Cue Resources Receives Government Approval for License
Cue Resources Ltd. (TSX-V: CUE) is pleased to announce that it has received an English translation of the official Paraguayan government grant of exploration and exploitation rights to the Yuty uranium project issued to Transandes Paraguay S.A. The official document confirms that Transandes Paraguay S.A. is now the holder of exploration rights convertible to exploitation rights to the 231,000-hectare Yuty project for a period of 20 years from start of production with the option to extend the concession in additional 5 year increments. Production from the Yuty concessions will be subject to a 2.5% royalty.
Cue completed its acquisition of 100% of the Yuty uranium project through completion of the Earn In Agreement as communicated September 8, 2008. Transandes Paraguay S.A. will now become a wholly owned subsidiary of Cue.
Chris Healey, Chief Operating Officer, said, “We thank the government of Paraguay for continuing its support of uranium exploration and development by providing clear, equitable and transparent processes. We will continue to work closely with the government and people of Paraguay to ensure the success of the Yuty project for the benefit of all parties.”
The Yuty uranium project includes the San Antonio deposit, with a preliminary Indicated Resource of 5.1 million lbs U3O8 and Inferred Resource of 2.2 million lbs U3O8, in south-eastern Paraguay. This resource estimate was reported in the Technical Report completed by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA), of Toronto, Ontario and dated May 15, 2008. The resource estimate and classification of the Mineral Resources conforms to the reporting requirements of National Instrument 43-101, and has been filed on SEDAR.
Only a small area of the 231,000 hectare concession covering the Yuty project area has been properly explored, with 450 drill holes completed on the property since 1976 and many high-potential exploration targets remain to be tested across the property. The preliminary resource estimate was prepared by the Company for internal guidance only. The full exploration of the concessions remains a priority for Cue.
Chris M. Healey, P.Geo, COO for Cue, is the Qualified Person responsible for the technical content of this release.
CUE RESOURCES LTD. “Chris Healey” Chris Healey Chief Operating Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of Cue Resources.
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Contact: CUE RESOURCES LTD. 2400-1111 West Georgia Street Vancouver, B.C. V6E 4M3 Tel: (604) 681-5755 Fax: (604) 684-2990
SOURCE: Cue Resources Ltd.