Magnum Uranium Corp.

Magnum Uranium Corp.

October 11, 2005 11:22 ET

Magnum Stakes Additional Stanley Uranium District Claims

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 11, 2005) - Magnum Uranium Corp. ("Magnum" or the "Company") (NEX:MM.H) is pleased to announce that its wholly-owned subsidiary, Magnum Minerals USA Corp., has completed the staking of 16 additional lode mining claims to expand upon its land holdings in the historic Stanley Uranium District, Custer County, Idaho to a total of 129 claims. The claims extend Magnum's coverage of the "Big Hank" property and also cover the area of the newly acquired "Hardee" property. The Big Hank claims expand coverage on existing claims to the northeast of Magnum's 5-mile-long by 1-mile-wide primary claim block, and the Hardee claims represent a new claim block northwest of the Big Hank.

Ground scintillometer surveys of the Big Hank conducted by Magnum geologists indicate widespread anomalous radioactivity throughout most of the target. Additionally, results of historic shallow churn drilling by Rare Metals Corporation in 1959 reveal uranium mineralization at depths between 7 and 50', with selected intervals grading in excess of 0.30% U3O8. Nearly 60% of Rare Metals' holes encountered this shallow mineralization, which remains open in numerous directions and which constitute a high-priority target for Magnum.

Claims at the Hardee prospect cover pitchblende-bearing veins in a northwest-trending fracture zone in Idaho Batholith quartz monzonite. Results of 30 historic shallow churn drill holes placed on the property by Phillips Petroleum Company in the late 1950's show that half of the holes contain ore-grade intercepts that define a 30-foot-wide, northwest-trending zone of uranium mineralization. Intercepts include 20' grading 0.49% U3O8, 20' grading 0.37% U3O8 and 17' grading 0.29% U3O8. This vein-type mineralization is directly on strike with quartz monzonite-hosted uranium mineralization detected by churn drilling at the Big Hank, suggesting that a Hardee-type pitchblende-bearing vein system could underlie the Big Hank sandstone-hosted target.


Norm Eyolfson, President & CEO

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