|
ULTRA URANIUM CORP. TO ACQUIRE INTEREST IN
ORBIT AND CRACKINGSTONE URANIUM PROJECTS, URANIUM CITY, SASK.
Belmont Resources Inc. (TSX.V-BEA) and International
Montoro Resources Inc. (TSX.V-IMT) are pleased to announce that
they have entered into an option agreement with Ultra Uranium Corp.
(“Ultra”) (TSX.V-ULU), whereby Ultra can acquire a 65%
interest in the Orbit Uranium Project located 10 km west of Uranium
City, Saskatchewan. Upon earning a 65% interest in the Orbit Uranium
Project, Ultra will then have the right to acquire a 65% interest
in the Crackingstone Uranium Project.
To earn a 65% interest in the Orbit Uranium Project, Ultra will
pay total of $150,000 cash, issue 175,000 common shares and complete
$2 million in exploration expenditures over three years. Exploration
expenditures of a minimum $300,000 are to occur in the first year.
Upon Ultra earning a 65% interest in the Orbit Uranium Property,
a joint venture agreement will be formed between Ultra and Belmont/Montoro
with the parties contributing to exploration and development in
their respective interests.
Upon Ultra earning a 65% interest in the Orbit Uranium Project,
it will have the right to acquire a 65% interest in the Belmont/Montoro’s
Crackingstone Uranium Project adjacent to the Orbit Uranium Project.
To acquire that interest Ultra will either incur three times the
amount of exploration and development expenditures incurred by the
Belmont/Montoro on the Crackingstone Uranium Project within four
years or incur a combination of exploration and development expenses
and payments in shares and/or cash (at Ultra’s option) to
Belmont/Montoro for an equivalent amount.
ORBIT URANIUM PROJECT
The Orbit Uranium Project totals 11,000 ha adjacent to the 750
ha Crackingstone Uranium Project currently being developed by International
Montoro Resources Inc. (“Montoro”) and Belmont Resources
Inc. (“Belmont”). The Orbit Uranium Project was staked
after completion of a NI 43-101 report on the Crackingstone Uranium
Project and was subject to a combined airborne and magnetic survey
completed by the Geological Survey of Canada (GSC) and Saskatchewan
Energy and Mines (SGS).
Beck (1969) documents 12 uranium showings located on the Orbit
Uranium Project. Two are from underground development, three with
high grade potential and seven other occurrences. Five of the occurrences
have reported drilling down to a depth of approx. 250 feet. Two
inclined shafts were sunk down to a depth of approx. 50 feet. The
uranium assay values as reported in the SGS compilation files, on
the web site, from all the showings, ranges from 0.1% to 3.43% U308.
More specific details are as follows:
(i) A zone was tested by 10 diamond drill holes. An inclined shaft
was sunk down to the 50 foot level and was drifted for 147 feet
along vein. A mineralized shoot graded 0.42% across 1.75 feet for
50 feet on strike.
(ii) Zone strikes for 300 feet were identified. Nine channel samples
across 26 feet for 300 feet length averaged 0.336% uranium.
(iii) Mineralization was traced for 200 feet. Beck reports that
high assays were obtained across narrow widths. Trenching and 5
diamond drill holes tested a 75 foot length of the system with assays
up to 0.24% uranium.
The Orbit Uranium Project also features several radiometric anomaly
trends that have received no previous exploration for uranium.
During 1940-1960’s period, four uranium mines were producing
uranium within 10 to 20 kilometers of the eastern boundary of the
Orbit Uranium Project.
Since the completion of the staking of the Orbit Uranium Project
by Belmont and Montoro, there has been a significant increase in
exploration activity in the northwest area of the Athabasca Basin
with announcements by JNR Resources Inc. (“JNN”) completing
an airborne electromagnetic and magnetic geophysical survey on their
10,655 ha. Crackingstone project, and similar programs by CanAlaska
Uranium Ltd. (“CVV”) adjacent to the south boundary
of Orbit, and Cameco Corp. (“CCO”), the world’s
largest uranium producer, holding a block of claims immediately
to the west of the Orbit claim block.
The historical results reported in this news release on the Orbit
Uranium Project are considered relevant but do not comply with NI
43-101 standards and should not be relied upon as the Company has
not yet completed exploration work to verify the data.
CRACKINGSTONE URANIUM PROJECT
Earlier this year, Montoro and Belmont announced the completion
of a first phase exploration program on the Crackingstone Uranium
Project consisting of 87 km. of line cutting, the establishment
of grid lines and the initiation of a geophysical survey along the
lines, as well as 4 km. of boundary surveying. The geophysical survey
included 87 km of Mag/VLF-EM. This geophysical survey is the first
time that a modern geophysical approach has been carried out on
the property. Both ground and airborne geophysical surveys have
been used extensively in the search for structural features which
control uranium mineralization. Interpretation of the survey results
is expected shortly.
Historical uranium exploration on the Crackingstone Uranium Project
through trenching, surface channeling and grab sampling, with numerous
shallow drill holes from a depth of 9 meters to 122 meters resulted
in obtaining uranium values from grab samples up to 12.53% U3O8,
drill core intersection of up to 15.6% U3O8, (# 7 Adit) and two
bulk samples (46 ton and 6.5 ton) assaying 0.5% uranium. A sample
(#336915), taken from the # 7 Adit during the 2006 property visit
assayed 6.54% Uranium. A NI 43-101 compliant technical report on
the Crackingstone Uranium Project is available for viewing on Belmont’s
website at www.BelmontResources.com
and Montoro’s website or alternatively on SEDAR.
The historical results reported in this news release on the Crackingstone
Uranium Project are considered relevant but do not comply with NI
43-101 standards and should not be relied upon as the Company has
not yet completed exploration work to verify the data.
This news release was reviewed and approved for technical disclosure
by Raymond A. Bernatchez, P.Eng., Consulting Geologist of Atikokan,
Ontario, an independent qualified person.
The option agreement is subject to acceptance for filing by the
TSX Venture Exchange.
|