31st Jan 2006 07:01
UMC Energy PLC31 January 2006 UMC ENERGY PLC URANIUM PROPERTIES UPDATE - LABRADOR TROUGH, QUEBEC UMC Energy plc ("the Company") (AIM: UEP) notes the announcement below made bythe Company's joint venture partner in Canada, Waseco Resources Inc.: Final Geophysical Report on Uranium Properties Delivered Waseco Resources Inc. (WRI-V) is pleased to report that it has received theFinal McPhar Geophysical Report containing the results of the airborne magnetic,radiometric and ground gravity programs, carried out on its 5 uranium prospectsin the Central Quebec Labrador Trough. The comprehensive report (over 100 pages plus appendices and maps) presents boththe data and the geophysical interpretation of the data, the latter compiled byMcPhar Geophysicist Robert Hearst, M.Sc., P. Geophysics and a qualified personunder National Instrument 43-101. A copy of the Report has also been courieredto the geological advisor for UMC Energy plc (formerly UMC plc). UMC can earn a75% interest in 3 of the 5 originally staked properties by electing to fund$800,000 of exploration work this year. Rob Hearst states that: "The multiple discipline geophysical surveys over BlocksI, II, III, IV and V, have identified fifty-five (55) targets for additionalstudy as a prelude to drill target selection. There are 27 uranium anomalies, ofwhich 25 are high priority targets, as well as 7 other uranium anomalies thoughtto be related to uranium boulder trains. The magnetic survey also identified 21discrete vertical cylinder type magnetic anomalies of which 17 are highpriority. We are recommending additional staking and follow-up work on thesevery exciting project areas. These properties have great potential for economicuranium deposits as well as having good potential for base metal and preciousmetals." The geophysical interpretation will now be compiled with all availablegeochemical and geological information; including reports on programs carriedout by various companies that worked in the area some 30 years ago, when uraniumoccurrences in the Labrador Trough were first identified, as well as both priorand subsequent studies carried out by the Quebec Ministry of Natural Resources.In conjunction with the McPhar Report, this data will form the basis of therecommended programs for the coming year. Management will study the Final Report and consult with its advisors prior tomaking any further releases as to the findings. Any recommendations, includingfurther staking and follow-up programs, will be reported on in the normalcourse, when adopted. For further information, please contact: UMC Energy plc Rob Schoonbrood +44 (0)20 7514 1480 Executive Chairman Chris Kyriakou +44 (0) 20 7514 1482 Non-Executive Director Pelham Public Charles Vivian [email protected] +44 (0)20 7743 6672Relations Alisdair [email protected] +44 (0) 20 7743 6676 Haythornthwaite This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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