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Thursday, April 10, 2008
Bluerock Advances Uranium Mill Plans Via The Acquisition Of Mancos Resources
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Vancouver, BC, April 10, 2008 (BRD: TSX Venture) - Bluerock Resources Ltd. (the "Company") is pleased to announce that it has purchased a 100% interest in the Mancos Uranium Mill Project near Green River, Utah via the acquisition of Mancos Resources Incorporated ("MRI"). The acquisition furthers the Company's goal of becoming a standalone uranium producer in the US Southwest. The status of Utah as an "Agreement State" as well as the location selected for the mill site is expected to streamline the permitting processes, with a forecasted three to four year development timeline for a new standalone 1,200 ton per day milling complex. The MRI Uranium Mill Project complements both the Company's existing three year toll milling agreement with Denison Mines (USA) and Company plans to ramp up annual production from 100,000 tons to 425,000 tons.
"The acquisition of MRI has allowed the Company to fast-track its uranium mill site selection process in a timely and cost effective manner and will facilitate Bluerock's aim of becoming a standalone United States uranium producer" stated Bluerock President & CEO Michael Collins. "We welcome the addition of key MRI personnel to the Company and look forward to working with Emery County and the State of Utah in advancing the Mancos Uranium Mill, which will ultimately positively impact both the local and State economies".
MRI recently completed a comprehensive uranium milling facility site selection process, which culminated in the execution of a Best Effort Agreement between MRI and Emery County, Utah under which MRI will be the first tenant in the recently approved Mancos Hills Industrial Park near Green River, Utah. The proposed 1,200 ton per day Uranium Mill Complex will be located on a property six miles (9.6 kilometres) northwest of the town of Green River covering an area of approximately 640 acres (259 hectares) of land. Key MRI employees have joined Bluerock to ensure the mill permitting and construction processes are successful.
The Mancos Uranium Mill Project is in the permitting/design phase with an estimated start-up date of mid-2011. Public consultation, baseline environmental, and geotechnical assessments have begun and MRI has also commenced the selection process for design/build engineering firms.
The Mancos Hills Industrial Park is strategically located proximal to Bluerock's uranium projects in the San Rafael Swell, Orange Cliffs and Uravan uranium districts. The mill location site also has a number of existing social, infrastructure, geological and topographical advantages including; a low nearby population; existing roads, rail, water and power, a thick and tight surficial geologic unit (for increased fluids control) and flat-lying topography (for increased control of storm water run-on and run-off).
Under the terms of the agreement Bluerock will acquire 100% of MRI by fulfilling the following considerations:
1) Payment of US$286,514.66 (200% of expenses incurred by MRI to date)
2) 1,500,000 shares of Bluerock subject to the following vesting schedule:
- 300,000 shares upon the Closing of the Agreement (including Exchange approval);
- 300,000 shares upon MRI obtaining control of all applicable land rights for the proposed mill facility Property;
- 300,000 shares upon successful completion of twelve (12) months of appropriate baseline environmental data gathering;
- 300,000 shares upon submittal of a complete permit application for the construction and operation of a uranium recovery facility on the Property;
- 300,000 shares upon successful issuance of the required permits and approvals for the construction and operation of a uranium recovery facility on the Property.
Bluerock Resources Ltd. is a uranium mining company focused on developing tomorrow's energy today through the acquisition and development of conventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
President and CEO
For further information, please contact:
Cary Martin, Manager of Investor Relations
Bluerock Resources Ltd.
350-580 Hornby St,
Vancouver BC, V6C 3B6
Telephone: (604) 687-2471
Facsimile: (604) 687-2472
Website: www.bluerockresources.com
Email: cmartin@bluerockresources.com
FORWARD LOOKING INFORMATION DISCLAIMER
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act and the Alberta Securities Act, including statements concerning our plans at our mineral projects, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, failure to establish mineral resources; delays in obtaining or failure to obtain required governmental, environmental or other project approvals; changes in national and local government legislation or regulations regarding environmental factors, royalties, taxation or foreign investment; political or economic instability; terrorism; inflation; changes in currency exchange rates; fluctuations in commodity prices; delays in the development of projects; shortage of personnel with the requisite knowledge and skills to design and execute exploration programs; difficulties in arranging contracts for drilling and other exploration and development services; dependency on equity market financings to fund programs and maintain and develop mineral properties; risks associated with title to resource properties, particularly in Mongolia, and difficulties of determining the validity of certain tenures and other risks and uncertainties, including those described in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management; the assumed long-term price of U308; the availability of permits and surface rights; access to financing, equipment and labour and that the political environment within Canada, the United States of America and Mongolia will continue to support the development of environmentally safe uranium mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release
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