Ucore And Bayswater Joint Venture Mutual Claims in Previously Exempt Area for Staking in Labrador Uranium District
Date: Aug. 1, 2007
Ucore Uranium Inc. (“Ucore”, TSX-V: UCU) is pleased to announce it has entered into a letter agreement dated July 27, 2007 with Bayswater Uranium Corporation (“Bayswater” or the “Company”, TSX-V: BAY), whereby Ucore and Bayswater will form a joint venture in respect of their mutual uranium properties, comprising a combined total of 829 claims, located in previously exempted land for exploration along the northeastern extension of the Central Mineral Belt uranium district, Labrador (the “Properties” and otherwise referred to as the Makkovik Project). Each party will have the exclusive option for a period up to August 31, 2008 to enter into a joint venture in respect of the Properties, by contributing to a first year budget on the Properties of $400,000. UCore shall contribute 33 1/3% to the first year budget and Bayswater shall contribute 66 2/3% to the first year budget. Bayswater will be the operator of the Makkovik Project during the option period and pursuant to the joint venture, once formed. Upon completion of the first year work program, as contributed to by the parties as noted above, Ucore and Bayswater will form a joint venture and each of Ucore and Bayswater shall be deemed to have acquired an undivided 50 % interest each in and to the Properties. The agreement is subject to the approval of the TSX Venture Exchange.
The Makkovik Project area is characterized by anomalous uranium contents in lake sediment samples and by local uranium occurrences to the northeast of the Jacques Lake and Otter Lake uranium occurrences of Aurora Energy Resources Inc. The Company is planning to commence an airborne radiometric and magnetic survey of the project area claims by NovaTem immediately and will subsequently carry out follow-up prospecting of priority radiometric anomalies this summer.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Uranium Inc. at:
Telephone: (902) 482-5214
Fax: (902) 492-0197
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. (Not for dissemination in the United States )