SOURCE: Bancroft Uranium Inc.

July 14, 2008 09:00 ET

Bancroft Uranium Announces Findings of N.I. 43-101 Engineering Report on Monmouth Project

SCOTTSDALE, AZ--(Marketwire - July 14, 2008) - Bancroft Uranium Inc. (OTCBB: BCFT) ("Bancroft" or the "Company") today announces the findings of the third-party engineering report on the Monmouth Uranium Project which was prepared under compliance with N.I. 43-101 standards. The report was commissioned by Bancroft and authored by Mr. Clarence Marchand, P.Eng a Qualified Person under N.I. 43-101.

The 2008 Exploration Phase 1 drill program commenced on February 25th and was designed to focus on areas in and around the historical drill results from the 1969 program. The 43-101 compliant report was a compilation of work performed by Bancroft in 2007 and 2008 that culminated with the February surface drilling program.

The report concluded that Monmouth has an inferred resource of 1.4 MT (million tons) of uranium bearing skarn grading 0.5 pounds per ton for a total resource of 700,000 pounds U3O8. The deposit is open in all directions down dip and along strike. Of the known 6,000 feet of strike, only 1/5th of the zone has been explored in a systematic fashion. Future work will concentrate on further expansion of the newly calculated resource. Management is pleased with these initial compliant resource calculations and believes this is a very promising start in the overall development of the Monmouth Uranium deposit.

The report calculated an inferred resource of contained pounds of U3O8 over a strike length of 1,200 feet. The resource methodology "was calculated utilizing the sectional method, using drill hole data only. Resource blocks were initially constructed on sections, within the rock volume with the greatest drill-hole density. The interpreted mineralized zones based on assays and geology was used for generating resource blocks on the drill sections. Both interpretation and blocks were then projected onto a surface plan for 3D verification and adjustments made where required. Additional blocks not containing drill holes were then generated around these initial blocks based on reasonable projections of the geology and uranium mineralization away from the drill data. Calculations were done in Imperial units (short tons, feet). No dilution or other allowances for mining were made in this calculation. Grades are reported in lb/ U3O8."

The key recommendation of the report states that a concurrent program of surface exploration and a Phase 2 drilling program are recommended. The program should continue to focus on and expand the known mineralization in the skarn rocks but should also begin evaluation of the radioactive pegmatite occurrences throughout the property. An overall budget of $1.0 to 1.5 M is proposed for surface exploration, data compilation, drilling, bulk sampling and check assay work with the objective of generating a database for a more rigorous resource estimate. The Phase 2 drilling program consisting of 50 to 60 drill holes of approximately 10,000 to 15,000 feet should be completed with the objective of verifying mineralogical continuity and tenor and expanding the deposit. Fill-in holes should be added within the limits of the 2008 program and additional holes added both along strike and in both dip directions. A drilling budget of $800,000 (as part of the overall budget) is recommended.

Another key recommendation is for the completion of a composite 50 to 100 ton bulk sample that should be removed from the skarn zone for further metallurgical testing, verification of the tenor and specific gravity of the mineralization.

Overall, Bancroft is pleased with the reports findings and conclusions and remains confident for the potential to develop an economic uranium deposit at Monmouth. Management is very optimistic for the future of uranium and the nuclear fuel industry in general, due to sky high oil and natural gas prices. In a June 30th article, Behre Dolbear Global Mining News comments on the uranium industry that "the result is likely to be a 58 percent rebound in uranium to $90 a pound from $57 now, according to Goldman Sachs JB Were Pty and Rio Tinto Group, the third-biggest mining company." The article went on to state that "nuclear construction programs in India and China rivals the ones undertaken during the oil crisis of the 1970s."

Bancroft is currently planning to implement the recommendations of the report and move forward to the Phase 2 exploration and development program that will involve further investigation and delineation of the skarn zone, completion of the prospecting and mapping on the entire claim group followed by drilling and bulk sampling as recommended.

Bancroft anticipates that the full N.I. 43-101 Monmouth report will be made publicly available upon receipt of the final document and completion of the requisite regulatory filings.


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.

Bancroft Uranium Inc.
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P. L. Hammond, C.A.
President and Chief Executive Officer

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