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| | Fri Oct 3, 2008
Magnum Uranium Announces High-Grade Drill Results from the Down Yonder Deposit Portion of its San Rafael Project
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| | Vancouver, B.C. -- Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce high-grade drilling results from the Down Yonder Deposit portion of its San Rafael Uranium Project, Emery County, Utah. Magnum has earned an 80% interest in this joint venture property from its partner, Energy Metals Corp., a subsidiary of Uranium One Inc. (see Magnum news release dated February 12, 2008).
High-grade results from the drilling, generally greater than 0.100% eU3O8, are listed in the table below. The objective of the drill program was to step out on and in-fill the known mineralized horizon(s) at Down Yonder in order to add additional pounds of uranium to the existing NI 43-101 compliant resource. A total of 32,732 feet in 30 holes was drilled between April 11 and September 6, 2008, with spot coring conducted through the mineralized horizon(s). Of the 30 holes drilled, uranium mineralization grading greater than 0.010% eU3O8 was encountered in 22 holes, with 10 holes containing high-grade intercepts grading greater than 0.100% eU3O8. Some of the more notable intercepts include DY-24-08 with 3.5 feet of 0.338% eU3O8 (includes 2.0 feet of 0.587% eU3O8), hole DY-28-08 with 5.0 feet of 0.255% eU3O8 (includes 3.5 feet of 0.348% eU3O8), hole DY-30-08 with 2.5 feet of 0.279% eU3O8, and hole DY-43-08 with 7.0 feet of 0.113% eU3O8. The results will be used to update and further increase the NI 43-101 compliant Down Yonder Resource, which comprises an Indicated mineral resource of 729,100 pounds of U3O8 contained in 199,100 tons at an average grade of 0.183% eU3O8 and an additional Inferred mineral resource of 1,071,100 pounds of U3O8 contained in 292,900 tons at an average grade of 0.185% eU3O8 (see Magnum news release dated March 25, 2008). The new resource estimate is forthcoming and will be released as soon as new specific gravity measurements, check assays performed on core by Energy Laboratories, Inc., Casper, Wyoming, and QA/QC work are completed.
DOWN YONDER URANIUM PROJECT
Significant High-Grade Drill Results
Drill Hole |
From
(feet) |
To
(feet) |
Thickness
(feet) |
Grade
(% eU308) |
U308
(lbs/ton) |
DY-22A-08 |
970.5' |
971.5' |
1.0' |
0.259% |
5.18 |
DY-23-08 |
968.5' includes
969.5' |
972.5' includes
972.0' |
4.0'
2.5' |
0.063%
0.092% |
1.26
1.84 |
DY-24-08 |
963.5' includes
964.5' |
967.0' includes
966.5' |
3.5'
2.0' |
0.338%
0.587% |
6.76
11.74 |
DY-26-08 |
963.5' |
965.5' |
2.0' |
0.200% |
4.00 |
DY-27-08 |
965.5' |
966.5' |
1.0' |
0.101% |
2.02 |
DY-27A-08 |
954.0' |
955.5' |
1.5' |
0.143% |
2.86 |
DY-28-08 |
973.0' includes
973.0' |
978.0' includes
976.5' |
5.0'
3.5' |
0.255%
0.348% |
5.10
6.96 |
DY-29-08 |
963.0'
968.0' includes
968.0' |
964.0'
972.5' includes
970.0' |
1.0'
4.5'
2.0' |
0.189%
0.113%
0.205% |
3.78
2.26
4.10 |
DY-30-08 |
976.5' includes
978.5' |
980.5' includes
981.0' |
4.0'
2.5' |
0.141%
0.279% |
2.82
5.58 |
DY-40-08 |
976.0' includes
980.5' |
987.5' includes
984.5' |
11.5'
4.0' |
0.056%
0.093% |
1.12
1.86 |
DY-43-08 |
980.0' includes
980.0' |
987.0' includes
983.5' |
7.0'
3.5' |
0.113%
0.172% |
2.26
3.44 |
DY-45-08 |
968.0' |
969.5' |
1.5' |
0.125% |
2.50 |
Drilling was conducted by Bob Beeman Drilling Company of Moab, Utah, and Century Geophysical, Moab, Utah, performed the down-hole logging for gamma, spontaneous potential (SP), and resistivity. In situ uranium grade, expressed as equivalent U3O8 ("eU3O8"), was calculated using uranium industry standard techniques for gamma log interpretation. Down-hole gamma log interpretation has historically been found to be an accurate representation of in situ grades for uranium mineralization in the San Rafael District as established by Atlas Minerals Corp. during their historic exploration and mining operations conducted there.
Magnum's San Rafael Uranium Project is located approximately 10 miles west of Green River, Utah. The area was the site of mining and exploration for uranium and vanadium from the mid-1950's until the early 1980's. Mineralization comprising the Down Yonder Deposit is typical of that found throughout the San Rafael District, which is classically known as the peneconcordant, channel-controlled, trend-type hosted in upper Salt Wash Member sandstone of the Upper Jurassic Morrison Formation. Historically, the District produced over 4.0 million pounds of uranium and 5.4 million pounds of vanadium.
John R. Carden, Ph.D., P. Geo., a Qualified Person (QP) as defined by National Instrument 43-101, is responsible for the technical information contained in this release.
About Magnum
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, as well as in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
For additional information please contact:
Tel: 604.683.2507 Fax: 604.683.2506
E-Mail: info@magnumuranium.com
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.
This news release does not constitute an offer to sell or a solicitation of an 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 is available. |
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