Magnum Uranium Corp.

Published : February 12th, 2008

Uranium Completes 80% Earn-in on San Rafael Joint Venture

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Keywords :   Oil | Uranium | Utah |





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Tuesday, February 12, 2008
Magnum Uranium Completes 80% Earn-in on San Rafael Joint Venture


 

VANCOUVER, B.C. - Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce that it has completed, ahead of schedule, the terms of its Joint Venture agreement with Energy Metals Corporation (a subsidiary of Uranium One Inc.) on the 6,000 acre San Rafael property located in the San Rafael District of Emery County, Utah, and the 360 acre Wild Buck property located in Converse County, Wyoming. The terms of the Joint Venture were announced in a press release dated December 5, 2006. As a result, Magnum now owns an undivided 80% interest in these two mineral properties.

Under a Primary Option, Magnum earned an initial undivided 65% interest in the properties by completing US$1.0 million in work expenditures and issuing 600,000 Magnum common shares. Magnum's aggressive 2007 Phase I and II drill programs at San Rafael enabled the Company to secure its 65% interest approximately 3 years ahead of schedule. Magnum subsequently exercised a Secondary Option to earn an additional 15% interest in the Joint Venture by issuing an additional 250,000 common shares.

The San Rafael Property contains several historic drill-defined deposits as previously announced and has commissioned Laurence Pancoast, P.Geo., to complete NI 43-101 resource reports that will be released over the next few months. Additionally, Magnum is in the process of permitting an aggressive 2008-2009 drilling program with the Utah Department of Oil, Gas and Mining and with the Bureau of Land Management. The Company is currently in the process of conducting a Cultural Resource Evaluation in conjunction with this permitting. Details of the drilling program will be released as they become available.

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 DISSAPROVED 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.


 
 
 

 

Magnum Uranium Corp.

PRODUCER
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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