SOURCE: Raytec Development Corp.

November 19, 2007 06:19 ET

Raytec Announces New President, Work to Begin in Athabasca Basin

VANCOUVER, BC--(Marketwire - November 19, 2007) - Raytec Metals Corp. (the "Company") (TSX-V: RAY) (FRANKFURT: XZT) is pleased to announce that Mr. Brian Thurston has agreed to join the Company's Board of Directors and has hereby accepted the position of President.

Brian Thurston, H.BSc (Geology), has more than 15 years of exploration and project management experience, 12 of which were spent in Latin America. Most recently, Mr. Thurston was Project Manager for Pacific Ridge Exploration Corp. and was instrumental in a new uranium discovery (Lucky 7 Zone) near Baker Lake, Nunavut, Canada. Mr. Thurston was part of the initial geological exploration team that evaluated the current land holdings of Aurelian Resources Inc. in Ecuador in 2002 and held the position of Country Manager for Aurelian in Ecuador in 2004 and 2005.

"Brian has an outstanding track record of project exploration combined with years of experience managing logistics for projects. Having been involved in two significant discoveries, being a consulting geologist in the early stages, through to becoming the Country Manager for Aurelian Resources in Ecuador, and also his involvement in the Lucky 7 Uranium discovery in Northern Canada bode well for his experience to lead this exploration oriented Company," said Casey Forward, CFO of Raytec.

The Company is also pleased to announce that work will be commencing shortly on the Company's 100% owned C5 property located in the eastern Athabasca Basin in Northern Saskatchewan. It is approximately 20 kilometres south of the McArthur River mine, the largest high-grade uranium deposit in the world, and approximately 20 kilometres to the northeast of Cameco Corp.'s recently discovered Millennium deposit.

In June 2006, Cameco Corporation, UEM Inc., and Int'L Enexco joint venture on the adjoining Mann Lake property, which is immediately west of Raytec's C5 project, announced several successful drill results. Two holes were drilled and targeted the western most conductor within a resistivity low. One hole intersected the unconformity at 517.8 metres and encountered four narrow intervals of basement-hosted uranium mineralization within 12 metres of the unconformity. The two highest-grade intervals averaged 7.12% U308 over 0.25 metre and 5.53% U308 over 0.4 metre. In November 2006, Int'L Enexco announced Cameco has tripled its budget for the 2007 exploration on their Mann Lake property. Cameco Corp. and International Inexco are expecting drill results shortly.

Raytec has flown the C5 property and has identified a distinct conductor that is believed to represent unconformity type alteration making it a high priority drill target. The company is currently planning a winter ground follow up geophysical program leading to a drill program in February 2008.

"I'm very pleased to have been given the opportunity to lead this Company going forward. The current management have done an excellent job to acquire some very strong assets in the Athabasca Basin, and I'm excited to begin exploring these properties," said Brian Thurston, President of Raytec.

The Company wishes to thank Gerry Minni for his years of service as President. He will remain on the Board of Directors.

About Raytec Metals Corp. Raytec Metals Corp. is an exploration and development Company with interests in Uranium properties in the Athabasca Basin, Saskatchewan. The Company has filed a NI43-101 report on the Athabasca Basin Uranium Properties. The Company is well-funded, having recently closed over $1.9 million in equity financings.

On behalf of the Board,

RAYTEC METALS CORP.

Per:
     Casey Forward, CFO

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Cautionary note: This report may contain forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. The company has filed a National Instrument 43-101 report on the Key Lake properties. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Contact Information

  • RAYTEC METALS CORP.
    Suite 1128 - 789 West Pender Street,
    Vancouver, BC, V6C 1H2
    Tel: (604) 669-9330
    Fax: (604) 669-9335