SOURCE: Bancroft Uranium Inc.

April 29, 2008 07:00 ET

Bancroft Updates Uranium Exploration and Drilling Progress

SCOTTSDALE, AZ--(Marketwire - April 29, 2008) - Bancroft Uranium Inc. (OTCBB: BCFT) ("Bancroft" or the "Company") today wishes to update the progress of the surface exploration and drilling program on the Monmouth Uranium Project near Bancroft, Ontario.

Location

The Monmouth Project is located near Bancroft, in Central Ontario Canada, a 2-hour drive north of Toronto, near Gooderham, Ontario. In addition, the Company has two other exploration projects located near Elliott Lake and Long Lac, Ontario, Canada. Of these prospects, the Monmouth deposit ranks as the premier project at this time, as the Bancroft area is well known for historic uranium production where four uranium mines once operated, producing a total of 14,862,653 lbs of U3O8 between 1956 and 1982. Uranium discovered at Monmouth in the early 1950s when uranium was selling for less than $10.00 per pound.

History

The Monmouth project was historically drilled by 44 drill holes in the late 1960s by Northern Nuclear, the claim owner at that time. Drilling was concentrated in rocks that contain urananite (U3O8) crystals in a limestone "skarn." An engineering report by S.W. Evans for the owner at that time was filed as a listing prospectus with the Toronto Stock Exchange in 1968. This report estimated the potential of 2 million tons containing 0.045% (0.9 pounds per ton) or 1,800,000 pounds of U3O8.

2007 Work

Bancroft acquired the property in 2007 and has had an ongoing surface exploration program at Monmouth underway for nearly one year commencing in May of 2007. Last season's work program involved radiometric prospecting and hand trenching followed by mechanical trenching and washing of surface outcrops along with diamond saw channel sampling to test maximum surface exposures. Work also included property-wide geological mapping along a cut line grid totaling in excess of 100 miles which was prospected by radiometric survey tools.

Surface mapping and prospecting traced a uranium bearing skarn over 6,000 feet and detailed work was focused within a 1,500 foot long strike length. Sampling returned grades of 0.158% U3O8 over 10 meters or 3.16 lbs/ton U3O8 over 32.8 feet. This includes an interval of 0.31% U3O8 over 5 meters or 6.2 lbs/ton U3O8 over 16.4 feet. Large, coarse crystalline urananite or "pitchblende" crystals occur within this skarn zone. Other intervals include channel saw sample results of 1.7 lbs/ton U3O8 over 29.52 feet and in Trench-24, 2.6 lbs/ton U3O8 over 9.8 feet.

Bancroft Uranium now has under claim a total of over 9,000 acres of mineral claims in Ontario that the Company believes are prospective for uranium of which 2,700 acres is currently under lease and being explored on Monmouth Project.

2008 Drill Program

A surface diamond drilling program began at Monmouth in February 2008 conducted by an Ontario-based drilling contractor. The Company designed the program to drill uranium bearing rocks that returned the historical drill results from the 1960 program and to expand the tonnage potential of the deposit along strike and at depth. The Company expects to complete over 50 new drill holes on the property during this Phase 1 program. Bancroft requires this new drilling data in order to accurately assess the validity of the 1960 historical work and bring the results in conjunction with the new 2008 results into modern N.I. Policy 43-101 compliance, a recognized world mining standard.

43-101 Engineering Report

Once the drill program is complete and the Company has received all the chemical assays and analysis, engineers will undertake a geological report which will ultimately lead to a uranium resource calculation of the in-situ tons and contained pounds of uranium. Bancroft is currently receiving initial assay results from the start of the drill program and will be reporting groups of drill results shortly. Once the final 43-101 reporting is received, the Company will be in the position to implement recommendations, move forward with planning for future work towards pre-feasibility and other studies that will be required prior to determining whether Monmouth represents a commercial uranium deposit.

Metallurgy

A metallurgical test is underway on samples of the uranium-bearing Monmouth rock and is being analyzed by SGS Mineral Services Laboratory located in Lakefield, Ontario. Bancroft has been informed that the final report is nearing completion and will release the conclusions when received. Initial reports from this testing have been favorable on ease of grind, recoveries of urananite such that the Company is confident of improving on the 80% recovery conducted in testing from the 1960s.

For inquiries from the public and media concerning the Monmouth Uranium Project please contact Greenspirit Strategies at 1-877-54 GREEN or 1-877-544-7336. For shareholder and investor information please contact investor relations at 1-866-860-2995

ABOUT BANCROFT URANIUM INC. (OTCBB: BCFT)

Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft's initial asset, the Monmouth Uranium Project, is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our uranium properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD
Bancroft Uranium Inc.
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P. L. Hammond, C.A.
President and Chief Executive Officer

To find out more about Bancroft Uranium Inc. (OTCBB: BCFT), visit our website at www.bancrofturanium.com.

Contact Information

  • Public and Media Information:
    1-877-544-7336

    Shareholder and Investor Information:
    1-866-860-2995