Magnum Uranium Corp.

Published : January 08th, 2009

Initiates Drill Program And Announces Earn-In Of 100% Interest In San Rafael Project

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





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Thursday, January 08, 2009
Magnum Initiates Drill Program And Announces Earn-In Of 100% Interest In San Rafael Project


 

VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum") is pleased to announce the commencement of a six to ten hole drill program at its San Rafael Project located near Green River in Emery County, Utah. The current drill program is targeted at the Jackrabbit Zone, an area of uranium mineralization that was identified during a Magnum drill program conducted in 2007 (see News Release dated August 10, 2007). Of the fifteen holes drilled in the area, seven of the holes intersected ore-grade mineralization, including SR-3-07 with 6.5 feet of 0.907% eU3O8, SR-13-07 with 5.0 feet of 0.212% U3O8, and SR-11-07 with 2.5' of 0.418% eU3O8. Collectively, the seven holes align to define a northeast-trending mineralized zone that currently is 2,600 feet long and open on both ends. The objective of the current drill program is to expand the known mineralization through step-out drilling on mineralized holes that are open-ended.

Additionally, Magnum is pleased to announce that it has now earned a 100% interest in both the San Rafael Uranium Project and the Wild Buck Uranium Project (the "Joint Venture") from its partner, Energy Metals Corp. ("EMC"), a subsidiary of Uranium One Inc. Under a Primary Option, Magnum earned an initial undivided 65% interest in Joint Venture by completing US$1.0 million in work expenditures comprising Phase I and Phase II drill programs at San Rafael in fiscal 2007 and by issuing 600,000 Magnum common shares. Magnum subsequently exercised a Secondary Option to earn an additional 15% interest in the Joint Venture by issuing an additional 250,000 common shares (see Magnum News Release dated February 12, 2008). During 2008, Magnum expended an additional sum of approximately US$1.6 million on exploration at San Rafael. EMC declined to participate and as a result their interest was diluted to under 10%, at which time their interest was automatically further reduced to a 2% royalty interest in both properties.

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