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Re: News Release - Monday, January 21, 2008
ESO And Fission Energy Sign Strategic Joint Venture Agreement In
Patterson Lake Area, South Athabasca Basin, Saskatchewan
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Vancouver, Canada, January 21st, 2008: ESO Uranium Corporation
ESO Uranium Corporation (TSX-V: ESO), the Company, and Fission Energy
Corporation (TSX-V: FIS) (Fission) are pleased to announce that the
companies have signed a joint venture agreement to include claims
staked in late 2007 by the companies on the southern extension of their
Hook Lake and Patterson Lake claims. The joint venture is a 50%-50%
participation by the companies and includes 4 claims (approximately
4770 hectares) on the southern margin of the Athabasca Basin in the
Broach Lake - Patterson Lake area. The area is accessible by road and
close to several established bush camps.
A Megatem airborne magnetic and deep penetrating electromagnetic survey
of 167 line km was completed over the claims by Fugro Airborne Surveys
in December, 2007 to cover southerly extensions of electromagnetic
conductors identified by earlier work in basement rocks underlying the
Athabasca sedimentary basin to the north. The identified conductors are
shown in a Saskatchewan Geological Survey compilation to extend SSW
onto the Joint Venture property in a band of conductors referred to as
the Carter Corridor. The Carter Corridor has been under active
exploration by the Purepoint Uranium Group working on the contiguous
Hook Lake project which is under option from Cameco and Areva.
The results of the recent Megatem survey are being processed and will
form a basis for developing ground targets for further work by the
Joint Venture in 2008. Target depths for uranium mineralization are
expected to be shallow (less than 300 meters depth) in this area which
has some overlapping cover of sediments of the Prairie sedimentary
basin.
For reference, the current spot price quoted by uxc.com for uranium
oxide is US$89.50 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 % value by 20.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
Vice President, Exploration
For Corporate Communications please contact:
Tom Corcoran or Bob Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: info@esouranium.com
Please refer to the ESO Uranium website for further and updated
information.
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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Copyright (c) 2008 ESO URANIUM CORP. (ESO) All rights reserved. For
more information visit our website at http://www.esouranium.com/ or
send mailto:info@esouranium.com
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