Magnum Uranium Corp.

Published : October 25th, 2007

Commences Phase II Drilling at San Raphael

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Keywords :   Canada | G Mexico | Gold | Idaho | Mexico | Oil | Uranium | Utah |





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Thursday, October 25, 2007
Magnum Commences Phase II Drilling at San Raphael


 

VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum") is pleased to announce the commencement of a Phase II drilling program at its San Raphael Uranium Project, Emery County, Utah. Magnum is in the process of earning an 80% undivided interest in this property from its joint venture partner, Energy Metals Corporation (recently acquired by Uranium One Inc.). The planned Phase II drilling comprises fourteen (14) rotary holes totaling 11,600 feet, with cored intervals through projected ore horizons. Six (6) of the holes will be drilled within a potentially mineralized zone referred to as the "North Jackrabbit". The North Jackrabbit lies just north of and parallel to the main "Jackrabbit Zone" where Magnum Phase I drilling identified a 2,660-foot-long, northeast-trending zone of ore-grade mineralization that remains open on both ends and will require further drilling to define its full extent (see Magnum News Release dated August 10, 2007). The eight remaining holes will be drilled on the western half of the "Deep Gold" uranium deposit area to test for multiple zones of high-grade mineralization discovered by Pioneer Uravan in the early 1980's.

Craig Lindsay, President & CEO of Magnum, noted: "The San Raphael Project is emerging as an important part of Magnum's development plans in the Colorado Plateau region. Our Phase I drill program encountered strong uranium mineralization in 7 of 15 holes, including one hole that encountered 6.5 feet grading 0.908% eU3O8. Upon completion of this second round of drilling, we intend to initiate an aggressive drill program in 2008 to confirm and expand known uranium mineralization. Two companies have announced plans to recommence milling at existing conventional uranium processing facilities in Utah, and as a result mill feed will be in high demand. We intend to capitalize on this demand by moving the San Raphael Project towards production as soon as possible."

Uranium mineralization on the property occurs in high-grade zones hosted by an upper sandstone unit within the Salt Wash Member of the Jurassic Morrison Formation. Bob Beeman Drilling Company of Moab, Utah is conducting the drilling using a Gardner/Denver Model 15W conventional air rotary drill-rig, and Jet West Geophysical Services, LLC, of Farmington, New Mexico is conducting the down-hole logging for gamma-ray, spontaneous potential (SP), and resistivity data. Magnum has received all the necessary and required permits from the U.S. Bureau of Land Management and the Utah Division of Oil, Gas and Minerals to conduct the drilling.

John R. Carden Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information in this release.

About Magnum

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, as well as in Canada's Athabasca Basin.


ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO

For additional information please contact:
Tel: 604.683.2507 Fax: 604.683.2506
E-mail: info@magnumuranium.com

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISSAPROVED OF THE CONTENTS HEREIN

This new release does not constitute and offer to sell or a solicitation of any offer to sell any 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.


 
 
 

 
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Magnum Uranium Corp.

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CODE : MM.V
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Magnum Uranium is a uranium exploration company based in Canada.

Magnum Uranium produces uranium, copper and tin in USA, and holds various exploration projects in USA.

Its main asset in production is SAN RAFAEL in USA and its main exploration properties are MARYSVALE, STANLEY URANIUM and 35/75 in USA.

Magnum Uranium is listed in Canada and in United States of America. Its market capitalisation is CA$ 5.2 millions as of today (US$ 5.2 millions, € 3.7 millions).

Its stock quote reached its lowest recent point on December 24, 2008 at CA$ 0.07, and its highest recent level on May 04, 2012 at CA$ 4.36.

Magnum Uranium has 22 268 000 shares outstanding.

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Financings of Magnum Uranium Corp.
3/2/2007Completes Private Placement
Project news of Magnum Uranium Corp.
5/22/2009(San Rafael)Files Amended 43-101 Technical Report on Its Deep Gold Depos...
1/8/2009(San Rafael)Initiates Drill Program And Announces Earn-In Of 100% Intere...
11/12/2008(Marysvale)Drills Bulk Tonnage Mineralization at Marysvale
9/19/2008(San Rafael)Issues NI 43-101-compliant Uranium Resource on the Deep Gold...
7/31/2008(San Rafael)Announces San Rafael Project Update
4/14/2008(San Rafael)Commences San Rafael Drill Program
3/25/2008Issues First NI 43-101-Compliant Uranium Resource on a Porti...
1/17/2008Announces High-Grade Phase II Drill Results from San Rafael ...
8/10/2007Announces High-Grade Drill Results from San Rafael Project, ...
3/28/2007Signs Lye Uranium Project Drill Contract
Corporate news of Magnum Uranium Corp.
2/12/2008Uranium Completes 80% Earn-in on San Rafael Joint Venture
11/26/2007Discovers Significant Radon Anomaly at 35-75 Uranium Propert...
10/25/2007 Commences Phase II Drilling at San Raphael
10/18/2007 Discovers Sizeable Radon Anomaly at Marysvale
8/23/2007Acquires Significant San Raphael Data Package
6/12/2007Begins Drilling at San Raphael Uranium Project, Utah
5/16/2007Commences Phase II Wyoming Drilling
5/3/2007Announces Joint Venture with Triex in Athabasca
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