Magnum Uranium Commences San Rafael Drill Program
Mon Apr 14, 2:27 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2008) - Magnum Uranium Corp. ("Magnum") (TSX VENTURE: MM.V) is pleased to announce the commencement of drilling at its San Rafael Project located near Green River in Emery County, Utah. The current drill program is targeted at the Down Yonder Deposit and is expected to total 50,000 feet spread amongst approximately 50 holes having a depth averaging 1,000 feet. Bob Beeman Drilling Company of Moab, Utah is conducting the drilling, and down-hole logging is being performed by Century Geophysical Corp. of Tulsa, Oklahoma. Magnum has received all required regulatory and other permits to conduct these exploration activities. This drilling represents the first tranche of a planned 150,000 foot drill program to be conducted at the San Rafael Project over the next 15 months.
The objective of the current drill program is to expand the known mineralization on the Down Yonder Deposit through infill and step-out drilling on mineralized holes that are open-ended. Magnum's recently released NI 43-101 report states that the Down Yonder Deposit hosts an Indicated mineral resource of 729,100 pounds of U3O8 contained in 199,100 tons at an average grade of 0.183% eU3O8 and an additional Inferred mineral resource of 1,071,100 pounds of U3O8 contained in 292,900 tons at an average grade of 0.185% eU3O8 (see Magnum News Release dated March 25, 2008). Historically, it is estimated that approximately 160,000 feet of drilling spread amongst 151 holes, comprising both RC and core, have been completed on the Down Yonder Deposit and surrounding area by Conoco, Union Carbide and others.
The San Rafael Project is located on the east flank of the San Rafael Swell, 10 miles west of Green River, Utah. The area was the site of mining and exploration for uranium and vanadium from the mid-1950's until the 1980's, with over 4.0 million pounds of uranium and 5.4 million pounds of vanadium produced. The uranium mineralization in this district occurs in the upper sandstone horizon of the Salt Wash Member of the Jurassic Morrison Formation. Magnum has earned an 80% interest in this joint venture property from its partner, Energy Metals Corp., a subsidiary of Uranium One Inc. (see Magnum News Release dated February 18, 2008).
John R. Carden, Ph.D., P. Geo., a Qualified Person as defined by National Instrument Policy 43-101, is responsible for the technical information contained in this news release.
The Company
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 neither approved or disapproved of the contents herein.
Contacts
Craig T. Lindsay
Magnum Uranium Corp.
President & CEO
(604) 683-2507
(604) 683-2506 (FAX)
Email: info@magnumuranium.com
Website: www.magnumuranium.com |
