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Ucore Announces Lost Pond Phase I Drill Results

Date:                May 2, 2007
Symbol:            UCU-TSXV

Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to provide an update on the recently completed Phase I Drill Program at the Lost Pond uranium property in Western Newfoundland . This drilling represented the initial phase of a three phase program on the property for 2007 and consisted of a total of 1165 meters in eleven holes.  The program was designed to test the depth extensions of the surface showings identified during the 2006 trenching program.  Targets were identified over two grids, the U-2 and U-3 grids as described in a January 22, 2007 press release.  Highlights of the Phase I drilling program include 0.045% U3O8 over 12.3 metres including 0.432% U308 over 0.5 metres.

 U-2 Grid

The initial eight holes were drilled on various targets on the U-2 grid. Previous surface trenching on this grid had located a number of Uranium (U) showings associated with strong hematite alteration and fracturing. The drill program has better defined the style of mineralization as an area of variable hematite/chlorite alteration within a cataclastic unit. This unit is marked by brecciation and fracturing of the host augen gneiss and the fractures and matrix are filled or replaced by variable amounts of hematite, magnetite, chlorite and carbonate. The best uranium values were obtained in drill hole LP-07-02, where a heavily hematite/magnetite altered and brecciated zone assayed 0.045% U3O8 over 12.3 metres including 0.432% U308 over 0.5 metres.  Other narrower zones were also intersected and are reported below.

 2007 Phase I Drilling Results for U-2 Grid

Hole #

 

  

Start

 

  

(metres)

 

  

End

 

  

(metres)

 

  

Intercept

 

  

(metres)

 

 

Grade U308

 

 

LP-07-01 14.58 15.08 0.5 0.028%
LP-07-02

including

and

41.14 41.64 0.5 0.107%
71.95 84.25 12.3 0.045%
71.95 75.95 4.0 0.053%
83.75 84.25 0.5 0.432%
LP-07-03 30.55 31.05 0.5 0.041%
LP-07-04 10.10 10.60 0.5 0.118%
LP-07-05 to LP-07-08 no significant assays

* Intercept measurements are core lengths and do not necessarily represent true widths

 U-3 Grid

Three holes were also completed on the U-3 target located two kilometres east of the U-2 grid. The target at U-3 consists of two distinct magnetic highs associated with anomalous Uranium, Thorium (Th) and Rare Earth Element (REE) values. Results from this drilling showed anomalous Uranium values over 0.5 to 2.0 metre intervals with a best value of 0.028% U308 over 0.54 meters in hole LP-07-09. The REE and Th results are pending.

2007 Phase I Drilling Results for U-3 Grid

Hole #

 

 

Start

 

 

(metres)

 

 

End

 

 

(metres)

 

 

Intercept

 

 

(metres)

 

 

Grade U308

 

 

LP-07-09 63.09 63.63 0.54 0.028%
LP-07-010 68.69 69.19 0.50 0.024%
LP-07-11 no significant assays

* Intercept measurements are core lengths and do not necessarily represent true widths

 Future Work

Phase II of the 2007 Lost Pond Exploration Program includes both detailed work on the U-2 grid and follow-up prospecting on the recently completed extensions to the Lost Pond airborne radiometric surveys.  In addition to these new targets, there were a number of additional uranium targets identified during the fall, 2006 prospecting survey that also require detailed follow-up. Phase II is designed to identify and prioritize high potential drill targets and will involve grid work and trenching as warranted. The detailed work planned for the existing U-2 grid includes geological mapping and compilation of the new data and analysis which will be enhanced with additional geophysics and geochemistry surveys. Any additional work on the U-3 grid will depend on the REE and Th assay results.  The Corporation is continuing the search for bedrock source(s) of the numerous of radiometric float/boulders found on the Lost Pond property by both Shell Canada Resources in 1980/81 and by Ucore in the past year.

Phase III of this year’s Program will be a drill program based on the results of Phase II.  The entire program is expected to be completed by the end of this year’s exploration season.

Quality Control 

NQ diameter core was split on site using a diamond saw and half the core was bagged and sent or delivered to Accurassay in Gambo, NL for sample preparation. A split of the prepared sample was then sent to Actlabs of Ancaster, Ontario where they were assayed for Uranium (Total) by the Delayed Neutron Count (DNC) method.  Actlabs is an ISO17025 and CAN-P-1579 accredited laboratory. Further analyses by Actlabs for various trace elements using a multi-acid/ICP method are still in progress. A system of internal standards are routinely interjected into the sample group by Actlabs and approximately 10% of the samples have been sent out to ALS Chemex in Vancouver, B.C. for check assays.

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.

 The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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