SOURCE: Bancroft Uranium Inc.

February 22, 2008 08:05 ET

Bancroft Uranium Begins Drilling Program at Monmouth Uranium Project

SCOTTSDALE, AZ--(Marketwire - February 22, 2008) - Bancroft Uranium Inc. (OTCBB: BCFT) ("Bancroft" or the "Company") is pleased to announce that the Company has begun a surface drilling program on the Monmouth Uranium Project near Bancroft Ontario.

The program, estimated to total 20,000 feet, will commence drilling operations on February 25th and is anticipated to take approximately six weeks. Drilling will focus on areas in and around the historical drill results from the 1969 program to bring it into modern N.I. Policy 43-101 compliance, a recognized world mining standard. In addition, the drilling will endeavor to extend the known strike length of the skarn which hosts the uranium mineralization in the aim of expanding the current estimated potential at Monmouth.

Uranium was discovered at Monmouth in the early 1950s. The operators at that time conducted surface trenching across approximately 1,000 feet that showed grades 0.14% U3O8 (2.8 lbs per ton) over 35 trenches and had limited follow-up drilling. The geology at Monmouth is comprised of uranium crystals disseminated in an altered limestone (skarn) with a thickness of 15-60 feet. This skarn horizon has been mapped for a length of 6,000 feet. Only 1,500 feet of the strike length has been explored to some detail. All historical drill holes cut uranium mineralization ranging from 1/10 pound to over 6 pounds of uranium per ton.

Previous operators estimated from drilling the potential of 2 million tons containing 0.045% (0.9 pounds per ton) or 1,800,000 pounds of U3O8. The Monmouth Uranium Project is open along strike to the northeast and southwest and down dip to the southeast. The Company believes that the low cost mining factors due to proximity to infrastructure, combined with the 1970 metallurgical test that shows 80 plus percent recovery by simple gravity separation, demonstrate a potential for a reliable low cost producing uranium deposit. Bancroft is currently processing a metallurgical test sample of the Monmouth rock with SGS Mineral Services Laboratory located in Lakefield, Ontario.

In related news, Company management wishes to announce the appointment of Mr. David Naylor as Director and Chief Financial Officer for the Company. Mr. Naylor is a Certified Management Accountant (CMA). From September 2002 until October 2003 he was employed by the British Columbia, Canada Ministry of Provincial Revenue based in Victoria, BC. From October 2003 until the present, he has served as a director and CFO of several listed public companies.

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 1-888-293-5660. Visit our website at www.bancrofturanium.com

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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Les Hammond-President

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

Contact Information

  • Contact:
    Bancroft Uranium Inc.
    www.bancrofturanium.com

    Public and Media Information: 1-877-544-7336
    Shareholder and Investor Information: 1-888-293-5660