USA Uranium Uses Technology to Expand Property Interest and Anoints New Leader
USA Uranium Corp. (OTCBB:USAU) has acquired the final 25% interest in the La Sal West mineral claim group, which consists of 111 BLM claims comprising 2200 acres located in the La Sal uranium district of Utah. The Company now owns a 100% interest in the La Sal West Property and the adjoining Brown’s Hole Property.
The ore previously produced from the existing mines on this Property contained up to 0.35% U3O8 (Uranium) and 1.5% V2O5 (Vanadium) resulting in production of over one million (1,000,000) tons of ore. Ore of this caliber would equate to a value of over $500 per ton using the current spot price of $71 per lb.
USA Uranium determined to acquire the remainder of the Property after detailed review of the data from a ground radon detection survey utilizing a proprietary methodology for conducting exploration for uranium deposits. The new system being developed for the Company by the Company’s Board of Advisors causes no environmental damage and provides detailed results quickly and cost-efficiently when compared with traditional exploration techniques.
Within the claim block there are five (5) mines, Blue Goose, Pine Tree, Canary, San Juan and Junction mines, with past production histories. Shipment records available indicate grades range from 0.10 to 0.38% uranium. The Blue Goose and San Juan were operating in the late 1970s when low uranium prices caused the mines to cease operations.
The new technology indicated three channel systems within the claim block that can be correlated with the existing uranium mines on the Property that have past production histories. Additionally, the new exploration system has delineated four additional anomalous areas that can be identified with potential interest for new uranium discoveries outside of the existing mine areas. The most prominent of these is the 5000-foot long anomaly southeast of the San Juan mine portal. The geological structure and bedrock types are of similar type to those that have produced over 6,000,000 pounds of uranium in the La Sal area.
The Company also wishes to announce that Mr. Stephen Spalding MBA, B.Sc. (Physics, Finance & Math), will as President assume the leadership role until such time as a replacement CEO can be chosen to assist Mr. Spalding and to replace Mr. Barth, who is unfortunately leaving the Company to pursue other ventures. Mr. Spalding brings more than 30 years of expertise in public and private company management to USA Uranium Corp., primarily related to financing, internal controls, management structure and corporate governance in the investment banking, Hedge Fund, natural resources, manufacturing and technology industries. Mr. Spalding was until recently a Senior Partner with Grant Thornton LLP in San Francisco and was formerly a Senior Partner with Deloitte & Touche and also with KPMG for 18 years.