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U308 Corp. Airborne Survey Identifies 43 Uranium Targets
2/8/2007
TORONTO, ONTARIO, Feb 08, 2007 (MARKET WIRE via COMTEX News Network) --
U3O8 Corp. (TSX VENTURE: UWE) is pleased to announce the results of an airborne geophysical survey of Permit A, bordering on the Roraima Basin in Guyana. The Roraima Basin is similar in size, age and composition to the Athabasca Basin of northern Saskatchewan. U3O8 Corp. has exclusive uranium exploration rights in Permit A and Permit B areas in Guyana, totaling over 1.3 million hectares.
To view a map of the Company's Permit Areas in Guyana, please click on the link below:
www.ccnmatthews.com/docs/map1a.pdf
A total of 15,000 line km of airborne data was collected over a period of 40 days using a 2000 cubic inch NaI crystal array and cesium vapour magnetometers. Surveying was done under ideal survey conditions. It consisted of north-south lines at 200m spacing over historical uranium occurrences and 400m spacing over a broader reconnaissance area within Permit A, at an altitude of only 70 m above ground.
The combined spectrometer and magnetometer survey is intended to be a major component in the search for Beaverlodge Lake-type of uranium mineralization. This type of mineralization, consisting of uranium in vein and fracture fillings, was mined in Northern Saskatchewan in the period 1953 to 1983 and was a primary source of Canada's uranium production at that time.
A total of 43 uranium targets were discovered by this survey. According to Dr. Allan Spector, who supervised the airborne survey, the identification of these targets greatly enables U3O8 Corp.'s exploration team to define drill targets. Ground follow-up investigation of these targets is currently underway as a prelude to an intensive drill program scheduled for March 2007.
"The results of the airborne survey re-affirm our initial analysis of the degree of uranium mineralization in the Permit A area," said Allan Ibbitson, President and C.E.O. of U3O8 Corp. "The airborne survey has confirmed the location of 10 previously known uranium mineralization locations identified by Cogema in the late 70's (see Figure 1: Airborne Radiometric Survey Map with 10 Targets in 7 Historical Exploration Areas) file.ccnmatthews.com/release/map2a.pdf and discovered an additional 33 uranium targets (see Figure 2: Airborne Radiometric Survey Map with 28 Priority Targets)." file.ccnmatthews.com/release/map3a.pdf
U3O8 Corp. is a Canadian junior mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin area of Guyana, South America, U3O8 Corp.'s primary business objective is to acquire and explore, with the intent of developing mineral resource properties.
The Company also wishes to announce the appointment of Richard Cleath to the position of Vice President. Mr. Cleath offers U3O8 Corp. extensive experience in exploration management, with a successful history of organizing, budgeting, planning and executing various mining projects around the world.
Richard Cleath, a qualified person within the definition of that term in NI 43-101 of the Canadian securities administrators, has supervised the preparation and verified the technical information contained in this news release.
Further details of the Company and its property interests are available on Sedar at www.sedar.com and in the technical report titled "Technical Report on the Prometheus Uranium Project" dated September 15, 2006 as amended December 12, 2006, prepared by Clinton Davis.
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Shares Outstanding
Basic: 22,900,000
Fully diluted: 25,586,000
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: U3O8 Corp. Allan Ibbitson President & C.E.O. (416) 868-1491 Email: allan@u3o8corp.com U3O8 Corp. Michelle Leavy Manager, Investor Relations (416) 868-1491 Email: michelle@u3o8corp.com
SOURCE: U308 Corporation
mailto:allan@u3o8corp.com mailto:michelle@u3o8corp.com
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