Monroe Minerals Inc.

Monroe Minerals Inc.

April 23, 2008 09:00 ET

Monroe Minerals Releases Lake Sediment Sampling Results From Alexis River Uranium Property in Labrador

CALGARY, ALBERTA--(Marketwire - April 23, 2008) - Monroe Minerals Inc. (TSX VENTURE:MMX) ('Monroe') announced today encouraging results from the follow-up lake sediment sampling program at Alexis River in south-eastern Labrador, Canada. The program was designed to evaluate anomalies from prior Geological Survey of Canada ('GSC') lake sediment-water sampling and the helicopter borne radiometric and magnetometer survey completed by the project operator, Altius Resources Inc. (TSX:ALS) ('Altius'), in late July 2007.

The Alexis River property was initially staked by Altius in 2004 based on a GSC lake sediment sample from a small lake (hereafter called Anomaly Lake) that contains 926 to 1,030 parts per million (ppm) uranium (fluorimetric versus INAA analysis). This site was the most anomalous of 18,640 lake sediment samples in Labrador taken by the GSC and Newfoundland & Labrador Department of Natural Resources of which the average uranium content is 3.8 ppm uranium.

During August and September 2007, Altius conducted (a) limited follow-up prospecting over selected airborne radiometric anomalies and (b) additional lake sediment sampling of Anomaly Lake. Anomalously radioactive outcrops and boulders were identified immediately west and east of Anomaly Lake. Anomalous radioactivity is locally up to 12,000 counts per minute (Exploranium GR-135 differentiating spectrometer) in coarse grained pegmatite. Assays of four rock samples from the radioactive occurrences west of Anomaly Lake range up to 204 ppm U (INAA analysis).

Fifteen lake sediment samples which were collected and analyzed by INAA during Fall 2007 provided initial verification of the existence of exceptionally high uranium and some other metals at Anomaly Lake, including 323 to 2,370 ppm uranium (average is 721 ppm U or 0.085 wt.% U3O8) and 175 to 1,070 ppm molybdenum. These results have been subsequently confirmed by further systematic lake sediment sampling that Altius and Monroe conducted in February 2008. Twenty-one samples from the February exploration have results ranging from 261 to 2,290 ppm uranium (average is 578 ppm U or 0.068% U3O8) and hence show excellent reproducibility of the uranium results from the fifteen previous sample locations. These results in tabular form are:

Total High Low Average
Sampling date samples ppm U ppm U ppm U
Fall 2007 15 2,370 323 721
Winter 2008 21 2,290 261 578
Total 36 2,370 261 638

These lake sediment sample results for uranium are unusually high, being well over two orders of magnitude higher than the average uranium content of lake sediment samples within Labrador. The radioactive occurrences discovered to date in the vicinity of Anomaly Lake are encouraging but do not provide a satisfactory explanation for the very anomalous uranium content in these lake sediments. A comprehensive geological mapping, prospecting and sampling program is being planned for June to August 2008.

Reg A. Olson, Ph.D., P. Geol. is the designated Qualified Person for Monroe on the Alexis River project. Lake sediment and rock samples collected during 2007 were analyzed by INAA at Activation Laboratories Ltd. of Ancaster, Ontario. Lake sediment samples collected during February 2007 were analyzed by aqua regia digestion followed by ICP-MS/ICP-AES at ALS Chemex in Vancouver, British Columbia.

Monroe may earn a 60% interest in the Alexis River property over four years by spending $1,250,000 on exploration and making share payments to Altius of 2,500,000 Monroe shares.

Altius Resources Inc. is a wholly owned subsidiary of Altius Minerals Corporation. Altius Minerals Corporation's principal business activities include the generation and acquisition of projects related to natural resource opportunities in the Province of Newfoundland and Labrador, Canada. For more information please visit

Monroe is engaged in the assembly of an international portfolio of uranium projects and the exploration and development of gem quality diamond properties in Southern Africa. Its strategy is well defined: enhancing shareholder value by combining Monroe's recognized twin strengths of technical expertise and professional management to advance mining projects to profitable long term production. Monroe's shares trade on the TSX Venture Exchange under the symbol MMX. For more information please visit

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Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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