Ucore Uranium Acquires an Additional Three 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 three claim unit property (“Dunsworth Option”) located in western Newfoundland, within the Corporation’s Lost Pond property perimeter. 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 for a lump sum of $500,000.
The Dunsworth Option property is located three kilometers northeast and on strike from the Dome One showing on the Lost Pond property, as described in the Corporations’ press release dated August 28, 2006. The property is underlain by similar geology and hosts two zones of uranium radiometric anomalies which will be prospected over the next month. Under the terms of the agreement, Ucore will pay a total of $3,000 in cash and issue a total of 15,000 common shares in two payments.
The above agreement is subject to regulatory approval.
Ucore now has a 100% interest or may acquire a 100% interest in 3,861 claims in Newfoundland covering more than 960 square kilometers in 11 separate projects. Exploration is advancing. On the Lost Pond project, a grid has been established on the Dome One showing area and mapping, geochemistry, prospecting and ground geophysics has begun. A separate prospecting crew has started follow up sampling on the numerous geophysical targets being generated by a detailed review of the airborne data. In addition, a regional airborne survey has been contracted to fly radiometrics, magnetics and electromagnetics over the additional Newfoundland properties. This survey will start this week and data will be released when available.
The Company’s Qualified Person (“QP”) is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for the Dunsworth 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)