Uranium International Corp. Receives a NI 43-101 Mineral Resource Calculation for Its Nose Rock, New Mexico Property
ALBUQUERQUE, N.M., Aug. 27 /PRNewswire-FirstCall/ — The Board of Directors of Uranium International Corp. (“Uranium International”) (BULLETIN BOARD: URNI) has received from M. Hassan Alief, M.Sc., CPG, of Alinco GeoServices Inc., a Canadian securities legislation compliant National Instrument 43-101 technical report outlining the uranium mineral resource estimate for its Nose Rock Uranium Property (the “UIC Technical Report”).
The Nose Rock Uranium Property, McKinley County New Mexico, totals approximately 5,060 acres and consists of 102 lode mining claims and six State of New Mexico mineral Leases. The property is located on the northern edge of the Grants Mineral Belt of northwestern New Mexico and consists of the following: Section 16, Township 19, Range 11 West (T19, R11W), Section 36, T19N, R12W, and sections 1, 2, 11, 14, 16, 32 and 36. T18N, R12W, New Mexico 23rd Meridian. This property is optioned to Uranium International Corporation, formerly known as Nu-Mex Corp., where UIC has the right to earn up to 65% interest.
The UIC Technical Report states that the host of known mineralization, uraninite and coffinite, is sandstone deposits within the Westwater Canyon Member of the Upper Jurassic Morrison Formation. The Westwater Canyon consists of fluvial (continental) sedimentary sequence deposited during a period of wet subtropical climate as the San Juan Basin subsided and filled with synorogenic deposits during the Laramide Orogeny. The major source of the sands was from the uplifted highlands to the south and southwest. Sediments were laid down by coalescing alluvial fans. The Westwater deposits dip gently to the north-northeast.
The Nose Rock Uranium Property was extensively explored by drilling over 1,000 holes by Phillips Uranium, a subsidiary of Phillips Petroleum, during the 1970s and was being brought to underground mining production in the late 1970s and 1980s. The plans were scrubbed due to collapse of uranium prices.
For the portion of the property, Section One, wherein Mr. Alief generated new mineral resource estimates for the UIC Technical Report, at least 185 boreholes were previously completed by Phillips Uranium in the 70′s. That drilling occurred on mostly 100-200 foot centers along the main trends of mineralization, with exterior drilling having occurred at mostly 400 foot centers. In Section One, significant mineralization was encountered at depths of 2,940 to 3,050 feet deepening to the northeast across the greater Property area.
Using Phillips Petroleum data provided to Mr. Alief by Strathmore Minerals (US) Ltd., Mr. Alief produced a new mineral resource estimate for Section One, only. Mr. Alief used a polygon method with a radius of influence for each mineralized hole being 75 feet for the measured mineral resource, a radius of 100 feet for the indicated mineral resource and 200 feet for the inferred mineralization, or half the distance between the adjacent holes, whichever is less. A factor of 15 cubic feet per ton was used to determine the tons of mineralized rock. The resources were estimated at a cut-off grade of 0.05% eU3O8 and grade times thickness (GT) of 0.30.
Based on the above parameters Mr. Alief estimated a combined indicated and measured mineral resource of 1,286,231.40 tons of mineralized material containing 3,001,162.12 lbs of eU3O8 at an average grade of 0.12% eU3O8, consisting of a measured resource estimate of 797,726.06 tons of mineralized material containing 1,869,971.97 lbs of eU3O8 and an indicated mineral resource estimate of 488,505.34 tons of mineralized material containing 1,131,190.15 lbs of eU3O8. In addition to the above measured and indicated mineral resource estimates, Mr. Alief reported an inferred mineral resource estimate of 800,638.15 tons of mineralized material at a grade of 0.12% eU3O8, containing a total of 1,624,709.48 lbs eU3O8.
M. Hassan Alief, M.Sc., CPG, of Alinco GeoServices Inc., the author of the UIC Technical Report, is an independent Qualified Person under National Instrument 43-101, and has reviewed and approved the technical disclosure in and this news release.
ABOUT URANIUM INTERNATIONAL CORP:
Uranium International Corp. is an international resource exploration company with a foundational asset in New Mexico, USA. The Company is focused on the acquisition of properties with potential uranium targets.
For further information see: http://www.uraniuminternational.com/ Symbol: OTCBB - URNI; Frankfurt AN4, WKN NO. A0MUN4. Contact: Investor Relations (USA) Tel. Toll-free 1-866-590-6589 Investor Relations (Europe) Tel. +41-43-888-6701 TECHNICAL DISCLOSURE -- DIFFERING CANADIAN AND US SECURITIES LEGISLATION
The technical disclosure in this news release has been prepared in accordance with National Instrument 43-101 commonly referred to as “NI 43-101″ which is an instrument issued pursuant to Canadian securities legislation and governing technical disclosure on mineral properties. NI 43-101 provides for amongst other things, disclosure of mineral resources and mineral reserves which have been estimated in accordance with the definition standards on mineral resources and mineral reserves of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. As a company who is providing information to shareholders in Canada, we are providing disclosure in accordance with NI 43-101. U.S. reporting requirements for disclosure of mineral properties are governed by the SEC Industry Guide 7. NI 43-101 and SEC Industry Guide 7 standards are substantially different. The terms “mineral resource,”"inferred mineral resource,”"indicated mineral resource,”"measured mineral resource,”"mineral reserve,”"probable mineral reserve,”"proven mineral reserve,”"preliminary assessment,”"preliminary feasibility study” and “feasibility study” are Canadian mining terms as defined in accordance with NI 43-101. These definitions differ from the definitions in SEC Industry Guide 7. For example, under SEC Industry Guide 7 standards, there is no provision for disclosure of mineral resources, whether they be measured mineral resources, indicated mineral resources or inferred mineral resources.
SAFE HARBOR STATEMENTS:
This press release contains “forward-looking information” that is based on the parties’ current expectations, estimates, forecasts and projections. The words “may,”"would,”"could,”"should,”"will,”"likely,”"expect,”"anticipate,”"intend,”"estimate,”"plan,”"forecast,”"project” and “believe” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the parties’ actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: completion of the arrangement, economic performance of the combined company, and future plans and objectives of Nu-Mex/Uranium International, including future exploration and development. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Nu-Mex/Uranium International disclaim any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
This press release has been prepared by management of the parties who takes full responsibility for its contents. Each of the NASD, the SEC and the OTCBB neither approves nor disapproves of the contents of this press release. 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 these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Uranium International Corp.
CONTACT: Investor Relations (USA), 1-866-590-6589, or Investor Relations(Europe), +41-43-888-6701, both of Uranium International Corp.
Web site: http://www.uraniuminternational.com/