U3O8 Corp. (TSX VENTURE:UWE), a Canadian-based company focused on
exploration and resource expansion of uranium and associated
commodities in South America, reports on its Berlin Project in
Colombia that:
-- assays from an additional five bore holes drilled in the infill program
completed in the southern part of the project further confirm excellent
continuity of uranium and multi-commodity mineralization;
-- positive, initial metallurgical test results are being corroborated for
anticipated release in December, 2011; and
-- work is progressing well towards the completion, by year-end, of the
first National Instrument 43-101 ("NI 43-101") resource estimate
undertaken on the property since the historic 38 million pound ("mlb")
uranium resource(1) was calculated in 1981.
(1) The Berlin historic resource of 12.9 million tonnes at an
average grade of 0.13% U3O8 (38mlb U3O8) is reported in Castano, R.
(1981), Calcul provisoire des reserves geologiques de Berlin, sur
la base des resultants des sondages, Unpublished Minatome report,
15p. As the 38mlb U3O8 historic estimate is based on only 11
widely-spaced drill holes, 20 trenches and three adits, it should
not be considered a NI 43-101 compliant resource. The historic
resource is regarded by U3O8 Corp. as merely an indication of the
uranium resource potential of the southern 4.4 kilometres ("km") of
a 10.5km long syncline (Figure 1) containing the Berlin
mineralization. The historic resource did not include estimates for
other commodities. U3O8 Corp. has now completed an infill drilling
program with the aim of defining an interim multi-commodity mineral
resource on the southernmost 3km of the Berlin trend.
"U3O8 Corp's drilling continues to demonstrate remarkable
continuity of uranium, vanadium, and phosphate mineralization,
accompanied by a suite of other metals that constitute potential
by-products, throughout the southern part of the Berlin Project,"
said Dr. Richard Spencer, President and CEO of U3O8 Corp.
"Furthermore, our trenching has confirmed mineralization in the
northern part of the 10.5km trend at Berlin, where we plan to
extend drilling in 2012 with the aim of delineating a truly
world-class deposit. Results of initial metallurgical test work on
the recovery of the different commodities have also been received
on a composite sample derived from five bore holes. These positive
test results are currently being corroborated and confirmed in a
second sample comprised of ore from an additional 10 bore holes,
and we expect to release these metallurgical results in December,
2011."
Table 1 - Assay Results from Drilling in the Southern Part of
the Berlin Project
To view Table 1, visit the following link:
http://media3.marketwire.com/docs/Table1Berlin.pdf.
U3O8 Corp. has now completed the planned exploration and infill
drilling program of 82 bore holes (18,685 metres) that was designed
to provide sufficient detail for an initial NI 43-101 resource
estimate to be undertaken on the southern 3km of the Berlin
Project. Assays from the 63 drill holes disclosed so far confirm
excellent continuity of mineralization in the fertile layer at
Berlin. Results from six trenches in the northern part of the
10.5km mineralized trend highlight the potential of the Berlin
Project to contain a resource substantially in excess of the
historic resource.
The mineralized layer in the Berlin Project occurs as a
canoe-shaped fold that, in cross-section, has an asymmetric
"U"-shape (Figure 3). In order to visualize the distribution of
mineralization, Figure 4 shows the layer as an "unfolded", flat
sheet and also marks the bore hole intercepts from which samples
are currently undergoing metallurgical testing.
Quality Assurance and Quality Control ("QAQC")
Reference is made to U3O8 Corp's press release dated February
24, 2011, available on the company's web site at www.u3o8corp.com
and on SEDAR at www.sedar.com, for a summary of the QAQC procedures
utilized by U3O8 Corp.
Dr. Richard Spencer, President & CEO of U3O8 Corp., a
Qualified Person within the definition of that term in NI 43-101 of
the Canadian Securities Administrators, has supervised the
preparation of, and verified the technical information in this
release.
About U3O8 Corp.
U3O8 Corp. is a Toronto-based exploration company focused on
exploration and resource expansion of uranium and associated
commodities in South America - a promising new frontier for
exploration and development. U3O8 Corp. has one of the most
advanced portfolios of uranium projects in the region comprising NI
43-101 compliant resources in Guyana and Argentina to significant
historic resources in Colombia.
For further information on U3O8 Corp's Berlin Project, refer to
the technical report entitled "Review of Historic Exploration Data
from the Uraniferous Black Shales of the Berlin Project and
Chaparral Concession, Colombia: A guide to future exploration"
prepared by Richard Spencer and Richard Cleath dated March 23, 2010
and available at www.sedar.com. Additional information on U3O8
Corp. is available on the company's web site at
www.u3o8corp.com.
Forward-Looking Statements
Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements
are subject to numerous risks and uncertainties, certain of which
are beyond the control of U3O8 Corp., including, but not limited
to, the impact of general economic conditions, industry conditions,
the timing of laboratory results and preparation of technical
reports, volatility of commodity prices, risks associated with the
uncertainty of exploration results and estimates and that the
resource potential will be achieved on exploration projects,
currency fluctuations, dependence upon regulatory approvals, and
the uncertainty of obtaining additional financing and exploration
risk. There is no assurance that the Berlin Project will add to
U3O8 Corp's resource base in the short-term, or at all. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
To view Figure 1 - Map Shows the Location of the Trenches and
Drill Platforms in the Berlin Project, please visit the following
link: http://media3.marketwire.com/docs/U308_figure1.pdf
To view Figure 2 - Drill Platform Locations in the Southern Part
of the Mineralized Trend at Berlin, please visit the following
link: http://media3.marketwire.com/docs/u3o8corp_figure2.pdf
To view Figure 3 - Cross Section 4, please visit the following
link: http://media3.marketwire.com/docs/u3o8corp_figure3.pdf
To view Figure 4 - Map of the "Unfolded" Mineralized Layer in
the Southern Part of the Berlin Project, please visit the following
link: http://media3.marketwire.com/docs/u3o8corp_figure4.pdf
To view the photo associated with this release, please visit the
following link:
http://media3.marketwire.com/docs/BerlinProject22.JPG
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: U3O8 Corp. Nancy Chan-Palmateer Vice President,
Investor Relations (416) 868-1491nancy@u3o8corp.com U3O8 Corp.
Richard Spencer President & CEO (416)
868-1491richard@u3o8corp.com
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