Ucore Options Property from Landmark in Hermitage Uranium Belt
Date: November 7, 2006
Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to announce that, subject to regulatory approval, it has entered into an agreement with Landmark Minerals (LML-TSXV) whereby Ucore has the option to acquire a 70% joint venture interest in the Peter Snout uranium property in southwestern Newfoundland.
Under the agreement, Ucore is assuming Landmark’s remaining cash and share payments to the underlying claim owner to earn 70% interest of the 100% interest that Landmark had previously agreed to acquire (see Landmark news release 13 March, 2006). Landmark will then have a 30% interest under a joint venture with Ucore. Ucore has the further right, under certain conditions, to purchase Landmark’s 30% interest for C$100,000 and 250,000 Ucore shares, and reimbursing Landmark’s share of joint venture exploration costs, leaving Landmark with a 2% NSR. Ucore will have the right to purchase 50% of the Landmark NSR for C$1,000,000, leaving Landmark with a 1% NSR. An existing 2.5% NSR payable to the underlying owner may be purchased for C$1,000,000.
The 1,650 hectare Peter Snout property is located in the heart of the Hermitage uranium belt in southwestern Newfoundland being explored by Ucore, Commander Resources, and Bayswater Uranium. The property has the highest values of uranium in lake sediments in the entire area, and the drainage pattern suggests that the source area of the anomalous uranium is within the Peter Snout property (see Landmark news release 4 October, 2006).
“Peter Snout is a key property in the Hermitage uranium belt. It adds substantially to our current portfolio of high-quality uranium prospects in Newfoundland,” said Dan Whittaker, President of Ucore. “We will be aggressively exploring for the source of the anomalous lake sediments with our detailed airborne geophysical survey currently underway.”
“We are looking forward to exploring the Peter Snout property with Ucore,” said Harmen Keyser, President of Landmark. “Ucore already had claims adjoining our property, and they have a large exploration program currently underway in that area. We hope that Ucore’s local knowledge and skilled exploration team will result in a new discovery at Peter Snout.”
For further information, please contact Mr. Daniel Whittaker, President and Chief Executive Officer of Ucore Uranium Inc. at:
Telephone: (902) 482-5214
Fax: (902) 492-0197
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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