(Vancouver, B.C., April 10, 2008) Ucore Uranium Inc. (TSX-V: UCU) is
pleased to provide an update on the Bokan Mountain uranium project in southeast
Alaska.
The Bokan
Mountain acquisition was announced on February 28, 2007 as a joint venture with
Landmark Minerals Inc. Ucore has since rapidly advanced the property,
consolidating its interest to 100% through the acquisition of Landmark Minerals
Inc. In 2007, a total of nine diamond drill holes spanning 422 meters
were completed at the previously tested but unmined I&L zone. A high
resolution airborne geophysical survey was flown, and an extensive data
compilation program is now well underway. Assay results from the
2007 I&L drill program, announced previously, are now combined and
summarized below.
Hole ID
|
From (m)
|
To (m)
|
Width (m)*
|
U3O8
(%)
|
LM07-01
|
1.83
|
52.07
|
50.24
|
0.47
|
including
|
33.10
|
37.00
|
3.90
|
2.43
|
LM07-02
|
13.13
|
59.85
|
46.72
|
0.16
|
LM07-03
|
7.45
|
8.45
|
1.00
|
0.43
|
LM07-04
|
10.29
|
15.40
|
5.11
|
0.46
|
LM07-05
|
18.42
|
33.65
|
15.23
|
0.42
|
LM07-06
|
25.43
|
30.10
|
4.67
|
0.07
|
LM07-07
|
28.00
|
36.40
|
8.40
|
0.12
|
LM07-08
|
4.00
|
7.20
|
3.20
|
0.12
|
LM07-09
|
7.62
|
12.80
|
5.18
|
0.18
|
* All widths are apparent core intercepts;
true width will be less.
Through its wholly owned US subsidiary,
Landmark Alaska Limited Partnership, Ucore has approved a budget of $5.2
million for the 2008 Bokan exploration program. A drill permit has now
been received from the US Forest Service, and a drill contract has been awarded
to Diamond Drill Consultants of Sterling, Alaska, to provide two drills on a 24
hour basis commencing in May. The 2008 exploration program will be
managed by Aurora Geosciences (Alaska) Ltd. of Juneau, Alaska, under the
supervision of Ucore�s senior geological staff.
The Bokan Mountain project is
located 60 km southwest of Ketchikan, Alaska and 140 km northwest of Prince
Rupert, British Columbia. The
project area is served by barge and float plane from Ketchikan, and a
pre-existing road network provides access to key target areas. A total of 1.3 million pounds of U3O8 were produced between 1957 and 1971 at an
average grade of 0.76% from the Ross Adams zone, one of more than 30 uranium
occurrences known at Bokan Mountain. Uranium mineralization in veins,
disseminations, and felsic dikes is hosted within, or proximal to, the high
level, concentrically zoned, peralkaline Bokan Intrusive Complex.
�We are pleased with the quick turnaround on
our permit application from the US Forest Service,� said Jim McKenzie,
President and CEO. �We�re receiving excellent support for our program from
regulatory authorities and from southeast Alaskan communities. Our objective is
to exceed their expectations with compliance, communication, and ongoing
consultation. Ucore�s primary focus for the 2008 exploration season will
be to expand upon the high grade uranium mineralization identified at I&L
during the 2007 drill program. We�ll also be drilling multiple unexplored
uranium prospects, pursuing numerous radioactive anomalies identified in the
2007 geophysical survey, and addressing the potential for rare earth
mineralization throughout. The Bokan project is under the jurisdiction of
the U.S. Forest Service, in an area designated for sustainable resource
management and development. This area has no indigenous or residential
populations. As Alaska�s only prior uranium producing site, which yielded some
of the highest known grades within the United States, Bokan has excellent
upside potential for new discoveries.�
NI 43-101 Compliance
Drill results provided in this news release
were announced previously under the supervision of John McKenney, CPG (holes
1-7) and Roger Hulstein, P.Geo. (holes 8&9), both qualified persons under
NI 43-101. Insufficient structural information
is available to make a conclusive statement on the relationship between true
width and core intercept; however, true width will be less than apparent
width. Holes 1 and 2 were designed to twin prior -80� holes drilled parallel
to steeply dipping vein-type structures, and the intercepts do not accurately
reflect true width.
Background
Ucore Uranium Inc. is a junior exploration
company focused on establishing uranium resources through exploration and
property acquisition. With more than twenty active projects, Ucore�s
primary focus is the 100% owned Bokan Mountain uranium and rare earth element
property in Alaska.
On
behalf of the Board of Directors
Ucore
Uranium Inc.
James
McKenzie
President
This press release includes certain statements that may be deemed
"forward-looking statements." All statements in this release, other
than statements of historical facts, that address future exploration drilling,
exploration activities and events or developments that Ucore expects, are
forward-looking statements. Although Ucore believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results or
developments may differ materially from those in forward-looking statements.
Factors that could cause actual results to differ materially from those in
forward-looking statements include exploitation and exploration successes,
continued availability of financing, and general economic, market or business
conditions.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this press release.
For more information, contact
Dawn McKim
Investor Relations
Tel: (604) 484-9402
www.ucoreuranium.com