Uranium Power Corp. Announces Plans for US and Canadian Projects
11/7/2007§
VANCOUVER, BRITISH COLUMBIA, Nov 07, 2007 (MARKET WIRE via COMTEX News Network) --
Uranium Power Corp. ("Uranium Power" "UPC") (TSX VENTURE: UPC) is pleased to provide this update on plans for future activities on its properties in the USA and Canada. The short term goal is to bring Sheep Mountain back into production with our 50% joint venture partner, Uranium One Inc. (TSX: UUU).
Uranium One joint venture projects (USA)
Sheep Mountain, WY: A consulting firm (BRS Inc.) has been hired to generate an updated mine plan, as well as to investigate the feasibility of developing an open pit mine in the "Congo Pit" area, immediately to the north of the Sheep Mountain mine. An 8-10 hole drilling program is planned to provide metallurgical and disequilibrium testing samples from both the Congo and the main mine areas. The current work being performed by BRS is expected to be completed by January 2008.
UPC has previously reported an NI43-101 compliant inferred resource of 15.6M pounds U3O8 for the Sheep Mountain deposit. UPC continues to earn a 50% interest in this project and will complete this process in December 2007.
Breccia Pipes, AZ: As a result of several studies and surveys, an additional 35 targets have been identified and staked. This brings the total targets on the JV lands to over 85. We are currently finalizing detailed plans with our JV partner who has indicated that they have initiated an exploration program which forms part of a major three year exploration plan.
Burro Canyon, CO: We are working with our partner to develop an exploration program to follow up to last year's successful drill program. The 17-hole drill program completed in 2006 included intersections of 3.5 feet @ 0.55% eU3O8 and 4.0 feet @ 0.29% e U3O8.
100% UPC Projects (USA and Canada)
Sahara (Green River South) UT: We have the right to earn an 85% interest in this large, prospective land package. Currently two test wells are being permitted for the Sahara deposit to study the hydrology of the area. This is a necessary step before moving to full mine design. New geological interpretation of old drilling indicates that there are a significant number of excellent targets on the property which have not been properly tested. Drilling will be planned in these areas.
Wildhorse Claims, AZ: These claims are owned 100% by UPC and are located to the west of the JV Breccia Pipes project. Exploration plans are being developed, with the goal of providing an initial evaluation of the targets within 6 months.
East Shirley Basin, WY: This exciting acquisition was recently announced (see November 5, 2007 release). It comprises over 600 mining claims in a very prospective area that has not seen much work in recent years. Plans to evaluate the property are under development.
South Fork, SK: The planned Fugro TEMPEST airborne EM survey has been recently completed, and the results are being evaluated. It is anticipated that the survey will assist us in fine tuning drill hole locations for an extensive spring 2008 drill testing program.
Chris Healey, President, UPC, commented, "I believe that we are now making significant steps forward in the growth of UPC. The work at Sheep Mountain is vital to our plans to move UPC into the ranks of uranium producers. I also believe that the Breccia Pipes project has excellent potential for the discovery of deposits that could feed the Shootaring Canyon mill owned by our JV partner."
URANIUM POWER CORP.
CHRIS M. HEALEY, President
WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
Contacts: Uranium Power Corp. Chris M. Healey President (604) 921-1810 (604) 921-1898 (FAX) Website: www.uraniumpowercorp.com
SOURCE: Uranium Power Corp.
www.uraniumpowercorp.com
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