10th Nov 2005 13:27
Uranium Mining Corporation PLC10 November 2005 URANIUM MINING CORPORATION PLC URANIUM PROPERTIES UPDATE - LABRADOR TROUGH, QUEBEC The Uranium Mining Corporation plc ("the Company") (AIM: UOX), notes theannouncement below made by the Company's joint venture partner in Canada, WasecoResources Inc.: Uranium Project Update- "and then there was light" ONTARIO - Waseco Resources Inc. ("WRI") (TSX VENTURE:WRI) is pleased to providethe following update on the Quebec Uranium Exploration Project, currentlyunderway in the Quebec Labrador Trough. A C$250,000 geophysical programme has been successfully completed in the fieldby McPhar Geosurveys Inc. This programme included gravity, radiometric andmagnetometer surveys. The various maps are currently being delivered to theCompany and Uranium Mining Corporation plc. ("UMC") for review, and thecompilation of the results and an interpretive report are expected to bedelivered later this week. In order to assist the Company in planning the next phase follow-up programmes,the Company has engaged the services of Dr. Roger Laine, Ph.D., P. Geo., aQualified Person, as defined by National Instrument Policy 43-101. Dr. Laine hasan extensive background in uranium exploration, including 14 years within theCogema Resources Inc. organisation, where he rose to the position ofVice-President, Exploration at the Cluff Lake uranium mine in Saskatchewan. Based upon recently compiled regional information, the Company is stakingadditional ground in the camp. Chairman A.C.A. Howe stated that: "While there isan ongoing academic debate as to whether the formation of the Trough has greaterparallels to the high-grade Athabaska Basin in Saskatchewan, or an Olympic Damtype IOCG formation (Iron-Ore, Copper, Gold), we are pleased that, regardless ofthe underlying model, each of the properties contains numerous uraniumoccurrences, with associated copper and gold, that appear to extend over largeareas and therefore may be of economic interest. Although the final results ofthe summer programme are not yet available, there is already much to support theproposition that follow-up work is warranted." The Company holds 5 properties, totalling 210 claims, covering an area in excessof 100 square kilometres. The claims were originally selected for known uraniumoccurrences. Three of the properties, totalling 150 claims, have been optionedto UMC, a company listed for trading on the AIM in the U.K. UMC has the right toearn a 75% interest in these 3 claim blocks by funding a further C$800,000 ofexploration prior to December 2006. Waseco retains 100% ownership of twoproperties; all blocks are subject to a royalty to the original vendors. Initial exploration on the properties and in the camp was carried out in the1970s by major mining companies, prior to the collapse of uranium prices. Withrenewed international interest in uranium, which is reflected in the strong risein its price, the Company selected these projects within a highly prospectivecamp. 10 November 2005 For further information, please contact: Uranium Mining Chris Kyriakou +44 (0)20 7514 1480 Corporation plc Chairman Annie Richards +44 (0) 20 7514 1482 Corporate Communications Manager Pelham Public Charles Vivian [email protected] +44 (0)20 7743 6672Relations Alisdair [email protected] +44 (0) 207 743 6676 Haythornthwaite This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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