24th Nov 2005 15:55
Uranium Mining Corporation PLC24 November 2005 URANIUM MINING CORPORATION PLC URANIUM PROPERTIES UPDATE - LABRADOR TROUGH, QUEBEC The Uranium Mining Corporation plc ("the Company") (AIM: UOX), who recentlyannounced its decision to expand its activities in the energy sector and aproposed change of name to UMC Energy plc, notes the announcement below made bythe Company's joint venture partner in Canada, Waseco Resources Inc.: Waseco Resources Inc.: Preliminary Uranium Report Waseco Resources Inc. (TSX VENTURE:WRI) is pleased to report that it hasreceived a Preliminary Summary Report on the geophysical program carried out byMcPhar Geosurveys Ltd. on the Company's 5 properties in the Quebec LabradorTrough. The Preliminary Summary Report, authored by Rob Hearst, M.Sc. P.Geoph. and aQualified Person under N-I Policy 43-101, compiles and interprets the initialresults of the magnetic, gravity and radiometric surveys completed in Septemberof this year. The Summary identified that each of the five properties hasgeophysical features of significant interest for uranium, and other minerals.Several anomalous uranium zones across all properties have been delineated, someof which are kilometres in strike length and open ended. Additional follow-upgeologic and geophysical work has been recommended, including the staking ofadditional claims. A detailed interpretation of the airborne survey results iscurrently being completed with the expectation of developing several targetsthat can be directly drilled from these results. More detailed and propertyspecific information will be made available following receipt of the FinalReport. The Summary Report has now been reviewed by management in conjunction with thehistorical assessment work on file with the Quebec Government, as well as thegeochemical maps of lake bottom sediment sampling prepared by the QuebecMinistry of Natural Resources. As a result, the Company has staked an additional6,000 hectares in order to cover possible extensions of mineralised zonesindicated from the various sources. Three of the five properties have been optioned to Uranium Mining Corporationplc. who have the right to earn a 75% interest by funding the next $800,000 ofexploration. Two of the properties are 100% owned by Waseco. All of the originalproperties are subject to a net smelter royalty. 24 November 2005 For further information, please contact: Uranium Mining Chris Kyriakou +44 (0)20 7514 1480Corporation plc Non-Executive Director Annie Richards +44 (0) 20 7514 1482 Corporate Communications Manager Pelham Public Charles Vivian [email protected] +44 (0)20 7743 6672Relations Alisdair [email protected] Haythornthwaite +44 (0) 207 743 6676 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
UEP.L