Ucore Commences 2009 Rare Earth Drill Program at Bokan-Dotson Ridge
August 6, 2009 - Halifax, Nova Scotia – Ucore Uranium (TSX-V: UCU; the “Company”) is pleased to report that it has commenced the 2009 Ground Mapping and Drilling Program at its Bokan-Dotson Ridge Rare Earth Project in southeast Alaska (“Dotson Ridge”). The 2009 program will be conducted under the Company’s wholly-owned U.S. operating unit, Rare Earth One.
Aurora Geosciences Inc, of Juneau, Alaska (“Aurora”) has been retained to provide geological and supervisory services. Aurora consulting geologist Mike Power, P.Geol, will supervise drill mobilization, drill hole selection, crew management, core logging, and core sampling. Mr. Power and Aurora were integral to Ucore’s 2008 program and have a depth of experience in Alaskan exploration programs. Aurora will be working in concert with Ucore VP Exploration Harmen Keyser (P.Geol.) and Project Manager, Clifford Hanson (M.Sc., MBA).
Drill contractor More Core Drilling of Stewart, British Columbia, has been awarded the 2009 contract for diamond drilling, and will be mobilizing equipment to arrive at Kendrick Bay in late August. The drill will be deployed at strategic locations along the Dotson Trend and Sunday Trend of Dotson Ridge. Drill permitting has been applied for and a crew barge and associated staff have now been retained.
Ucore has additionally retained the services of James Clark, PhD, of Applied Petrographics in Portland, Oregon. Dr. Clark is an exploration geologist with substantial experience in rare earth exploration in North America. He has a strong field orientation, with extensive supervisory and project management experience in exploration programs for industrial minerals, specialty metals, precious and base metals, and has worked extensively with established and emerging rare earth exploration methodologies. His clients have included Barrick Gold, Newmont Mining, Hecla Mining, AngloGold and CVRD.
Also during the 2009 exploration program, a detailed U.S. Geological Survey-funded rare earth research study will be conducted under the supervision of Jaroslav Dostal, PhD, of Saint Mary’s University in Halifax. Dr. Dostal is a member of the Ucore Board of Directors, and is a recognized authority on deposit modeling and advanced geochemistry. He has published over 250 scientific papers, and is the winner of the 2007 Gesner Medal for Distinguished Scientist of the Atlantic Geoscience Society. The 2009 rare earth study will incorporate the geology departments of four Canadian universities, and be released under the direction of the USGS, a bureau of the U.S. Dept of the Interior.
Ucore intends to continue drill activities until mid October, subject to logistical considerations. Logistical services such as barge mobilization and provisioning, construction and road maintenance, have been awarded to Seley Corporation of Ketchikan, Alaska. Seley has over 30 years experience in SE Alaska resource exploration and development programs.
“We’re extremely pleased with the exploration and research teams that we’ve assembled for the 2009 program,” said Jim McKenzie, President and CEO of Ucore. “These teams are comprised of participants with a record of success in Alaskan exploration and development, as well as recognized members from the fields of advanced geosciences, exploration and rare earth research and development.”
The Company also advises that an aggregate of 250,000 options have been granted to consultants of the Company, including 50,000 to a consultant that will be providing investor relations activities, subject to the approval of the TSX Venture Exchange. The options are exercisable at a price of $0.35 per share and expire five years from August 6, 2009, the date of grant. The options vest over an eighteen month period at the rate of one third after six months from the date of grant and one third every six months thereafter.
Ucore Uranium Inc. is a junior exploration company focused on establishing rare earth, uranium, and associated resources through exploration and property acquisition. With a portfolio of projects across North America, Ucore’s primary focus is the Bokan-Dotson Ridge rare earth element and uranium property in southeast Alaska.
For further information, please contact Mr. Jim McKenzie, President and Chief Executive Officer of Ucore Uranium Inc. at: (902) 482-5214.
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 Company 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.