Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

August 01, 2008 10:09 ET

Uranium Bay 2008 Initial Uskawanis Field Campaign Confirms the Presence of Multiple Target Areas That Are the Source of the Uranium Anomalies Identified in Geophysical Reports

These Targets Are Significant and Warrant Further Investigating and Drilling as They Can Contain Large Tonnages of Radiometric Material. A Helicopter Supported 5,000 Metre Drilling Programme Started on July 25th, 2008.

MONTREAL, QUEBEC--(Marketwire - Aug. 1, 2008) - Uranium Bay Resources Inc. (TSX VENTURE:UBR) is pleased to update its shareholders on the summer 2008 field campaign at the Uskawanis Uranium Property ("UUP") led by its Exploration Manager and Technical Director, Mr. Viv Stuart-Williams. The field and drilling programme is being conducted on the wholly owned 314 km2 UUP situated SE of Hydro-Quebec's Opinaca Hydroelectric Reservoir along the Eastmain River, 180 km SE of Radisson, Quebec.

Work completed during the summer 2008 Field Campaign

Initial field work centered on prioritizing and screening the 44 uranium anomalies (targets) identified by Mr. Geoff Campbell of GAP Geophysics, (refer to news release dated June 9, 2008). These have been investigated and the initial list reduced to some 14 targets that will be further investigated including some that will be drilled.

A uranium anomalies map for the UUP is attached to this press release and will be available on the UBR website at www.uraniumbay.com.

Drilling has commenced on one of the more interesting anomalies called N3 (North 3). N3 is a low-grade potentially high tonnage deposit in granite. Three drillholes have been completed but a delay in the arrival of the down-the-hole logging unit has meant that so far no radiometric information is available. The equipment and operator will be starting on-site in the next few days.

Details of the Geophysical Anomalies

An initial 44 uranium anomalies were identified by GAP geophysics. These were individually screened by field teams to determine the source of the anomalies. Several types of anomalies have been found. These can be categorized as:-

- Boulder Trains. Boulder trains are long "strings" of radiometric boulders transported from a source area by glacial ice flow;

- The Source Rocks for boulder trains. These are nearly always large volume alaskitic "granitic" rocks; and

- Intrusive Pegmatitic Rocks. These are smaller uranium bearing pegmatites intrusive into generally tonalitic rocks.

More than 50% of the anomalies identified by GAP have been found to be boulder trains and have been ignored. However, the Source Rock areas for these boulder trains (such as the N3 anomaly mentioned above) are very significant as they can potentially contain very large tonnages of radiometric material. Some 9 of these Source Rock anomalies have been identified, five or six of which will be drilled during the current programme.

Some 16 Pegmatitic Rock anomalies have been identified by GAP. Most of these have been found to be small and insignificant during follow-up screening. Some 2 or 3 will be drilled during the current programme.

Background to the UUP

The UUP is being prospected for Rossing style low-grade, high tonnage uranium mineralization. These deposits are mined as open-pit quarry operations. The principal exploration target at UUP is large volumes of mineralized alaskitic (pale to white) granites and pegmatites intruded in close proximity to each other. Metasomatism or alteration of the hosting rock is also important.

This type of occurrence gives widespread airborne radiometric anomalies as mineralized alaskitic granites and pegmatites can be spread over a large area (100's km2). Exploration involves finding core areas where the uranium grade is economic and alaskitic granites and pegmatites emplacement are well developed.

Mr. Bernard Tourillon, UBR's Chairman and CEO, comments:

"With the beginning of our drilling programme, UBR has started on the most exiting and potentially rewarding phase of the investigation of the Uskawanis Uranium Property. The initial list of anomalies generated by GAP has been substantially reduced by our experienced field team and UBR is now concentrating its efforts to assess and develop the more significant targets identified."

"The widespread nature of the uranium mineralization at Uskawanis has now had preliminary investigation and it is confirmed that there are a number of good size uranium targets. This continues to support our belief in the potential for significant mineralization at the UUP."

"UBR's driven, methodical and scientific approach to Uranium exploration confirms our leadership position in Uranium exploration in the Province of Quebec, currently recognized as one of the best jurisdiction in the world for natural resource exploration."

Note:

Mr. Vivian Stuart-Williams, (SACNASP), a Director of the Company and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

About Uranium Bay Resources Inc.

Uranium Bay Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol UBR on the TSX Venture Exchange. The Company has 81,385,731 shares outstanding. The Company holds 100% of several U3O8 mineral exploration properties including the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir, the 90 km2 Kauschiskach Uranium property located just 100 km NE of Radisson in the Quebec James Bay area of northern Quebec, and the five properties totaling 197 claims covering the Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and Bloc extension 06 (16 claims) properties located in the Wakeham area, in eastern Quebec. In addition the Company holds two Namibian concessions known as Gunib and Grootfontein.

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. This news release contains forward-looking statements reflecting Uranium Bay objectives, estimates, expectations and the impact of acquisitions on Uranium Bay's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Uranium Bay's projections or expectations.

A map of the Uskawanis Uranium Properties is available at the following address: http://media3.marketwire.com/docs/Uskawanis_Uranium_Properties.pdf

Contact Information

  • Uranium Bay Resources Inc.
    Bernard J. Tourillon
    President and CEO
    514-846-3271
    Toll-free 1-888-666-3431
    or
    Uranium Bay Resources Inc.
    Guy Girard
    VP and CFO
    514-846-3271
    Toll-free 1-888-666-3431