Ucore Uranium Acquires an Additional 20 Claims in Western Newfoundland For Uranium Exploration
Ucore Uranium Inc. (“Ucore” or the “Corporation”) is pleased to announce it has entered into an option agreement to acquire a 100% interest in a 20 claim property (“Northcott Option”) located in western Newfoundland, within the Corporation’s Lost Pond property perimeter. The Vendors 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 for a lump sum of $600,000.
The property is located approximately six kilometres northeast of the main showing (now called the Dome One showing) on the Lost Pond property, as described in the Corporations’ press release dated August 28, 2006. Recent interpretation of airborne data has identified a strong Uranium radiometric anomaly on the Northcott Option property. Government geology maps show the geology to be similar to the Dome One showing with both Hare Hill granite and older granite gneisses underlying the property. Five grab samples taken by the owners prior to the airborne survey resulted in values between 22.0 ppm and 655.5 ppm U (0.002% to 0.077% U3O8) from hematite altered syenite.
Under the terms of the agreement, over a three year period, Ucore will pay a total of $43,000 in cash, issue a total of 240,000 shares and keep the property in good standing.
The above agreement is subject to regulatory approval.
The Company’s Qualified Person (“QP”) is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for the Northcott Option property and this release. Wayne Reid is the Vice President of Exploration for Ucore Uranium Inc.
For further information, please contact Mr. Daniel Whittaker, President and Chief Executive Officer of the Corporation 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 Corporation 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 of America)