Star Uranium Announces Exploration Update.SASKATOON Saskatoon (săskət n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. , Saskatchewan -- Star Uranium Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002)TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:SUV) Star Uranium Corp. is pleased to announce the following exploration update on its diamonds and metals properties. Diamond Properties: Peace River-Buffalo Head Hills, Alberta The Peace River - Buffalo Head Hills Diamond Play is located 350 km north of the City of Edmonton, Alberta. Star Uranium/ United Carina Carina (kərē`nə) [Lat.,=the keel], southern constellation, representing the keel of the ancient constellation Argo Navis, or Ship of the Argonauts. Carina contains Canopus, the second brightest star in the sky. Resource Corp.(TSX VENTURE:UCA) JV lands are located 70 km SW of the Ashton Mining JV holdings which hosts K252 kimberlite kimberlite: see diamond. kimberlite or blue ground Dark, heavy, often fragmented igneous rock that may contain diamonds in the rock matrix. pipe and an additional 37 pipes of which 25 are diamondiferous. The SUV/UCA exploration program has consisted principally up until now of the collection of heavy mineral sampling for kimberlitic and diamond indicators supplemented by analysis of airborne geophysics. Recent sampling had been able to distinguish between at least two till sheets, which cover the property. The indicator mineral suite found to date is similar in composition to that found by Ashton, which is not comparable to the classical model for diamondiferous kimberlite with the associated G10 garnets Garnets may have the following meanings
Saskatchewan Diamond properties: Star Uranium has been involved in the Saskatchewan diamond play for many years, having spent about $5 million to date on acquisition and exploration of properties. In partnership with United Carina, the Company also owns a 50% interest in seven diamond claims in the Smeaton area of Saskatchewan, which is northeast of Fort a la Corne area of Saskatchewan. One of these claims hosts a kimberlite pipe on which the partners have drilled five holes. To date, only one hole had been tested for diamonds, yielding two micro diamonds. Samples are currently being shipped for testing to laboratory facilities in Saskatoon, Saskatchewan for further testing. The Company is a 10% partner with Entourage Mining Inc (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ETGMF)in a number of claims which all host magnetic anomalies and are being currently explored by Entourage. Additionally, Star Uranium and its 50% partner UCA applied to the government of Saskatchewan for mineral rights to 25 claims totaling 33,196 hectares. Presently Star Uranium and its partner UCA are litigating with Shore Gold Inc (TSX:SGF SGF Svenska Golfförbundet (Swedish Golf Federation) SGF Société Générale de Financement (Quebec, Canada) SGF Smart Game Format SGF Simulated Gastric Fluid ) as to ownership of these claims. The company anticipates a ruling in their favor in September of 2006, with the Department of Energy and Mines subsequently issuing certificates to Star and UCA. The properties in question are scattered throughout the Fort a la Corne area, and all have magnetic anomalies on them that could be caused by kimberlites. The largest and at this time, the most important claim involved is a 60km bloc which is about 8 km from Shore Gold's Star kimberlite pipe. Previous work on this property by Star Uranium and its partner United Carina Resources Corp. consisted of an airborne survey and ground geophysics, resulting in outlining several drill-ready targets. Immediately upon ownership of these properties being settled an aggressive drill program will be initiated. Base and Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. : Star Uranium Corp. is in a 50/50 joint venture with United Carina Resources ("UCA") owns two mineral claims near La Ronge, Saskatchewan La Ronge is a community of about 3500 people in Northern Saskatchewan, Canada, 250 km north of Prince Albert. There are an additional 2000 people living in the Lac La Ronge Indian Reserve bordering the town[1] along strike about 3 kilometres from the former Anglo-Rouyn copper-gold mine. Surface work consisting of rock trenching and geophysics has indicated good potential for this property to host an economic copper-gold deposit. Diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral is planned to test two areas of interest with the first phase consisting of about 1000 metres of drilling. Star Uranium also owns a 100% interest in several other Base and Precious Metals properties in Saskatchewan that it plans to explore in 2006 and will update in future releases. "The company is fully financed to execute its 2006 exploration programs and is currently considering new financing opportunities to be more aggressive in its future development," states Rick Walker, President Star Uranium Corp. The board of directors is currently reviewing strategic initiatives to enhance shareholder value. These proposals include exploration of existing properties, the acquisition of additional properties, joint venturing of others, further equity financings and the possibility of splitting the Company into two entities, one for the purpose of uranium and base metals exploration and one for the purpose of diamond and precious metals exploration. For more information please visit our website at www.staruranium.com. ON BEHALF OF THE BOARD "Rick Walker" Rick Walker, President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. Does Not Accept Responsibility for the Adequacy or Accuracy of This News Release. |
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