Uranium Power Corporation: Pasquia Hills Oil Shale Joint Venture; 4 Billion Barrel Resource
VANCOUVER, BRITISH COLUMBIA--Uranium Power Corporation (OTC BB: URMP / DAX: URP) The Company has reached agreement with Western Petrochemicals Corp. of Calgary to become a 60% partner on the Pasquia Hills Oil Shale Joint Venture, which currently owns 700,000 acres of oil shale permits in Pasquia Hills, Saskatchewan.
Western Petrochemical has spent approximately $2 million CDN to date, which included 45 drill holes to evaluate the core area of their oil shale deposit. Their consultants advises that, in the core area of approximately 100,000 acres (or 15% of the permitted lands) there is a geologic resource of 4.3 billion barrels oil, with a cut off grade of 4% hydrocarbons and an average grade of 7% hydrocarbons. The oil contains 58% natural aromatics of which 45% is benzene which are valuable petrochemical feed stocks. The resource calculation includes 117 million barrels measured oil, 350 million barrels indicated oil, and 3.9 billion barrels inferred oil with the exploration potential for further resources outside the core area of interest.
Thornton Donaldson, President, notes "The Pasquia Hills oil shale Joint Venture is a significant project for Uranium Power Corporation as it has now secured a long term source of supply for the Earth Energy process. Initial Joint Venture focus will be to complete a development program to achieve production. Earth Energy Resources Ltd. has previously successfully tested a limited number of oil shale samples from the Carrot River area of Pasquia Hills. Further samples are being sent to Earth Energy and its consultants for analysis using the Earth Energy Catalyst this week."
The preliminary mine plan indicates that the shale ore is 70 feet from the surface and approximately 100 feet thick with a strip mining ratio of .65 to 1. The formation of interest is the Second Whitespecks which is approximately flat lying and of consistent grade.
Uranium Power Corporation has the right to earn a 60% joint venture interest over the next four years by paying $700,000 CDN, issuing 1 million common shares of Uranium Power Corporation, and completing a development program for $3,050,000 CDN. The Joint Venture will also be paying third party royalties as to 10 cents per barrel USD of Petrochemical feed stock or oil production.
FOR FURTHER INFORMATION PLEASE CONTACT:
Uranium Power Corporation
Steve McGuire
(800) 877-1626 or (604) 606-7979
or
Uranium Power Corporation
Randal Pow
(888) 858-7759 or (604) 685-2300
Email: investor@apioil.net
Website: www.apioil.net
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