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Bluerock Reports Airborne Radiometric Survey Results From The Eastern Mongolian Uranium Projects
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Vancouver, B.C., January 16, 2008 -- Bluerock Resources Ltd. (TSX-V: BRD) (the Company) announces the results from the 2007 Airborne Radiometric and Magnetic Surveys of the Uvur Bel and the Tasarkhai Uul Uranium projects, (license 10166X and 10167X) located in the East Tamtsag area, Dornod Province, Mongolia. These projects have been managed and operated by the Company under an option agreement with Uranerz Energy Corporation (see News Release of September 12, 2006) where the Company has the right to earn up to a 70% interest in the eight exploration projects.
The purpose of this Airborne Radiometric and Magnetics survey was to redefine historic Soviet radiometric data and to delineate basin geometry and lithology through magnetic profiling. A total of 7,054 line kilometres, on line spacing of 200 metres, were flown on the Uvur Bel project with combined radiometric and magnetic data acquisition. A total of 1,075 line kilometres, on line spacing of 300 metres, were flown on the Tasarkhai Uul project with magnetic data acquisition only.
Results from 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. Magnetic survey results define basinal edges away from the defined radiometric anomalies and reduce the potential that these targets are related to igneous intrusive bodies. While one of the large, circular radiometric anomalies is probably related to an intrusive unit as interpreted from magnetics, the remainder of the anomalies appear to have no magnetic correlation and occur within the sedimentary basin itself. These areas are prospective for uranium mineralization and will require on the ground follow-up. One of the large circular targets is coincident with a closed evaporate basin and represents strong potential for calcrete-style uranium mineralization similar to that found at Paladin Langer Heinrich Uranium Mine in Namibia.
Truck-borne gamma surveys had previously defined radiometric anomalies on the Tasarkhai Uul project. The Airborne magnetic survey is being used to further define uranium exploration targets and also to refine the focus on two gold-in-soils anomalies that were identified in 2006 (see press release Jan. 9, 2007).
President Michael Collins commented: "The 2007 airborne radiometric and magnetic surveys successfully defined a total of four strong uranium targets on our Uvur Bel Uranium Project. These targets, combined with the 'In Sutu Recovery' targets identified in 2007 by researching oil company exploration and production drilling data, speak to the quality of the project. Bluerock looks forward to advancing this, and our other Mongolian projects in 2008."
The survey was contracted to and completed by GEOSAN LLC, a Mongolian geophysics company that works with a number of TSX-V listed exploration companies operating in Mongolia. The survey program utilized a Cesium vapour magnetometer in a fixed tail stinger assembly, a gamma ray spectrometer with RSX-4 gamma detectors, and a radar altimeter for control. The derived data set included, Radiometric Total count (Tcnt), Potassium (K40), Thorium (Th), Uranium (Un), Total Magnetic Intensity (TMI), TMI 1VD -- 1st Vertical Derivative and TMI RTP -- TMI Reduced To Pole. A Digital Elevation Model (DEM) was also produced by the program.
Paul D. Gray, P.Geo. is the Qualified Person with respect to the Mongolian JV properties and has reviewed and approved this press release.
Skull Creek Update:
The Company also announces that the Skull Creek Option agreement with Energy Metals Corp. (now owned by Uranium 1 Inc.) has been renegotiated. The parties have agreed to reduce the option exercise price with respect to the acquisition of up to a 75% interest in the Skull Creek Project located in Colorado. As a result, the aggregate number of shares to be issued will be reduced from 3,000,000 common shares to 1,150,000 common shares. Under the terms of the revised agreement, the Company must incur at least US$1,000,000 of exploration expenditures subject to minimum amounts annually by December 31, 2010 and issue up to 1,150,000 common shares in tranches on or before January 1, 2010. 100,000 shares were issued to Energy metals Corp. on January 1, 2008, keeping the agreement in good standing.
Due to the drawn out nature of negotiations, the Company was unable to run an exploration program in the summer of 2007 but is planning to return to active exploration at Skull Creek in the summer of 2008.
Paul D. Gray, P.Geo. is the Qualified Person with respect to the Mongolian JV Project and has reviewed and approved this press release.
Bluerock Resources Ltd. is a uranium exploration company focused on discovering tomorrow's energy today through the acquisition and development of conventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins
CEO, President and Director
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
*Historical work was conducted by previous operators. The reliability of historic data is unknown but considered relevant, however confirmation work may produce results that differ substantially from the historic results.
Statements contained in this document that are not historical facts are forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward -looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the B.C. Securities Commission.
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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