======================================================================
JNR to Option South Fork Project to Uranium Power Corporation
======================================================================
Saskatoon, SK, May 14, 2007 - JNR Resources Inc. (TSXV:JNN) is pleased
to announce that it has signed an option agreement with Uranium Power
Corp (UPC-TSX.V) whereby UPC can earn up to a 65% interest in the South
Fork project, located to the east of the Cypress Hills in southwestern
Saskatchewan.
The terms of the agreement call for UPC to reimburse JNR for prior
expenditures, not to exceed $100,000, and to carry out $1,500,000 of
exploration by January 25, 2009 to earn a 50% interest in the property.
UPC can then increase its interest to 65% by spending an additional
$1,000,000 on exploration activities by January 25, 2011. UPC will be
the operator.
The project consists of just over 50,000 hectares with excellent
potential to host roll-front uranium deposits, in a geological
environment very similar to the prolific Powder River Basin in Wyoming.
In Wyoming, such deposits are commonly amenable to in situ leach
recovery. The property is underlain by sandstones and shales of the
Frenchman and Ravenscrag Formations.
The area was explored in the late 1970's and early 1980's by
Saskatchewan Mining Development Corporation (SMDC), a predecessor
company of Cameco Corporation. SMDC carried out regional geochemical
and geophysical surveys, followed by reconnaissance drilling programs.
These field activities resulted in the identification of several
extensive regional redox systems that were never followed up to any
great extent. SMDC dropped the project after the 1982 field season due
to depressed uranium prices. Reconnaissance-scale drilling by SMDC
intersected anomalous uranium concentrations over widespread areas.
An aggressive exploration program is planned for 2007. This will
include a variety of geophysical surveys, likely followed by drilling
this fall. The planned exploration budget for the assessment year
ending January 25, 2008, is $750,000.
Rick Kusmirski, President of JNR Resources commented "The opportunity
to work with UPC affords us the ability to utilize UPC's operational
expertise in the exploration and development of in situ recoverable
uranium deposits. We are very pleased to be working with UPC in this
regard."
Dave Billard, P.Geo, Exploration Manger for JNR Resources is the
Qualified Person responsible for the technical content contained in
this release.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
For further information contact JNR Resources at 306.382.2211 or
877.567.6463
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
======================================================================
Copyright (c) 2007 JNR RESOURCES INC. (JNN-TSXV) All rights reserved.
For more information visit our website at http://www.jnrresources.com/
or send mailto:info@jnrresources.com
======================================================================
.
![]()