Golden Bridge Mining Corporation Announces Acquisition of Athabasca Basin Uranium Property
TSX VENTURE EXCHANGE: GBM
TORONTO, Oct. 25, 2013 /CNW/ – Golden Bridge Mining Corporation (“Golden
Bridge” or “the Company”) (TSX-V: GBM) is pleased to announce the
Company has acquired by staking a total of 3,656.82 hectares (9,036.20
acres) of claims prospective for uranium mineralization in the prolific
Athabasca Basin, located in Saskatchewan, Canada. This property is
located in the vicinity of the recent discovery near Patterson Lake in
Northern Saskatchewan by Alpha Minerals Inc. and Fission Energy Corp.
The Athabasca Basin regional magnetic data (Source: Geological Survey of
Canada (GSC) Open Files 6817, Release date 15 June 2011) shows a
similar signature of the Golden Bridge property to that of the Alpha
Minerals Inc. recent discovery property, Patterson Lake South. The 3D
geological model of Athabasca uranium generated by the Saskatchewan
Ministry of the Economy “3-D File 2012-1″ shows that the Golden Bridge
property is located in a favourable geological structure zone.
In Canada, the Athabasca Basin is a region in the Canadian Shield and is
located across the northern Saskatchewan and Alberta border. It is best
known as the world’s leading source of high grade uranium and currently
supplies approximately 15% of the world’s uranium consumption (World
Nuclear Association). The basin is west of Wollaston Lake and south of
Lake Athabasca, and covers about 100,000 sq. km mostly in Saskatchewan
with a small portion in Alberta. The basin is mainly sandstone from
100 to 1,000 metres in depth and uranium is found mostly at the base of
the sandstone where it reaches the basement (Source: investcom.com-uranium-Athabasca).
The first uranium mine in this region was the Rabbit Lake Mine, which is
the longest operating uranium production facility and the second
largest uranium milling facility in the western world. Another
significant discovery of uranium took place in Key Lake in 1975, which
produced over 95,000 tonnes of U3O8. Since 1968, over 700,000 tonnes of
U308 have been produced in this region.
The technical information above has been prepared in accordance with the
Canadian regulatory requirements set out in National Instrument 43-101
and has been reviewed on behalf of Golden Bridge by Dr. Wei Qian, P.
Geo., a Qualified Person.
About Golden Bridge Mining Corporation
Golden Bridge was incorporated under the laws of the Province of Ontario
and is engaged in mineral resource exploration and development in
Canada. The Company is classified as a Tier 2 “Mineral Exploration”
issuer company listed on the TSX Venture Exchange.
The TSX Venture Exchange Inc. has neither approved nor disapproved the
contents of this press release.
Statements in this press release may contain forward-looking
information. Any statements that are contained in this press release
that are not statements of historical fact may be deemed to be forward
looking statements. Forward-looking statements are often identified by
terms such as “may”, “should”, “anticipate”, “expects” and similar
expressions. Forward-looking information in this press release includes
the prospective nature of uranium mineralization on the property
acquired and the relative merit and production potential of the
acquired property as compared to existing uranium mines in the
Athabasca Basin. The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of Golden Bridge. The reader is cautioned not to
place undue reliance on any forward-looking information. Such
information, although considered reasonable by management at the time
of preparation, may prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained
in this press release are expressly qualified by this cautionary
The forward-looking statements contained in this press release are made
as of the date of this press release, and Golden Bridge does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required
by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF
AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED
ON BEHALF OF THE BOARD OF DIRECTORS
Charles Qin, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Golden Bridge Mining Corporation