SOURCE: Bancroft Uranium Inc.

May 19, 2008 07:00 ET

Bancroft Uranium Begins Exploration on Elliott Lake Project

SCOTTSDALE, AZ--(Marketwire - May 19, 2008) - Bancroft Uranium Inc. (OTCBB: BCFT) ("Bancroft" or the "Company") today announces that the Company has begun the 2008 exploration program on its Elliott Lake, Ontario uranium prospect.

The Elliott Lake property is located one half mile from the past producing Pronto mine that over the period from 1955-1960, produced 2,100,000 tons of U3O8 at an average grade of approximately 2.3 pounds per ton.

The history of the Elliott Lake Mining camp is based on the discovery and development of uranium. The first significant uranium discovery in Ontario was in the early 1950s and took place near Blind River between Sudbury and Sault Ste Marie, Ontario. At the height of uranium development 12 mines were in production. By 1954, uranium mining companies were instrumental in the building of a model town named Elliott Lake. Five years later the new municipality had thirty thousand residents and called itself "The Uranium Capital of the World." The first mine that went into production was the Pronto Mine and was eventually sold to Rio Algom, now part of Rio Tinto. Pronto ceased production in 1960 due to low uranium prices at that time.

Bancroft will shortly commence a surface prospecting and sampling program on the property. There are geologic and stratigraphic similarities to the uranium bearing rocks at Pronto Mine. The 2008 summer program will be evaluating the property's potential. Surface grab samples in the historical record have assayed over 2 lbs/ton U3O8 which is similar to the historic head grade of the mine. Bancroft will be following up on this sampling and conducting radiometric surveys in conjunction with prospecting.

Located approximately 65 km southwest of Elliott Lake is the Cameco Corp. uranium refining facility in Blind River, Ontario.

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