Global Uranium Corp.

October 02, 2007 14:07 ET

Global Uranium Granted Two Additional Concessions in Niger

TORONTO, ONTARIO--(Marketwire - Oct. 2, 2007) - Global Uranium Corp. ("Global" or "Company," a private Ontario corporation) is pleased to announce that on September 25, 2007, two new concessions were granted to the Company by the Government of Niger, bringing the total number of concessions in Niger held by Global to six.

The Adrar Emoles #3 and #4 blocks granted to Global are located 100 kilometres southeast of Areva's Cominak and Somair operating uranium mines (underground and open pit mines, respectively) and 50 kilometres east of the large Imouraren deposit, Areva's most advanced development uranium project.

Global's new concessions total approximately 1,000 square kilometers and are known to host numerous surface and subsurface uranium anomalies. Previous drilling on the properties has discovered several uraniferous zones hosted in sandstones dating from the lower Carboniferous period to the lower Cretaceous period. The mineralization occurs in the Guezourman, Tarat and Tchirezrine II sandstones.

One area that has undergone significant exploration in the past is the "Dajy" prospect, located on the Adrar Emoles #3 concession. Dajy includes surface and underground uranium mineralization over an area measuring 10 kilometres long by 2 kilometres wide. Dajy is situated along a major northwest-southeast lineament called the In Azaoua fault, on which other deposits have been found, such as the Azelik deposit on the Tequida concession just north of Global's Tin Negouran concession. The Azelik deposit (37 million pounds U3O8) is currently being developed by the Chinese government's nuclear agency, CNUC.

On the Adrar Emoles #4 concession, uranium mineralization has been discovered by surface prospecting and wide spaced drilling in the lower Madaouela sandstones on the Issakanan prospect. The Tchirezrine II sandstone horizon, which hosts the large (greater than 300 million pounds U3O8) Imouraren deposit, is outcropping extensively across both the Adrar Emoles #3 and #4 concessions.

The previous work on both of these concessions was carried out by a Japanese government agency, International Resources S.A., during periods of low uranium prices.

The agreement signed between Global and the Ministry of Mines in Niger is a three-year exploration agreement that requires Global to spend US $2.7 million on each of the two concessions over the three-year period. If a commercial deposit is found, Global has the right to apply for an exploitation permit in order to further develop the property into a producing mine.

About Global Uranium Corp.

Global Uranium is a private Ontario corporation founded in January, 2005 by executives with extensive experience in the mining and marketing of uranium. The Company owns a database consisting of numerous uranium exploration targets around the world collected over a 30 year period by a major Canadian uranium producer. In addition, the Company now has three-year exploration agreements covering six uranium concessions in Niger.

The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.

Contact Information

  • Global Uranium Corp.
    Stephen G. Roman
    President & CEO
    (416) 368-3949
    or
    Global Uranium Corp.
    Clifford H. Frame, P.Eng
    Chairman
    (416) 203-8336
    (416) 203-9483 (FAX)
    Website: www.globaluranium.com