SOURCE: Utah Uranium Corp.

January 23, 2008 03:05 ET

Utah Uranium Acquires Additional Uranium Property

MOAB, UT--(Marketwire - January 23, 2008) - Utah Uranium Corp. (the "Company") (OTCBB: UTUC) is pleased to announce the signing of an agreement to purchase a 100% interest in the "Wild" claims, located north of Hanksville, Utah.

The Wild claims consist of 23 mineral claims located within the Henry Mountain Syncline of East Central Utah. The Henry Mountain Syncline is an enclosed structural basin within the Colorado Plateau of southeastern Utah that is entirely underlain by the massive uranium bearing Salt Wash sandstone member of the Morrison formation. The hydraulic migration of oxygenated water containing liberated uranium tends to flow down-dip within the formation into the trapped, oxygen free static water creating a zone of major ore concentration known as a roll-front environment.

The first discovery, known as the Tony M mine, was made in the 1980s by Plateau Resources, a division of Michigan Light and Power and consists of 10,898,000 pounds U308. Subsequently, the Bullfrog mine was discovered adjacent and north of the Tony M mine by Imperial Oil Corporation, and consists of an additional 12,924,000 pounds U308. These mines are currently owned by Denison Mines and are collectively known as the Henry Mountains complex, one of the largest known uranium resources in the Colorado Plateau district.

Utah Uranium Corp. "UTUC" has acquired the Wild claims from Christian (Ted) Murer P.Geo, the prospector geologist who conceptualized, discovered and currently holds a production royalty on the Tony M mine. Ted has assembled the Wild claims, as well as the previously purchased Pinto claims, using the same data and methodology. The Company has recently completed a 10 hole, first phase drilling program on the Pinto claims, and is awaiting government approval for the 20 hole Phase two drill program. Based on the Wild claims in close proximity immediately north and west of the Pinto claims, combined with the historic results of drilling on the Wild claims, the Company is in the process of planning and permitting a drill program on the Wild claims.

Historically, there were a number of drill holes made on the Wild property by Continental Oil Company in 1969. As part of their activities, down-hole logging was performed on these holes, revealing radioactive mineralization in 11 holes. It is the intention of the Company to drill in the vicinity of those previous holes in order to properly assess the uranium/vanadium content.

Cost of the acquisition to the Company includes the issuance of a total of $275,000 and the issuance of 600,000 shares within the following time frame: 100,000 shares and $75,000 on signing; 250,000 shares and $100,000 by January 15, 2009; and 250,000 shares and $100,000 by January 15, 2010.

Keeping in stride with the Company's business model of Joint Venturing our properties in order to minimize our financial exposure while maintaining an interest in each project, the Company has commenced negotiations on Joint Venturing the Wild claims. Upon successful conclusion of these negotiations, the Company plans to commence drilling this property as soon as possible.

About the company

Utah Uranium Corporation is a Moab, Utah-based junior exploration and development company focused on the acquisition of past producing underground uranium mines that can be brought back into production in the near term with a low capital expenditure. All of the mines currently in the acquisition pipeline are within economic haul distances of the White Mesa Uranium Vanadium Mill in Blanding, Utah owned by Dennison Mines. The white Mesa Uranium Mill is currently the only operating Uranium mill in the United States.

On behalf of the Board,

Peter Dickie, President

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. Unless otherwise stated, any and all 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