Bonaventure Enterprises Inc.

January 08, 2008 09:20 ET

Bonaventure Announces Exploration Programs for 2008, Focus on Drilling Flagship K9

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - BONAVENTURE ENTERPRISES INC. (TSX VENTURE:BVT)(FRANKFURT:YQG) is pleased to provide an update on the initial exploration activities planned for 2008 at the Company's uranium properties in Quebec and Saskatchewan.

The Company has budgeted C$4.5 million to carry out diamond drilling on the K9 Property ("K9"); C$1.5 million for the airborne magnetic, EM and radiometric geophysical surveys on Quebec's North Shore properties; and C$1.5 million for the geological and geophysical field programs on the Company's Four Lakes Property located in Saskatchewan.

Mr. Jean Lafleur, P. Geo., President & CEO of Bonaventure stated: "We've just completed a third financing, adding an additional $3.5 million to the exploration budget for 2008. The bulk of the funds are being set aside for diamond drilling at the flagship K9 Uranium Property, where there is an extensive surface bedrock uranium anomaly. The K9 Camp has been winterized and is ready for the drilling campaign. Geological and geophysical modeling is being done at this time to optimize drilling patterns in areas of higher-grade uranium mineralization. Our near term objective is to produce a 3-D higher grade mineralization model by testing the uranium grades at depth, which we believe will result in a National Instrument 43-101 compliant mineral resource."

K9 Uranium Property

The Company aims to initiate the Phase 2 exploration in February, weather permitting, with a 20,000m diamond drill campaign. Initial field results at K9 (refer to the news releases dated October 2 and November 12, 2007) from airborne geophysical and ground spectrometer surveys, and surface sampling and assaying outlined a 5.25 km2 surface area of significant uranium mineralization within the main 7 km by 2 km uranium corridor.

The average uranium concentration from the 46 of 94 surface blasted bedrock samples was 0.15% U3O8 (or 3.01 lbs/ton U3O8). Results from the additional 48 bedrock samples are still pending. Field crews also took 522 total spectrometer measurements from K9, which averaged 0.05% eU3O8 (or equivalent assay readings in U3O8) within a range of trace eU3O8 to 0.44% eU3O8. The 94 bedrock samples spectrometer assays averaged 0.12% eU3O8 within a range of 0.01% eU3O8 to 1.09% eU3O8, also averaging 11,361 counts per second (or cps) in total radioactivity, within a range of 2,400 cps to 49,800 cps.

To facilitate the drilling program, the Company has entered into an agreement with a Montreal-based contractor to provide and operate two lightweight portable diamond drills, and to provide logistical support for the 2008 program. The first pass drilling will test the kilometric-sized targets obtained from the modeling, at a line spacing of no less than 200m, from surface to a vertical depth of 150m, followed by more detailed drilling based on the drill core spectrometer and chemical assays. More details of the drill campaign will be made available once the remaining bedrock says have been received, and integrated and processed into the K9 database.

North Shore Uranium Properties

GPR Geophysics International (of Longueil, Quebec) has been awarded the airborne geophysical contract that will include high resolution magnetics, electro-magnetics and radiometrics. The survey is split in two priority blocks, with the initial first priority targets covering 3,625 line-km and the second covering 7,245 line-km. The airborne geophysics will be initiated in Q2-2008 prior to the summer field program.

Four Lakes Uranium Property

The Company is compiling and synthesizing all of the historic exploration and government work, which will help refine higher priority uranium targets for follow-up field work in 2008.

Bonaventure's President & CEO, Jean Lafleur, P. Geo., is the Qualified Person responsible for the technical data presented in this release. All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program.


Jean Lafleur, President & CEO

About Bonaventure Enterprises Inc.

Bonaventure Enterprises Inc. is a Canadian based resource and exploration company traded publicly under the symbol BVT on the TSX Venture Exchange and YQG on the Frankfurt Stock Exchange and Xetra. Presently with uranium, poly-metallic and diamond assets in the Athabasca Basin, uranium properties in the James Bay and North Shore regions of Quebec, and gold claims in Nevada, two of which are under a Joint-Venture with U.S. Gold (TSX:UXG), Bonaventure is focused on the creation of shareholder value and building a first-tier company through the acquisition and development of large projects demonstrating the ability to host World-Class mineral deposits. Bonaventure is well financed with C$ 7.5 million in working capital.

This news release may contain forward-looking statements reflecting the Company's objectives, estimates, expectations and the impact of acquisitions on the Company's financial performance. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from the Company's projections or expectations.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Bonaventure Enterprises Inc.
    Jean Lafleur, P. Geo.
    (514) 975-3633
    First Canadian Capital
    Daniel Boase
    ParaDox Public Relations
    Carl Desjardins