July 22, 2008
Drilling Planned on Raytec’s Athabasca Uranium Projects
Raytec Metals Corp. (the "Company") (TSX-V: RAY) is pleased to provide an update on exploration work being carried out by its joint venture partner, Triex Minerals Corporation ("Triex"), on the Company's Riverlake and Highrock uranium projects in the prolific Athabasca Basin of Saskatchewan.
Riverlake and Highrock Uranium Projects - Triex Minerals JVAs of April 2008, Triex has completed data collection and interpretation from 211 line kilometres of ground EM surveys on the Riverlake and Highrock uranium projects. A 2,500-metre diamond drill program is scheduled to begin in late August to early September to test high-priority, near-surface targets. Northwest Drilling has been contracted to carry out the work program.
Triex plans to explore secondary targets by commencing grid-based soil geochemistry surveys in early August. The surveys will cover conductors defined on both airborne and ground EM surveys.
Raytec entered into a joint venture agreement with Triex Minerals in November 2007 granting Triex the right to earn an initial 51% interest in the River Lake project (three claims, 16,556 hectares) and HighRock project (four claims; 15,206 hectares) through cash payments and issuance of stock to Raytec and incurring a total of $1.2 million in staged exploration expenditures on or before November 24, 2008.
Staked in 2004, the properties are located on either side of the Key Lake mine road. The Riverlake property covers a large, circular magnetic low feature with similarities to the Pasfield Lake magnetic anomaly that Triex is also exploring. An Athabasca Group sandstone outlier is mapped immediately to the east of the magnetic low feature. A V-TEM survey flown in 2007 identified electromagnetic conductors on both the east and west margins of the magnetic low feature. The Highrock property covers an Archean basement antiform with flanking conductors, and is located only eight kilometres southeast of the Key Lake deposit situated along the northern margin of the adjacent Archean basement antiform.
States Brian Thurston, President of Raytec: "While Raytec is focused on its potash projects, we remain a diversified company with highly prospective projects in uranium and iron ore. Work will be active on all our projects contributing to consistent news flow and potential increased value for our shareholders from several fronts. The company continues to believe that the mid to long-term fundamentals for uranium remain strong and we are pleased with the progress that is being made."
Raytec Metals Corp. is a dynamic Canadian exploration company focused on the development of nearly 300,000 acres of potash claims located in Saskatchewan, Canada. The company also holds 17 uranium mineral claims totalling 123,945 hectares near the Key Lake mine and the Millenium deposit. Seven of the 17 mineral claims are joint ventured with Triex Minerals Corporation ("Triex Minerals,""Triex") and the remaining 10 are joint ventured with Solitaire Minerals Corp. ("Solitaire Minerals"). In addition, Raytec holds three iron ore projects in Ontario. Active work programs are planned for all projects in the fall of 2008.
On behalf of the Board, RAYTEC METALS CORP. "Brian Thurston," President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Contact: Raytec Metals Corp. Brian Thurston Email: [email protected] Phone: 604-669-9330
SOURCE: Raytec Metals Corp.