Ucore Announces Elliot Lake Land Acquisition
Date: May 9, 2007
Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to announce that, subject to regulatory approval, it has acquired a contiguous package of claims located five kilometres northwest of Elliot Lake, Ontario . The package encompasses a total of 197 claim units in 14 claim blocks staked in December, 2006. An additional two claim blocks (32 units), located on the extreme northwest corner of the package, were also staked by the vendor at that time however, because of a conflict with other stakers in this area, the ownership of 21 claim units is in dispute and will be resolved in the future. The claims were acquired from the vendor for staking costs and a one time payment of 25,000 common shares of the Corporation. The vendor will retain a 2% Net Smelter Return (NSR) on any future mineral production and the Corporation will have the right to purchase 50% of the NSR from the vendor for a lump sum totalling $500,000.
The claims cover the western strike extension of a number of uraniferous quartz pebble conglomerate units that host many of the Elliot Lake uranium deposits to the east. There are two known showings on the Ucore claims which are described as radioactive pyritized pebble conglomerate bands. Historical values include 0.32% U3O8 over narrow widths.
Compilation of historic work is in progress and an initial program of prospecting and mapping is scheduled for this summer. The Elliot Lake camp has produced more than 270 million pounds of U3O8 from a variety of pyritic quartz pebble conglomerate units.
The Corporation’s Qualified Person (“QP”) is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for this release. Wayne Reid is the Vice President of Exploration for Ucore Uranium Inc.
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.
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