Magnum Uranium Corp.

Published : March 25th, 2008

Issues First NI 43-101-Compliant Uranium Resource on a Portion of its San Rafael Project, Uta

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Tuesday, March 25, 2008
Magnum Issues First NI 43-101-compliant Uranium Resource on a Portion of its San Rafael Project, Utah


 

Vancouver, B.C. -- Magnum Uranium Corp. ("Magnum") is pleased to announce that it has completed, and filed with SEDAR, a National Instrument Policy 43-101 ("NI 43-101") Mineral Resource Technical Report for the "Down Yonder" deposit portion of its San Rafael Uranium Property, Emery County, Utah. The Down Yonder is one of a number of known uranium deposits contained within Magnum's larger 6,000 acre San Rafael Uranium Project area that comprises a JV with Energy Metals Corp. (a subsidiary of Uranium One Inc.) and which Magnum has recently earned an 80% interest in (see press release dated Feb. 12, 2008). The Down Yonder Mineral Resource Report covers only that portion of the Down Yonder deposit contained in the State Section 36 Mineral Lease Area, which comprises only about 10% of Magnum's entire San Rafael land holdings, the western part of which constitutes the core of the historic San Rafael Uranium Mining District near Green River, Utah. The Down Yonder Mineral Resource Report estimates an Indicated mineral resource of 729,100 pounds of U3O8 contained in 199,100 tons at an average grade of 0.183% eU3O8 and an additional Inferred mineral resource of 1,071,100 pounds of U3O8 contained in 292,900 tons at an average grade of 0.185% eU3O8. The following table is a summary of the Indicated and Inferred resource using a 0.25 GxT cutoff:

Category

Pounds U 3O 8

Tons

Average Grade

% eU 3O 8

Pounds/Ton

Indicated Resource

729,100

199,100

0.183

3.66

Inferred Resource

1,071,100

292,900

0.185

3.70

 

1,800,200

492,000

0.184

3.68


The 43-101 table above provides an Indicated and Inferred resource estimate of 1,800,200 pounds at an overall average grade of 0.184% U308, which is within the range of the amount of uranium contained in seven historic NI 43-101 non-compliant resource estimates performed by the Atomic Energy Commission, Conoco, Union Carbide, and Atlas Minerals on the Down Yonder between 1970 and 1981. Furthermore, the average grade of 0.186% U308 of the seven historic estimates matches almost exactly the average grade calculated for Magnum's NI 43-101 compliant resource estimate.

The Down Yonder NI 43-101 Mineral Resource Technical Report was prepared by Laurence E. Pancoast, Prof. Geol. #790, State of Idaho, who is a Qualified Person under National Instrument Policy 43-101. Mr. Pancoast's experience spans a period of nearly 30 years, mostly pertaining to uranium and precious metals exploration and property evaluation and development. Mr. Pancoast is particularly experienced in uranium exploration and development, having been employed by Pan Ocean Oil/Marathon Resources and Cruson and Pansze.

Methodology and Mineral Resource Estimation

Mineralization on the Down Yonder deposit is typical of peneconcordant, channel-controlled trend type mineralization hosted in an upper Salt Wash Member sandstone of the Jurassic Morrison Formation. The new resource estimate is based on 32 historic exploration drill holes completed by senior mining companies, mostly Conoco, on the State Section 36 Mineral Lease Area of the Down Yonder deposit. Historically, it is estimated that approximately 160,000 feet of drilling, comprising both RC and core, mostly by Conoco and spread among 151 holes, was conducted on the Down Yonder deposit. This drilling consists of 119 holes placed in the State Section 36 Mineral Lease area, where the resource exists, and another 32 holes placed in adjacent Section 35, where a subsidiary and mostly unexplored part of the deposit exists. Magnum owns this exploration drilling data, which includes drill hole gamma logs, drill hole location maps, isopach maps, copies of original computerized printouts of mineralized zones broken out by 0.5-foot intervals, and numerous historical internal company memos and resource estimate reports. Also in Magnum's possession are Atlas Minerals in-house memos detailing underground mining costs and economic scenarios (in 1980 dollars) pertaining to sinking either a decline or shaft to mine the deposit. Historically, the San Rafael Uranium District was mined by conventional underground methods, producing some 4 million pounds of uranium and 5.4 million pounds of vanadium.

In the Mineral Resource Report, uranium grade is expressed as weight percent eU3O8, which is defined as a radiometric equivalent calculated from calibrated natural gamma geophysical logs. Radiometric equilibrium was assumed based on the history of the district. For the mineral resource estimates, polygons were constructed around every hole containing mineralization with a GxT value of ≥ 0.25. Polygons were constructed so that their sides were half the distance to the nearest hole. Resulting individual polygons define the area of influence surrounding each hole. Mineralization occurring within 100 feet from the hole collar is considered Indicated, whereas mineralization between 100 and 150 feet from the hole is considered Inferred. Thickness and grade of the mineralized intercepts were assigned to each polygon for determining tonnage, with an assumed tonnage factor of 133.3 pounds per cubic foot or 15 cubic feet per ton. Previous estimates performed assumed a denser 14 cubic feet per ton. Historical drilling was mostly conducted on a 200 foot by 200 foot grid. In-fill drilling will be required to tighten the hole spacing in order to bring much of the Inferred portion of the resource into the Indicated category. Based on the above and as further indicated in the technical report, Mr. Pancoast writes, "the resource estimate given in this report is considered to be conservative."

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.

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 Utah, Wyoming, New Mexico, and Idaho, and in Canada's Athabasca Basin.

ON BEHALF OF THE BOARD


"Craig T. Lindsay"
President & CEO

For additional information please contact:
Tel: 604.683.2505 Fax: 604.683.2506
E-mail: info@magnumuranium.com

THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED 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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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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