PRZOOM - /newswire/ -
Vancouver, Canada, 2005/11/02 - The new claims located in the eastern part of the Basin bring the total area the Company has under exploration to over 800,000 acres.
ESO Uranium Corporation (“the Company”) ESO-TSX.V announces that it has more than doubled its land position in the Athabasca Basin of Saskatchewan with the acquisition of a 100% interest in additional exploration mineral claims covering over 450,000 acres adjacent to claims controlled by Cogema. The new claims located in the eastern part of the Basin bring the total area the Company has under exploration to over 800,000 acres.
The eastern Athabasca Basin hosts the world’s largest and richest uranium deposits including the operating McArthur River Mine with reserves of 400 million lbs U3O8 grading 24.7% U3O8 and Cigar Lake containing 170 million lbs U3O8 with an average grade of 19% U3O8. The terms of the agreement call for the payment of $150,000 plus the issuance of 1,000,000 common shares in the capital of the Company. The agreement is also subject to a 2.0% net smelter royalty in favor of the vendors plus payment of mineral claim staking expenses. The agreement covering the acquisition of these additional claims is subject to acceptance by the TSX Venture Exchange.
On the Company’s three western Athabasca projects, covering over 360,000 acres, airborne geophysical surveys including fixed wing Megatem II and helicopter borne Aerotem surveys have been completed. The Megatem II survey was carried out on the Cluff project, where conductors have been interpreted as extensions of those related to the Shea Creek uranium deposit being developed by UEX/COGEMA located 11 kms to the southwest. Over 2,000 line kms were flown and interpretation is ongoing.
A helicopter borne Aerotem geophysical survey consisting of 2350 line kms flown on 300 meter spacing’s has been completed on the Hook and Mandin projects located approximately 15 kms south of Shea Creek. The primary purpose of the Aerotem survey was to precisely define known conductors for follow-up drill testing. Previous airborne geophysical surveys undertaken by past operators outlined more than 75 kms of conductors which were subsequently followed up with only 6 drill holes. After assessing this newly acquired data the Company’s technical team will design drill programs to commence this winter.
The Company advises that it has retained Tom Corcoran of Nanaimo BC, to provide investor relations services to the Company. Mr. Corcoran possesses considerable experience in the financial services business. The agreement with Mr. Corcoran is for a twelve month period commencing October 1, 2005 and is subject to the acceptance by the TSX Venture Exchange.
The Company also announces the grant of 300,000 options to certain officers, directors and consultants to the company. The options are exercisable at $0.76 for a period of five years from the date of the grant.
About ESO Uranium Corp.
ESO Uranium Corp. is a Canadian based mineral resource company exploring for uranium in The Athabasca Basin of Saskatchewan and for gold in the Casa Berardi deformation zone in Ontario.
In The Athabasca Basin, the Company’s land holdings cover more than 800,000 acres, all with the potential to host new uranium discoveries. In Ontario, the company is exploring for gold on its Mikwam project, which totals 12,864 acres and results from a recently completed airborne geophysical survey are currently being analyzed to select drill targets.
Robert Beckett, BA Geology, is the Qualified Person who has approved the technical disclosure.
On behalf of the Board of Directors of ESO Uranium Corp.
“Jonathan George” Jonathan George, President & CEO
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.
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