Magnum Uranium Corp.

Published : November 26th, 2007

Discovers Significant Radon Anomaly at 35-75 Uranium Property

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





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Monday, November 26, 2007
Magnum Discovers Significant Radon Anomaly at 35-75 Uranium Property


 

VANCOUVER, B.C. -- Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce the discovery of a large and statistically significant radon anomaly at its 35-75 Uranium Property (the "35-75 Property") in Converse County, Wyoming. The property is located within the Powder River Basin, immediately adjacent to Cameco Corporation's Smith Ranch uranium operation (the "Smith Ranch"), the largest producing ISL uranium deposit in the United States hosting reported proven and probable uranium resources of 13.3 million pounds. The same Tertiary sandstone horizons which host the Smith Ranch deposits are thought to be the host of the mineralization at the 35-75 Property.

Magnum recently completed an alpha track radon survey of the 35-75 Property that discovered an anomaly which is approximately 2,500-feet long (760 m) in a north-south direction, 2,000-feet wide (610 m) in an east-west direction and covers an area of 87 acres. The anomaly has a peak value which is at least 30 times background readings. The anomaly significantly expands a north-south trending zone of mineralization, nearly 1-mile-long, located immediately to the south of the radon anomaly that was detected by historic drilling conducted on the property by Cordero Mining Co. ("Cordero") and Teton Exploration, Inc. ("Teton"). Magnum owns a database consisting of maps detailing at least 265 historic drill-hole locations and 116 historic summary drill-hole logs completed by Teton and Cordero around 1970. Additional deposits are speculated to be present based on close-spaced drill patterns on other parts of the property.

Magnum's alpha track radon survey was conducted during October 2007 by Stratamodel Inc. covering one square mile of Magnum's property position. The objective of the survey was to identify radon anomalies emanating from subsurface uranium mineralization. A total of 147 detectors where used as a primary measure of soil radon including QA/QC of five duplicates to quantify sampling error, three detectors to quantify analytical error, and three detectors used as blanks. The survey grid consisted of 136 nodes with an average spacing of 100 m in the northwest-southeast direction and 200 meters in the northeast-southwest direction. The grid was oriented parallel to the main trend of mineralization blocked out by historic drilling. Sample points were randomly selected within 100 by 200 meter grid cells. Grid cell dimensions were selected by dividing the dimensions of the known extent of mineralization by three. Field locations were determined by DGPS control.

Magnum plans to conduct an aggressive drilling program in the spring of 2008 to test the anomaly down-dip, and test for the presence of multiple stacked roll deposits in the Eocene Wasatch and underlying Paleocene Fort Union Formations.

John Carden, Ph.D., P.Geo., a Director and consulting geologist for Magnum Uranium Corp., and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.

The Company

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, and 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 DISAPPROVED OF THE CONTENTS HEREIN.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 is available.


 
 
 

 
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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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