- The drill hole database in the vicinity of the estimation consists of 82 Diamond drill holes totalling 18,551m and 30 surface trenches totalling 100m. Drill hole spacing ranges from 60m x 100m to 100m x 200m.
- Both the Diamond drill holes and the trenches were used to model the mineralization geometry, however only the assay data from the Diamond drill holes were used in the grade estimate.
- The drill holes were typically drilled along east- to northeast-trending lines, with dip ranging from 60� to 90�. The drilling angle and orientation was designed to intersect the mineralization so as to produce a true-thickness intercept. However, a small number of drill holes intersected the mineralization at acute angles where the shape of the folded mineralized layer is different in detail from the simple fold shape targeted.
- The drill core was halved using a Diamond saw, then character-sampled based upon estimated grade from measured radioactivity and lithology to a minimum nominal length of 20 centimetres ("cm"), and a maximum length of 1.6m. The average sample length was 80cm.
- Gamma ray measurements, recorded with a down-hole Mount Sopris probe, calibrated in Grand Junction, Colorado, were used to estimate the uranium grade ("eU3O8") where chemical assays were not available due to poor core recovery. eU3O8 values were used for approximately 31% of the assay intervals. Gamma ray data were measured for most of the bore holes drilled, providing a comparison between chemical assays and eU3O8 data. Assay and estimated U3O8 values showed a very good correlation.
- Density for the resource was based upon 27 measurements taken from within the mineralization using the water immersion method.
- The mineralization outline was based upon a nominal 0.04% U3O8 halo, with consideration given to the mineralized limestone lithology. Based upon the lithology modelling, a nominal weathering surface was defined as being 10m below the topographic surface.
- The topographic surface was based upon a digital elevation model ("DEM") supplied surface obtained from ground-controlled precision satellite photographs using high-definition satellite elevation.
- A total of 317 mineralized intervals were used in the resource model. 69% of these were chemically assayed utilizing values using Inductively Coupled Plasma Mass Spectrometry ("ICP-MS"), supported by X-ray Fluorescence ("XRF") analysis for samples with elevated phosphate. Samples were prepared by ALS Chemex in its facility in Bogota, Colombia, and the samples were shipped to ALS Chemex's assay laboratory in Vancouver, Canada, for analysis. Radiometric data were used for 99 intervals. The assay data was composited to 0.8m intervals for the resource estimation. Variography and search neighbourhood analysis were also conducted as an input into the U3O8 grade estimation.
- Ordinary Kriging was utilized for the U3O8 grade estimate and inverse distance to the power of two was used to estimate the multi-element data. Top-cutting of the assay data was not considered necessary for the estimates.
- The estimate was classified as Indicated and Inferred based upon the demonstrated geological and grade continuity, and the drill hole spacing.
- The following comments and recommendations are made:
- Further density data is required to characterize the density of the deposit, particularly in the weathered portion of the deposit.
- Further work is required to refine the base of weathering.
- Although the overall geometry and trend of the mineralization is well defined, infill drilling is required to adequately define the areas of complex folding and structure. Further investigations are also required to determine if faulting is affecting the mineralization, particularly for portions considered to be suitable for underground mining.
A technical report prepared in accordance with NI 43-101 of the Canadian Administrators, containing the Mineral Resource set forth above, will be filed on SEDAR shortly, and not later than 45 days from the issuance of this news release.
The information that relates to the Mineral Resource is based on information compiled by Neil Inwood. Mr. Inwood is a Member of The Australasian Institute of Mining and Metallurgy, is employed by Coffey Mining Pty Ltd, and visited the Berlin site in May 2011. Mr. Inwood has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Mineral Resources and Reserves" and as a "Qualified Person" for purposes of NI 43-101. The disclosure contained in this news release relating to the Mineral Resource set forth above has been prepared under the supervision of, and verified by, Mr. Inwood and is included herein with his consent.
All other scientific and technical information contained in this news release has been prepared under the supervision of, and verified by Dr. Richard Spencer, P. Geo, President & CEO of U3O8 Corp., a "Qualified Person" within the meaning of NI 43-101.
About U3O8 Corp.
U3O8 Corp.is a Toronto-based exploration company focused on explorationand resource expansion of uranium and associated commodities in South America - a promising new frontier for exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Guyana, Argentina and Colombia.
For further information on U3O8 Corp's Berlin Project, refer to the technical report entitled "Review of Historic Exploration Data from the Uraniferous Black Shales of the Berlin Project and Chaparral Concession, Colombia: A guide to future exploration" prepared by Richard Spencer and Richard Cleath dated March 23, 2010 and available at www.sedar.com. Additional information on U3O8 Corp. is available on the company's web site at www.u3o8corp.com.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, the timing of laboratory results and preparation of technical reports, the actual results of independent scoping studies and subsequent metallurgical testing, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the Berlin Project will add to U3O8 Corp's resource base in the short-term, or at all. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
For information, please contact:
U3O8 Corp.
(416) 868-1491
Nancy Chan-Palmateer Richard Spencer
Vice President, Investor Relations President & CEO
nancy@u3o8corp.com richard@u3o8corp.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1 - Map Shows the NI 43-101 Resource Area on the Berlin Project
Geological map of the Berlin Project draped on an image of topography (pale areas are ridges and peaks and dark areas are valley bottoms). The Cretaceous strata (green shades) form a 10.5km long, canoe-shaped fold (syncline). The brown coloured areas show the large extent of the alaskite batholith on the west, and the smaller alaskite batholiths on the east flank of the syncline at Berlin. The alaskite is believed to have played a key role in the mineralization of Berlin. Black rectangles mark the trenches excavated by U3O8 Corp. Red triangles mark the drill platforms from which bore holes were drilled. The NI 43-101 resource area referred to in this press release is shown in yellow on the map relative to the 4.4km historic resource area and entire 10.5km mineralized trend at Berlin.
(1)The Berlin historic resource of 12.9 million tonnes at a grade of 0.13% U3O8 (38mlb U3O8) was reported in Castano, R. (1981), Calcul provisoire des reserves geologiques de Berlin, sur la base des resultants des sondages, Unpublished Minatome report, 15p. based on only 11 widely-spaced drill holes, 20 trenches and three adits, and should not be considered a NI 43-101 compliant resource. The historic resource is regarded by U3O8 Corp. as merely an indication of the uranium resource potential of the southern 4..4km of the 10.5km long syncline. The historic resource did not include estimates for other commodities. U3O8 Corp. has now defined an interim multi-commodity NI 43-101 mineral resource on the southernmost 3km of the Berlin trend.