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Re: News Release - Thursday, May 22, 2008
Mesa Uranium Signs Definitive Joint Venture Agreement with Energy
Fuels
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Mesa Uranium Corp. (TSX-V: MZU) ("Mesa") and Energy Fuels are pleased to announce
that the companies have signed a definitive agreement (following the
Letter of Intent released in a June 5, 2007 news release) to form an
exploration joint venture, West Lisbon JV, LLC ("West Lisbon"). The
venture was formed to explore the DAR property in the Lisbon Valley
Mining District of San Juan County, Utah. The northern boundary of the
DAR property is located approximately two miles south of Energy Fuels'
Energy Queen Mine which is currently being refurbished in preparation
for production.
As previously released, the DAR property consists of 60 mining claims
(approximately 1,240 acres) located one mile northwest of the North
Alice Mine. The property is in a geologically similar environment and
on trend with thick mineralization recently announced by Vane Minerals
in a press release dated 11/16/2007. Vane's best intercepts ranged
between 6.5 and 16.5 feet thick, and graded between 0.14 and 0.22%
eU3O8.
Historic production from this district was reported in 1990 by the Utah
Geological and Mineralogical Survey to be approximately 77,900,000
pounds of U3O8 between 1948 and 1977. Further, the U.S. Atomic Energy
Commission reports production before 1967 from the North Alice Mine
alone of 3,071,365 pounds of U3O8 at a grade of 0.275%.
The Joint Venture contemplates a 50-50 shared expenditure agreement to
conduct exploration drilling on the DAR property. Previous exploration
work in the 1980's by Energy Fuels Nuclear, Inc. identified strong
uranium mineralization in several drill holes. Energy Fuels will be
the operator of West Lisbon and will conduct the initial exploration
work consisting of permitting and drilling. Should an economic uranium
deposit be discovered on the claims held by West Lisbon, Energy Fuels
will operate any mine that is developed.
About Mesa Uranium
Mesa is a uranium exploration company focused on exploration in proven
uranium mining districts in the western United States. Mesa has 100%
ownership of 46 square miles of uranium exploration lands in the Lisbon
Valley Mining District in Utah and the Arizona Strip Mining District in
northern Arizona. For further information please visit our website at
www.mesauranium.com.
Qualified Person
This Press Release has been prepared and revised under the supervision
of Gregory French, P. Geo., Technical Advisor for Mesa. a Qualified
Person as defined by National Instrument 43-101 guidelines.
ON BEHALF OF THE BOARD
MESA URANIUM CORP.
(signed) Foster Wilson, President and CEO
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, including the likelihood of
commercial mining and possible future financings are forward-looking
statements. Although the Company 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 the
forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include
unsuccessful exploration results, changes in metals prices, changes in
the availability of funding for mineral exploration, unanticipated
changes in key management personnel and general economic conditions.
Mining is an inherently risky business. Accordingly the actual events
may differ materially from those projected in the forward-looking
statements. For more information on the Company and the risks and
challenges of its business, investors should review the Company's
annual filings that are available at www.sedar.com
For further information call:
Foster Wilson, President and CEO, toll free 1-866-699-9888
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Copyright (c) 2008 MESA URANIUM CORP. (TSX-V: MZU) All rights reserved. For
more information visit our website at http://www.mesauranium.com/ or
send mailto:info@mesauranium.com
Message sent on Wed May 21, 2008 at 6:59:40 PM Pacific Time
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