PRZOOM - /newswire/ -
Vancouver, British Columbia, Canada, 2007/03/05 - The Cluff Lake mines, mostly shallow open pit operations, produced 63 million pounds of uranium oxide with an average grade of 0.93% and significant gold values.
ESO Uranium Corporation (ESO.TSX-V), the Company, has contracted Derex Drilling Services Ltd of Armstrong BC, to carry out a program designed to test near surface targets with reverse circulation and/or percussion drilling on the optioned properties of Hathor Exploration Inc (HAT.TSX-V) and International KRL Resources Corporation (IRK.TSX-V). Approximately 10,000 meters of drilling in 100 holes is planned for the 2007 program on the Cluff Lake properties, with a budgeted cost of over $1,500,000. The claims adjoin the Cluff Lake mining lease of Areva, the world’s largest integrated uranium company and successor company to the former mine operators.
The Cluff Lake mines, mostly shallow open pit operations, produced 63 million pounds of uranium oxide with an average grade of 0.93% and significant gold values. The geological and geophysical signatures of the Cluff Lake host rocks extend onto these adjacent claims. Historical work on the Bridle Lake Zone, located 2km north of the Cluff Lake Mine on the Hathor option, included two percussion drill holes completed by the mine operator, AMOK (MOKTA), in 1979. These holes intersected 0.112% uranium oxide over 1.5 meters from 17.2 to 18.7 meters (CAR 316A) and 0.12% uranium oxide over 0.4 meters from 52.6 to 53 meters (CAR 278).
In 2006, ground electromagnetic grids were surveyed on the Bridle Lake Zone by P. Walcott and Associates to define further the several conductors indicated by an earlier 2006 airborne Megatem survey commissioned by ESO. These conductors were located immediately up-ice from a radioactive boulder field reported by AMOK Ltee to have values up to 0.85% uranium oxide. Radon surveys by ESO have identified two areas of strongly anomalous radon gas in soils, close to the conductors. One of the ESO anomalies correlates with an anomaly reported by AMOK, the other was in an area previously unsurveyed. Radon gas, a product of the radioactive decay of uranium, is a measure of the presence of uranium at depth in the bedrock.
An additional priority target area for drilling is located on the Int.KRL option that flanks the east side of the Cluff Mine lease. It includes a radioactive boulder field with values up to 16.9% uranium oxide and 2.9 g/t gold reported in assessment filings of AMOK. The boulder field is close to several conductors indicated by airborne and ground electromagnetic surveys carried out by ESO in 2006.
For reference, the current spot price of uranium is US$85 per pound of U3O8; an assay reported as 1.0% of U3O8 is equal to 20 pounds of uranium oxide per short ton – the conversion of percent metal or metal oxide from percent to pounds per short ton is done by multiplying the percent value by 20.
On behalf of the Board of Directors of ESO Uranium Corp.
Vice President, Exploration
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The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company’s filing with the Securities and Exchange Commission.