Uranium Power Corp. Announces Major Drill Program for South Fork Uranium Project, Saskatchewan
February 12 2008 - 9:30AM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX VENTURE: UPC) is pleased to
report that it has signed a contract with Layne Christensen
Drilling, of Aurora, CO, to complete a major drill program on the
South Fork uranium project in southwest Saskatchewan. UPC can earn
up to a 65% interest in the South Fork property from JNR Resources
(TSX VENTURE: JNN), by reimbursing JNR for prior expenditures
(completed) and by spending $2,500,000 on exploration activities by
January 25, 2011. UPC is the project operator.
The contract calls for the use of 2 drill rigs (one top head
rotary and one percussion hammer). Interpretation of the previously
announced Fugro TEMPEST airborne EM survey shows a number of what
appear to be well-developed paleochannels in the Frenchman and
Ravenscrag Formations. These are the formations that have the
potential to host roll front style uranium mineralization, similar
to that found on the Powder River Basin of Wyoming.
Drilling is planned to commence in mid-late April, 2008. The
projected cost of the planned program is $1.3 million.
The area was explored in the late 1970's and early 1980's by
Saskatchewan Mining Development Corporation (SMDC), a predecessor
company of Cameco Corporation. SMDC carried out regional
geochemical and geophysical surveys, followed by reconnaissance
drilling programs. These field activities resulted in the
identification of several extensive regional redox systems that
were never adequately followed up. SMDC dropped the project after
the 1982 field season due to depressed uranium prices.
Reconnaissance-scale drilling by SMDC intersected anomalous uranium
concentrations over widespread areas.
Chris M. Healey, P.Geo, President UPC, is the qualified person
responsible for the technical content of this release.
In addition, UPC reports that it has signed a letter of intent
with Mega Uranium Ltd ("Mega") (TSX: MGA), whereby Mega will have
the right to acquire 50% of UPC's interest. Mega must pay the first
$1,000,000 of UPC's earn-in commitment to earn the interest. The
balance of the commitment will be shared on a 50:50 basis.
Chris Healey, President, UPC commented, "Having identified a
significant number of potential paleochannels on the project, we
are keen to move to the next step and drill these excellent
targets. Also we are very excited to have a major player in the
uranium business, Mega, as our new partner on the project."
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
Uranium Power Cda Com Npv (TSXV:UPC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Uranium Power Cda Com Npv (TSXV:UPC)
Historical Stock Chart
From Jul 2023 to Jul 2024