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Tuesday, April 01, 2008
Bluerock Resources Ltd. And Uranerz Energy Corporation Formalize Mongolian Joint Venture
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Vancouver, BC, April 1, 2008 (BRD: TSX Venture) -Bluerock Resources Ltd. (the "Company") announces that Uranerz Energy Corporation ("Uranerz") and Bluerock Resources Ltd. have agreed that Bluerock has materially completed it's earn in requirements on the joint venture ("JV")and have agreed to amend the JV to represent a 60% Bluerock and 40% Uranerz ownership ratio. The previous JV agreement allowed the Company to earn a 70% interest in the Mongolian projects with Uranerz retaining a 21% buy back option.
The Mongolian JV Project has seven (7) separate land packages that were selected on the basis of existing mineralization and prospectivity to host an economic resource of uranium mineralization. These properties (together forming more than 260,000 hectares) are primarily located in four (4) distinct Cretaceous Basinal settings in the central, western and eastern areas of Mongolia.
Bluerock has spent the 2006 and 2007 seasons actively exploring and advancing the Mongolian JV Project, and has expanded the historic* Khavtsal and Ger Ovoo deposits as well as defined two new uranium targets and a coal target. The 2007 drilling and trenching programs were successful as they identified:- 2 new "Roll Front" reduction-oxidation systems with associated uranium enrichment (on the 10168X and 08560X [Khavtsal] licenses).
- That the historic* Ger Ovoo uranium showing extends 5 km onto the 10168X (Khar Tolgoi) license and uranium mineralization there has been interpreted to extend to depths of at least 100 metres.
- Historic* uranium mineralization on the 08560X license was confirmed as well as expanded on southern and northern extensions.
- The Discovery of never before identified coal seams in excess of 10 metres composite thickness identified over a 1 by 3 kilometre area in the 08560X license.
- An Airborne Radiometric survey on the Uvur Bel project produced three distinct radiometric anomalies in the central/southern portion of the license. Two of these anomalies are circular and in excess of five kilometres in diameter and the third also circular but one kilometre in diameter. In addition, two linear radiometric anomalies were discovered in the northern portion of the license. These areas are prospective for uranium mineralization and will require on the ground follow-up.
* The reliability of the historical data are unknown but considered relevant by Company management. The historical data is non NI 43-101 compliant and should not be relied upon.
President Michael Collins commented, "Bluerock has completed it's earn in requirements on the Mongolian Joint Venture. The amendment to the JV structure allows for clear valuation of the project and will facilitate moving the project forward. The success the Companies has seen in the 2006 and 2007 Mongolian JV exploration programs speak to the uranium potential of the ground, and the value we intend to derive from these assets."
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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