Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

November 13, 2007 09:46 ET

Uranium Bay Completes First 10 Holes of Drill Campaign, Gains More Insight of Uranium Mineralized Alaskites

MONTREAL, QUEBEC--(Marketwire - Nov. 13, 2007) - URANIUM BAY RESOURCES INC. (TSX VENTURE:UBR) is pleased to give its shareholder a first update on the 10,000 metres diamond drill campaign started in October 2007, on its wholly owned 314 km2 Uskawanis Uranium Property ("UUP") situated SE of Hydro-Quebec's Opinaca Hydroelectric Reservoir along the Eastmain River, located 180 km SE of Radisson, Quebec.

The Company's Q4-2007 campaign is centered on uranium targets outlined during the initial field survey. To date drill holes USK-1 to USK-10 have been completed. These have been drilled on uranium anomalies of Sample Pads 40 and 42. Initial results clearly indicate that radioactive pegmatites are present. Drilling indicates that continuity of mineralization within some pegmatites is present (refer to news releases dated July 19, 26 and 31, September 7 and October 29, 2007).

Initial drilling has confirmed that the uranium is associated with a suit of pegmatites intruding a dominantly dioritic host. Many of the pegmatites contain magnetite as an accessory mineral and uranium mineralization appears to always be associated with magnetite. Magnetite may occur without uranium. In all cases where the pegmatite is significantly mineralized there is distinct "graying" of the feldspars.

The original hypothesis that the uranium mineralization was similar to the Rossing Deposit in Namibia, which has alaskites is getting confirmed by the initial drilling results.

Laboratories chemical analyses are pending, but spectrometer readings suggest at least one essentially continuous intersection of minimum 30 m in length, with the true width unknown at this time.

Initial uranium anomaly identification on the UUP was completed between June and August 2007. The work was carried out by ground survey teams using Radiation Solutions Inc Super Spec RS-125 spectrometers. From these surveys, several significant uranium values were identified in pegmatitic/ granitic rocks. Surface grab samples taken indicated significant uranium presences, with ground spectrometer readings varying from 500 counts per second (or cps) to 65,535 cps, and 30 ppm to 11,465 ppm equivalent uranium assay values (or eU); whereas the more than 140 chemical analyses results received (from ALS-Chemex Laboratories) gave uranium values ranging from trace values to 1% (10,000 ppm) (refer to news releases dated July 19, 26 and 31, 2007).

An airborne (helicopter) combined gamma-ray spectrometer radiometric, VLF-EM and magnetic survey (done at 125 m line-spacing) was conducted by Geophysics GPR International (of Longueuil, Quebec) during the same period. The geophysical survey was conducted across the claim blocks. This survey included a magnetic survey and data collected on the uranium, thorium, potassium and total radiometric channels (refer to news releases dated September 7, 2007).

Mr. Bernard Tourillon, UBR's President and CEO comments: (...) first reports from our ongoing drill campaign are encouraging (...) they represents another milestone reached since the beginning of our exploration campaign in June 2007 (...) The initial drilling results support our original working hypothesis and suggest that the style of targets found on the Uskawanis Uranium Property may be similar to the bulk-type uranium mineralization found in Namibia at the Rossing Uranium Deposit (...) Results to date more than justifies the ongoing follow up exploration that is intended to identify the potential for bulk mineralization within the broad region of anomalous U3O8 (...)

Mr. Jean Lafleur, P. Geo., a Mineral Exploration Consultant and the Company's Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

(s) Marcel Drapeau, Chairman

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 67,048,642 shares outstanding (88,376,142 fully diluted). 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 totalling 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.

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.

Contact Information

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