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Re: News Releases - Wednesday, October 03, 2007
JNR and Altius Form Uranium Exploration Alliance
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Saskatoon, SK, October 3, 2007 - JNR Resources Inc. (TSXV:JNN) and
Altius Resources Inc. report that they have established an alliance to
explore for volcanic-hosted uranium deposits in a defined area in
central Newfoundland and have staked 10,584 claims covering 2,646
square kilometres (264,600 hectares) in one of the largest staking
campaigns ever undertaken in eastern Canada.
The new claims cover felsic volcanic and related intrusive rocks of
Silurian to Devonian age including much of the Topsails Igneous Suite
and the Springdale Group, both of which feature very large areas of
coincident anomalous uranium, molybdenum and fluorine values in lake
sediment samples.
Field investigations have confirmed the prospective geological setting
for volcanic-hosted uranium deposits and a review of limited
reconnaissance work reported in 1981 reveal radiometric anomalies over
volcanic rocks that represent exploration targets.
JNR and Altius plan to conduct prospecting and geological mapping
following a large-scale combined airborne radiometric and magnetic
survey to evaluate the claims and to identify new exploration targets.
JNR and Altius will each hold a 50% interest in the venture. In return
for generating the project, Altius has retained a 2% Gross Sales
Royalty on uranium products and a 2% Net Smelter Return on all other
commodities. JNR has agreed to make an initial 50,000 share payment to
Altius and an optional 50,000 share payment on the first anniversary.
Altius' principal business activities include the generation and
acquisition of projects related to natural resources opportunities
mainly located in Newfoundland & Labrador, Canada. For more information
please visit www.altiusminerals.com.
JNR is led by a highly experienced management team with proven
discovery success in uranium exploration. JNR has an interest in more
than 362,000 hectares of highly prospective ground in the renowned
Athabasca Basin of northern Saskatchewan.
JNR's Vice-President of Exploration, David L. Billard, PGeo, is the
qualified person responsible for the technical data presented in this
release. A glossary of the technical terms included in this release can
be found on the Company's website at:
www.jnrresources.com/s/Glossary.asp.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or
877.567.6463
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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Copyright (c) 2007 JNR RESOURCES INC. (JNN-TSXV) All rights reserved.
For more information visit our website at http://www.jnrresources.com/
or send mailto:info@jnrresources.com
Message sent on Tue Oct 2, 2007 at 3:06:48 PM Pacific Time
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