SOURCE: UraniumCore Company

August 30, 2006 09:00 ET

UraniumCore Acquires a 75% Interest in Properties in Gila County, Arizona

SAN DIEGO, CA -- (MARKET WIRE) -- August 30, 2006 --


UraniumCore Company (OTCBB: UCOR), a San Diego-based corporation, has agreed to acquire from Rodinia Minerals Inc. of Vancouver, British Columbia, Canada, subject to a 3-per-cent yellowcake royalty, a 75-per-cent interest in Rodinias' Suckerite, Pendleton Mesa, Coon Creek and Oak Creek properties in Gila County, Arizona .

The properties, representing a total of 82 claims, are within a one- to 12-mile range of Rodinias' Workman Creek project in Gila County, Arizona. Rodinia staked these claims based on prior workings by Westinghouse Electric Corp. in the 1970s who, the company understands, staked them as a result of an airborne radiometric survey that was completed by United States Atomic Energy Commission. The properties form part of the Dripping Springs geological uranium-bearing unit.

To exercise the option, UraniumCore must:

1. pay Rodinia $50,000 (U.S.);
2. issue a total of four million shares of UraniumCore to Rodinia; and
3. expend $2-million (U.S.) on exploration on the properties over a
   four-year period.
Once regulatory permitting is in place the operator will begin a drill program. UraniumCore will work with the operator to assist and advise during the drill program. For more detailed information on the four properties please see UraniumCore's website at: www.uraniumcorecomp.com.

About the Workman Creek Uranium Deposit

Uranium was discovered in the Workman Creek district in 1950. Intermittent exploration in the area until the early 1980's outlined 46 uranium showings. The most significant work on the Workman Creek uranium deposit was completed in the 1970's by Wyoming Mineral Corporation, a wholly owned subsidiary of Westinghouse Corp. The majority of this work consisted of drilling, metallurgical testing, underground test mining and a pre-feasibility study.

The Workman Creek uranium deposit is hosted within Proterozoic sediments of the Apache Group. The uranium mineralization occurs in northerly trending vertical structures that crosscut the Dripping Spring Quartzite Formation.

The significant potential for uranium mineralization within this area is well demonstrated by Rodinia's recently completed NI43-101 compliant resource estimate on their Workman Creek uranium deposit, which contains an inferred resource of 2.35 million tons at an average grade of 0.086% U3O8, or 4.05 million pounds of U3O8.

Board of Directors Addition

UraniumCore is also pleased to announce that Robert Lunde has joined the company's board of directors. Mr. Lunde has had extensive experience in facilitating venture capital funding for the mining sector.

FORWARD-LOOKING STATEMENT

Except for the historical and present factual information contained herein, the matters set forth in this release include statements of management's current expectations as to efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the company. Statements identified by words such as "expects," "projects," "plans," "believes," "estimates," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These and other forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from UCOR's operations cannot be fully realized, the possibility that commodity prices, costs or difficulties related to the conduct of its business will be greater or lesser than expected, and the impact of competition and other risk factors relating to our industry will be greater than expected, all as detailed from time to time in UCOR's reports filed with the Securities and Exchange Commission. UCOR disclaims any responsibility to update these forward-looking statements.

Contact Information

  • Contact:
    Greg Werbowski
    Toll Free: 1-888-686-8267