TRIGON EXPLORATION CANADA LTD.
Transmitted by CNW Group on : May 18, 2006 09:00
Trigon Exploration Increases Its Marysvale Uranium Land Position
TSX symbol: TEL
KELOWNA, BC, May 18 /CNW/ - Trigon Exploration Canada Ltd. (TSX-V: TEL),
("Trigon" or the "Company"), a Canadian diamond and uranium exploration
company, today announced that it has significantly increased its land position
at the Marysvale Uranium Project ("Marysvale Project") located in the
Marysvale Mining District of Central Utah. The Company has staked and recorded
an additional 109 unpatented claims. Trigon now controls approximately
5,460 acres immediately to the east of the "Central Mining Area" of the
Marysvale Mining District. From 1952 to 1966, 275,000 tons of ore produced
1,100,000 pounds of Uranium (U308) from various mines in the Central Mining
Area.
The newly acquired claims cover areas with intense argillic alteration, a
reference to the alteration of feldspars to form clay minerals, often
occurring in wall rocks adjacent to mineral veins. Such alteration on the
acquired claims is interpreted to be associated with uranium mineralization.
In addition, Uranophane, a Uranium mineral has been observed on the surface of
the Garfield claims, which are located in the southern portion of the
Marysvale Uranium Property. Trigon's exploration and development team, lead by
Ian Thompson, P.Eng., is currently carrying out surface reviews of the
Marysvale Project, part of the process of establishing the summer development
program.
Dr. George Poling, President and Chief Executive Officer of Trigon
stated: "By acquiring these additional claims, Trigon has now consolidated the
eastern section of the District. We are very excited by the developments at
our Marysvale Project and are working rapidly to establish our work programs."
As announced on May 4, 2006, the Company has entered into a lease and
option agreement with Garfield Resources I LLC to acquire 108 unpatented
Claims and two Utah State Leases in the Sevier and Piute Counties of central
Utah. The Marysvale Project covers an area where Mineral Exploration Company
and Phillips Uranium Company ("Phillips") drilled more than 190 holes between
1977 and 1981. Uranium mineralization was present in nearly all of these drill
holes. In a report prepared for Phillips by Dr. Paul Dean Proctor, he
concluded that: "Blanket-type supergene uranium ore reserves totalling at
least 1.8 million pounds of U3O8 (0.75 million tons of 0.075-percent U3O8 and
3 million tons of 0.03-percent U3O8) occur at the Marysvale Project within
300 to 500 feet of the surface." While Trigon considers the views expressed in
the Proctor Report relevant and helpful, this historical report did not
incorporate categories as defined in NI 43-101 and Trigon notes that Dr.
Proctor's analysis and conclusions have not yet been independently verified.
The Marysvale Uranium Project is managed by Mr. Ian S. Thompson, who is
technical advisor to Trigon and a qualified person in accordance with
NI 43-101.
About Trigon
Trigon Exploration Canada Ltd. is a mineral exploration and development
company that combines extensive knowledge of diamond and uranium geology with
innovative exploration techniques in the pursuit of new discoveries. Trigon's
diamond division is led by an elite technical group that contributed to the
discovery team at Ekati and is focused on repeating that success. Trigon's
uranium division is also led by a highly experienced team and is focused on
the exploration and development of high-potential North American properties.
The Company maintains a strong financial position and has no debt. Trigon
stock trades on the TSX Venture Exchange under the symbol "TEL". Additional
information about Trigon can be found at www.trigonexploration.com.
This news release does not constitute an offer to buy or sell or a
solicitation of an offer to buy 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 "US 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 does not accept responsibility for the adequacy
or accuracy of this release.
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe Trigon's future
plans, objectives or goals, including words to the effect that Trigon or
management expects a stated condition or result to occur. Since forward-
looking statements address future events and conditions, by their very nature,
they involve inherent risks and uncertainties. Actual results in each case
could differ materially from those currently anticipated in such statements.
None of the Company's properties have any known ore body of economic or
commercial value.
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/For further information: Sidney Himmel, CFO, Trigon Exploration Canada
Ltd., Phone: (250) 317-3624, sidney.himmel@trigonexploration.com/ |
