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Ucore Uranium Reports Favourable Light and Heavy Rare Earth Assays from Bokan Mountain

(Vancouver, BC, September 25, 2008) Ucore Uranium Inc. (TSX-V: UCU) is pleased to report that confirmation assays for rare earth elements (REE) and associated metals have now been received from drilling at Bokan Mountain’s I&L zone. Significant results received so far are reported below:

 

Hole ID
From (m)
To (m)
Apparent
Width (m)
Y2O3
 (%)
Nb2O5
%
LREO
%
HREO
%
LM08-10
39.40
47.78
8.38
0.028
0.020
0.148
0.025
LM08-11
29.70
30.80
1.10
0.041
1.053
0.167
0.054
LM08-12
44.50
47.28
2.78
0.111
0.054
0.348
0.064
LM08-13
41.76
45.72
3.96
0.062
0.031
0.138
0.038
LM08-14
9.31
11.88
2.57
0.043
0.057
0.161
0.026
LM08-16
25.35
27.85
2.50
0.074
0.105
0.255
0.049
LM08-17
54.23
55.39
1.16
0.061
0.036
0.247
0.066
and
77.20
81.37
4.17
0.039
0.021
0.090
0.023
LM08-18
80.16
92.97
12.81
0.244
0.018
0.108
0.110
LM08-19
35.20
37.49
2.29
0.037
0.017
0.127
0.033
and
49.38
49.68
0.30
0.111
0.093
0.318
0.080
LM08-20
33.68
43.37
8.69
0.021
0.018
0.091
0.018
LM08-21
13.72
17.37
3.65
0.489
0.009
0.064
0.176
LM08-22
27.38
27.89
0.51
0.004
0.029
0.105
0.144
and
50.65
52.43
1.78
0.004
0.025
0.091
0.148
LM08-24
60.05
63.09
3.04
0.061
0.040
0.166
0.038
LM08-25
31.45
38.49
7.04
0.076
0.143
0.127
0.075
 
 
 
LREO – light rare earth oxides: La, Ce, Pr, Nd, and Sm in the form LRE2O3
HREO – heavy rare earth oxides: Eu, Gd, Tb, Dy, Ho, Er, Tm Yb, and Lu in the form HRE2O3
 
“Needless to say, we are excited about these results,” said Jim McKenzie, President & CEO of Ucore. “In addition to our high grade uranium values, the I&L zone is also enriched in rare earth elements and related metals, including yttrium and niobium. What’s particularly exciting is that we’re looking at potentially significant concentrations of highly valuable heavy REE’s, including holmium (Ho), lutetium (Lu), terbium (Tb) and thulium (Tm). These are uncommon at most other North American REE deposits and have valuations ranging from hundreds to several thousand dollars per pound. With escalating worldwide demand for heavy rare earths, Bokan’s HREE potential could well rival the area’s uranium prospects, and certainly adds appreciably to the project’s prospective value.”
 
Surface sampling has identified several zones with even higher REE values outside of the main uranium-bearing zones. Investigations are being made into the area’s full suite of mineralization, including uranium, REE’s, niobium, beryllium, and zirconium. Samples from the I&L zone have been submitted to a metallurgical facility for mineralogical and recovery testing. 
 
Preliminary metallurgical testing of various REE-mineralized samples from Bokan by the US Bureau of Mines in the 1990’s reported Y, Ce, and La solubilities exceeding 74%. Subsequent loading and stripping recovered over 96% Y with minimal solvent loss.
 
The term “rare earth elements” is a trade name for the 15 element lanthanoid series metals plus yttrium characterized by similar physical and chemical properties. Grades are usually reported as calculated rare earth oxides (REO). Demand for rare earth elements is increasing, with supply coming mostly from China. Rare earths are utilized in high technology applications such as petroleum cracking catalysts, glass, computer displays, polishing compounds, alloys, magnets, phosphors, pigments, ceramics, lasers, nuclear energy components, and rechargeable batteries for hybrid vehicles. More details on individual elements are available on the Bokan project page of the company’s web site.
 
The I&L Zone is one of more than 30 known uranium +/- rare earth element occurrences at Bokan Mountain related to a peralkaline ring dike complex known as the Bokan Intrusive Complex. The Ross Adams Zone, located 450 meters southwest of I&L, produced 1.3 million pounds of U3O8 at an average grade of 0.76% between 1957 and 1971. These were among the highest average grades ever recorded by a U.S. based uranium mine. Most of the uranium mineralization in the area is characterized by multiple, steeply dipping, uraniferous quartz-pegmatite veins localized by radial fractures near the margin of the Complex, while most of the REE mineralization is hosted in felsic dikes more distal to the Complex.
 
NI 43-101 Compliance
Diamond drill core was split on site, with half the core transported by commercial freight carriers to the Activation Laboratories analytical facility in Ancaster, Ontario, Canada. As part of a rigorous QA/QC program, blanks, standards, and duplicates were inserted into the sample train in the field and in the laboratory. Analyses were by a combination of mass spectrometry and X-ray fluorescence. Reported values are length-weighted averages from multiple samples converted from ppm metal reported by the laboratory using a ratio of 1 part light REE = 1.168 parts LRE2O3, 1 part heavy REE = 1.146 parts HRE2O3, 1 part Y = 1.269 parts Y2O3, and 1 part Nb = 1.431 parts Nb2O5. Insufficient structural information is available to make a conclusive statement on the relationship between true width and core intercept; however, true width is estimated at 65-80% of apparent width. Harmen Keyser, P.Geol., Ucore’s Vice President of Project Development and a qualified person in accordance with NI 43-101, has reviewed and approved the technical content of this press release. A plan map showing drill hole locations has been posted on Ucore’s web site.
 
Background
Ucore Uranium Inc. is a junior exploration company focused on establishing uranium resources through exploration and property acquisition. With more than twenty projects, Ucore’s primary focus is the Bokan Mountain uranium and rare earth element property in southeast Alaska. The Bokan Mountain project contains Alaska’s only prior producing uranium mine. For more information, please visit our website at www.ucoreuranium.com.
 
For specific information relative to REE’s and the valuation thereof, websites such as www.usgs.govwww.elementsales.com,www.chemicool.comwww.theanchorhouse.com, and www.periodic.lanl.gov publish periodic updates and element summaries of use to educational institutions, business and industry.
 
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 Ucore expects, are forward-looking statements. Although Ucore 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.
 
For more information, contact
Ms. Dawn McKim 
Investor Relations 
Tel: 604 484 9402