Printer Friendly

International Uranium Corporation Announces 1997 Exploration Results in Mongolia - New 10 Million Pound Uranium Deposit Delineated.

VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 18, 1998-- International Uraniu(TSE:IUC.) International Uranium Corporation ("IUC") is pleased to announce the final results of its 1997 drilling program for the Gurvan Saihan Joint Venture project in south central Mongolia. The Joint Venture completed a 55,000 metre drilling program which was concentrated in three of the Joint Venture's geologic depressions, Hairhan, Choir and Ulziit. Total uranium resources in Mongolia now stand at over 28 million lbs U3O8.

IUC is very excited about the results obtained in the Hairhan Depression. Over 470 holes totaling some 32,000 metres were drilled in Hairhan in 1997, identifying a trend of over 6.5 kilometres in length. The most concentrated drilling was in an area of approximately 1,000 metres by 1,500 metres. Total measured and indicated resources of over 10.8 million pounds of uranium concentrates were delineated within this area during 1997's five month exploration period, with known mineralization open to the west and southeast.

The Hairhan Deposit is hosted in cretaceous sandstones in multiple lenses or horizons, resulting in "stacked" deposits with up to six distinct horizons. Uranium occurs from near the surface to about 100 metres in depth, and virtually all of the resource is below the water table.

A resource estimate for the Hairhan Deposit, based on down-hole geophysical logs, has been prepared by IUC using in-house expertise as well as outside geologic consultants. Measured and indicated resources for Hairhan, at an 0.024 percent U308 cutoff, are as follows:

f2 0.073 16.1 1.17 1,077,000
f5 0.076 24.2 1.85 3,523,000
f7.5 0.081 25.9 2.10 3,512,000
f8.5 0.111 13.9 1.53 830,000
f12 0.061 32.7 2.01 1,388,000
f18 0.199 14.9 2.97 493,000
Total 0.079 23.6 1.87 10,823,000

Additional resources were also discovered in the Choir Depression. Drilling in the Choir Depression involved step-out drilling from the previously identified Haraat Deposit. Based on resource estimates prepared by IUC's Russian partner in the Joint Venture, this effort was successful in adding some 3.6 million pounds of uranium resources below the water table, resulting in total resources below the water table at Haraat of 6.4 million lbs U3O8. In addition, several new exploration targets were identified during the 1997 drilling season in the Choir Depression. Total uranium resources in Choir now stand at over 18 million lbs U3O8.

The Joint Venture also conducted initial geologic reconnaissance drilling in the Ulziit Depression. This work resulted in the definition of several favourable areas for further exploration, which will be included in the Joint Venture's 1998 program.

Mobilization has begun in Mongolia for the 1998 field season, where another 50,000 metre drilling program is planned. Precise targets are being defined, but Hairhan will once again be the major focus of the Joint Venture's drilling efforts and in-situ leach evaluation work.

The Gurvan Saihan Joint Venture has an exclusive license to explore for uranium and other minerals in 12 different exploration areas, comprising some 16,400 square kilometres, or 4 million acres. This includes 7 new exploration areas covering 4,300 square kilometres that the Joint Venture recently added to its exploration concession in January 1998.

Headquartered in Denver, Colorado, IUC is engaged in the business of producing uranium concentrates and the selling and trading of these concentrates in the international nuclear fuel market. In addition, IUC produces and sells a number of co-products to its uranium production, including vanadium, tantalum and niobium.

ON BEHALF OF THE BOARD "Earl E. Hoellen" President

CONTACT: International Uranium Corporation

Sophia Shane, 604/689-7842

604/689-4250 (FAX)
COPYRIGHT 1998 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Feb 18, 1998
Previous Article:ShareWave Secures Additional $10 Million in New Round of Blue Chip Financing; New Round of Financing Fuels Rapid Growth of New Start-up.
Next Article:High River Gold Mines Ltd. Buryatzoloto Achieves Record Gold Production In 1997.

Related Articles
Aspen Exploration launches uranium exploration and development project in Powder River basin in Wyoming.
International Uranium Commences Trading on TSE on May 16, 1997 - Production from U.S. Properties by end of 1997 - Exploration Program Underway in...
International Uranium Corporation Announces Preliminary 1997 Exploration Results.
International Uranium Corporation Announces Preliminary 1997 Exploration Results.
JNR Resources Reports Giant Uranium Anomaly Defined.
Cameco Announces 1997 Financial Results.
International Uranium Corporation:Mining Operations Commence at Rim Mine.
Staking rush stirs Elliot Lake.
Pele has hot Elliot Lake uranium property.

Terms of use | Privacy policy | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters