118.8
119.8
1.0
2.690
LP08-18
2,000
2,150
190
50
No Significant Values
LP08-19
2,035
2,100
190
50
No Significant Values
LP08-20
2,110
2,000
190
50
No Significant Values
 
Quality Control: Core samples from this drill program were split using a diamond saw and half of the core was sent to Activation Laboratories in Ancaster, ON for analysis. Uranium concentration was analyzed by Delayed Neutron Count (DNC) along with ICP-MS for select major, minor and trace element compositions. Samples collected from the Rare Earth Oxide Zone were analyzed using a WRA +Trace 4Litho package, which ensures the accuracy for analyzing total metal content for elements like REEs. Blank samples were inserted into the sample batch periodically and standards were used at Activation Laboratories to ensure accuracy.
 
Background and Compliance
 
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium and associated resources through exploration and property acquisition. Ucore’s Lost Pond Property is located in western Newfoundland, where Monroe is earning a 50% interest (see press release September 16, 2008) by spending $2,600,000 on exploration, including a minimum first year commitment of $700,000, and issuing 3,000,000 shares to Ucore, including 500,000 shares on signing, over four years. Monroe has met its expenditure obligation through December 31, 2009. The Qualified Person (“QP”) responsible for Monroe’s Lost Pond exploration program is Wayne Reid, P.Geo.   The qualified person responsible for ensuring that the contents of this press release are an accurate summary of Monroe’s data is Harmen Keyser, P.Geol. (NWT), Ucore’s Vice President of Project Development. For more information, please visit our website: www.ucoreuranium.com .