Alberta Star Development Corp.
OTC Bulletin Board : ASXSF

Alberta Star Development Corp.

November 15, 2005 12:34 ET

Alberta Star Purchases 50% of the Eldorado Uranium Mine Mineral Leases in the Port Radium Uranium Belt

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2005) - Tim Coupland, President and CEO of Alberta Star Development Corp. (TSX VENTURE:ASX)(OTCBB:ASXSF), listed on the TSX Venture Exchange (ASX) and on the OTCBB (ASXSF), is pleased to announce that the company has agreed to purchase a 50% interest in 106.52 hectares (263.22 acres) called the Eldorado Uranium Mine Mineral Leases located on Labine Point at Port Radium in the Northwest Territories from South Malartic Exploration Inc. (TSX:MSU).


Alberta Star has agreed to purchase a 50% interest in three mineral leases, the Eldorado uranium leases (263.22 acres), by paying $20,000 and receiving all available property and historical data of the Eldorado Mine in South Malartic Exploration Inc.'s possession, which include all property reports, maps, historical uranium production records, uranium assay reports pertaining to the Eldorado uranium leases which were formally owned by Eldorado Mining and Refining Ltd., a former federal crown company from 1944 to 1960.


The Eldorado uranium lease claims consists of three contiguous leases located on Labine Point, at Port Radium on the east side of Great Bear Lake Northwest Territories and 423 miles north of the city of Yellowknife, and consists of 106.52 hectares (263.22 acres). The Eldorado uranium leases are located on Labine Point, in the Port Radium Uranium Belt, a major system of shear and faults that branch from the Eldorado shear zone and Cameron Bay fault has formed the locus for the pitchblende deposits. The pitchblende deposits occur in a system of vein-filled fractures and shear zones that trend northeast along Labine point. The Eldorado mine formerly mined and produced 15 million pounds of high grade uranium and 8 million ounces of silver plus, copper, nickel, radium, lead and polonium at Port Radium commencing in 1933. During this time, the Canadian Federal government was in charge of all mining operations and policies, including security related matters and negotiations with uranium buyers. The Eldorado mine has about 25 miles of existing underground workings developed on fourteen levels. The Eldorado Uranium mine was one of Canada's principal producers of uranium pitchblende concentrates during the 1930's and 1960's.

Alberta Star's President and CEO, Tim Coupland commented that, "This is a another significant property acquisition and milestone for Alberta Star, which has now acquired a 50% ownership in the three Eldorado uranium mine mineral leases, located and secured all of the necessary historical uranium production records, mine production records, maps and detailed assays reports available from the Eldorado uranium mine located at Port Radium." The current spot price for uranium is $33.50 US per pound as of November 15, 2005. Alberta Star continues to aggressively identify and amass a significant inventory of past producing poly-metallic IOCG and uranium properties with historical resources and uranium drill data and advanced stage datasets in Canada's Northwest Territories.


Alberta Star is a Canadian mineral exploration company that identifies, acquires and finances advanced stage exploration projects in Canada. Alberta Star is focused in the discovery of base and precious metals and uranium.


Investors are welcomed to contact Mr. Allan Feldman, Alberta Star's in-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-966.


Tim Coupland, President & CEO

Dr. H. Mumin Ph.D., P.Eng is the qualified person for the Glacier Lake project.

This News Release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause Alberta Star's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Alberta Star Development Corp.
    Tim Coupland
    President and CEO
    (604) 681-3131
    (604) 801-5499 (FAX)