Jalna Minerals Ltd.

Jalna Minerals Ltd.

October 04, 2007 09:00 ET

Jalna Enters Into Property Option Agreement

KELOWNA, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2007) - JALNA MINERALS LTD. (NEX:JMA.H) is pleased to announce that it has entered into a Property Option Agreement (the "Agreement") to acquire up to a 100% interest in certain mineral claims located in the Nonacho Basin, District of Mackenzie, Northwest Territories of Canada (the "Property"), subject to a 3% NSR. The Agreement, dated August 21, 2007, with J Dahrouge, P Morehouse and S Men is an arm's length transaction which is subject to the approval of the TSX Venture Exchange and the filing of an acceptable 43-101 report.

The property consists of 43 claims, encompassing approximately 97,000 acres (39,381 ha) located in the District of Mackenzie, Northwest Territories. The Company will pay $125,000 upon execution of the Agreement and upon closing issue 2,000,000 common shares. On or before the first anniversary of the option, the Company will acquire a 50% interest in the Property by incurring expenditures of not less than $250,000, making a cash payment of $275,000 and issuing an additional 2,000,000 common shares.

The Company may acquire an additional 25% interest in the Property by incurring expenditures on the property of $250,000 and issuing an additional 2,000,000 common shares during the second year of the option, The Company may acquire a 100% interest in the Property and the 3% NSR by incurring, during the third year of the option, expenditures on the property of not less than $250,000 and issuing an additional 2,000,000 common shares.

The Nonacho Basin Property, is located 150 km northeast of Fort Smith and 275 km southeast of the city of Yellowknife, Northwest Territories. The property covers portions of an essentially unmetamorphosed Lower Proterozoic group of continental sediments, deposited in a fault controlled intra-cratonic basin, and which uncomfortably overlay undifferentiated Archean and Proterozoic basement rocks. The potential for the discovery of high-grade uranium deposits in the Nonacho Basin exists, based on the high-grade historic showings within the area of the Nonacho claims, and based on geological similarities with other uranium-bearing Proterozoic Basins such as the Athabasca Basin in Saskatchewan. (The Athabasca Basin of northern Saskatchewan contains the most significant high grade, low cost uranium deposits in the world. Mines in the Basin produced approximately 28% of total global uranium during 2005. The deposits defined to date collectively contain, or have produced, almost 1.5 billion pounds U3O8).

Exploration in the Nonacho Basin commenced in the 1950's with the discovery of large uranium outcrops and widespread surface uranium mineralization. During the last Uranium exploration boom of the late 1970's and early 1980's several companies conducted large exploration programs in the area. The companies were searching for high-grade unconformity-type uranium deposits typical of deposits in the Athabasca Basin; as well as vein-type uranium deposits typical of the Uranium City area.

Some of the uranium occurrences found within the Nonacho Basin Property (Northwest Territories Geoscience Office database) are listed below:

- High-grade rock samples taken by Uranerz Exploration in 1978:

#78029 - 2.0% U3O8

#78031 - 2.57% U3O8

#78073 - 0.53% U3O8

#78022 - 4.48% U3O8

#78020 - 4.18% U3O8

- Highly anomalous soil samples collected by Saskatchewan Mining and Development Corporation (SMDC) in 1983:

#1089 - 940 ppm U3O8

#1272 - 1,500 ppm U3O8

- An area of highly anomalous radioactivity outlined by Giant Yellowknife Mines in 1954, including a trench sample returning 0.422% U3O8 over 0.82 meters.

- Up to 18 Diamond drill holes were drilled on two showing on claims in the late 1950's, but there is no record of the results in the historic records.

The Company's 2007 Annual General Meeting ("AGM") has been scheduled to be held in Vancouver on Thursday, November 15, 2007 at 11:00 o'clock in the morning. For more information regarding the Company and the upcoming AGM please see the Company's profile at www.sedar.com.

Jalna Minerals Ltd. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of mineral properties. Headquartered in Kelowna, British Columbia, Jalna's Common Shares are listed on the NEX Exchange under the symbol "JMA.H".

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.


Devinder Randhawa, President, Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the news release, which has been prepared by management.

Contact Information

  • Jalna Minerals Ltd.
    Bob Hemmerling
    (250) 868-8177