9th Aug 2005 15:17
Uranium Mining Corporation PLC09 August 2005 URANIUM MINING CORPORATION PLC URANIUM PROPERTIES UPDATE - LABRADOR TROUGH, QUEBEC The Uranium Mining Corporation plc ("UMC" or "the Company") (AIM: UOX), auranium exploration and mining investment company which listed on AIM on 2August 2005, notes the following announcement made by the Company's jointventure partner in Canada, Waseco Resources Inc.: "WASECO RESOURCES INC. (TSX VENTURE:WRI) is pleased to announce that thehelicopter supported land gravity survey and GPS positioning has been completedover the 105 square kilometres of prospective uranium properties in the LabradorTrough, Quebec. Readings were taken from some 529 stations covering over 1,100line kilometres. The airborne high resolution aero-magnetic survey and gamma rayspectrometer survey and gravity observation data over the 5 properties (210claims) is currently in mobilization. Each of the properties hosts known uranium occurrences. Prior to the uraniumprice collapse in 1982, field-work was carried out in the camp by a number ofmajor mining companies, including Hollinger Mines Ltd., Imperial Oil Ltd.,Uranerz Exploration, and Eldorado Nuclear. In a recent qualifying report prepared for Uranium Mining Corporation plc("UMC"), Dr. Mousseau Tremblay P. Eng. Ph.D., states: "The conditions thatfavour uranium and other metals to accumulate into commercially viable depositsare present throughout the Central Labrador Trough. Three mining properties(were) reviewed, all containing potential resources, mostly co-existing uranium,copper, gold and other metals in various minor proportions. The propertiesbelong to two well defined structural and north-north-west orientatedsub-parallel geological zones of the Central Labrador Trough. Mining explorationactivity by mining companies occurred mostly between 1976 and 1982 when theprice of uranium was high. By the end of 1982, the price of uranium had fallento very low levels. This part of the Trough was abandoned. Today, it knows a newsurge of activities as prices for uranium are climbing." One of the 12 uranium showings discussed in his Report, the Bravo Lake showing(#181), is described as "disseminated uraniferous mineralization nodules incalcareous dolomites within intense shear zones. The mineralised zone can betraced over a length of 955m at an average width of 4.5m. The uranium mineralsare accompanied by chalcopyrite, digenite and malachite, all copper minerals andsome gold. REMOBILIZED URANIUM IN SEDIMENTS Grab samples reported: 38% Uranium 11.2% Copper 0.04% Zinc 5.0% Lead 0.04% Cobalt Memo by C. Robert MRN 1988/03/10: Drill sample 0.16% over 1 metre" Dr. Trembay's comments in his Report relating to the Caribou Occurrence (#234)are also noteworthy: "This showing occurs in differentiated granite syeniterock, located within what appears to be a shear zone in the Archean basement.The radioactivity is caused by both uranium and thorium minerals. The pegmatiteoutcrop is 50m long and 25m wide. A grab sample returned 3% U308, another 0.42%and 1.3% U308. A channel sample of the pegmatite returned 1.26% U308 over 1.8 m.Copper and gold also accompany the uranium. Thorium is relatively abundant (upto 0.08% Th) and barium is present. It is only 500 meters distant from the flat-lying overlying Labrador Troughunaltered Ferriman Group sedimentary rocks which occupy half of the claim block.These overlying sedimentary rocks have probably not been prospected in detail inthe past. Similar rock cover on a neighbour's block to the north, exhibitimportant mineralisation containing uranium and copper. The adjacent propertycontains three showings within a strictly similar geological setting. The threeshowings are partially or totally disseminated within their host rocks lyingrelatively flat over the granitic basement. Therefore the cover sedimentaryrocks that directly overlie the basement and occupy about half of Block III mustbe carefully geologised and prospected for uranium and copper-gold and othermetals. The possibility of large or larger disseminated uranium-copper-gold isreal within Block III..." Dr. Tremblay's geological model also warrants mention: "It is possible toenvisage that the Central Labrador Trough type of uranium, copper, gold depositmay, and could well be, of the Athabasca Basin type. (Canada's largest uraniumdeposits occur within the Athabasca Basin.) The latter are evidentlyhydrothermal in origin, are associated with a major unconformity and contain acurious association with a variety of metals along with the uranium. Thehydrothermal solutions came up through a network of fractures and into thesedimentary cover rocks. The Central Labrador Trough mineralised solutionscontaining uranium, copper and gold appear to have followed a similar process." Dr. Tremblay's report goes on to recommend a thorough program of follow up workon the claim blocks under review. Waseco President, Richard Williams stated that the compilation and integrationof the new data and then the integration with the historical data shouldgenerate some first class targets. The program continues to support thepossibility of large uranium near surface deposits in sediments which could beamenable to open pit mining methods. UMC has advanced (C)$200,000 and has an option to contribute a further (C)$800,000 in exploration funding in order to earn a 75% interest in 3 of the 5claim blocks prior to December 2006. For more information, please visit theWaseco web site at www.wasecoresources.com." 9 August 2005 For further information, please contact: Uranium Mining Chris Kyriakou +44 (0)20 7514 1480Corporation Chairman Annie Richards +44 (0) 20 7514 1482 Corporate Communications Manager Pelham Public Relations Charles Vivian [email protected] +44 (0)20 7743 6672 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:
UEP.L