International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

November 02, 2006 10:35 ET

Conductors Confirmed at International KRL's Carswell Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - International KRL Resources Corp. (TSX VENTURE:IRK) today announced that it has been advised by ESO Uranium Corp. (ESO) that an extensive ground geophysical exploration program conducted by them in the Western Athabasca Basin in October 2006, covered International KRL's Carswell project. The Company has been advised that the preliminary results of the ground geophysical horizontal loop electromagnetic survey confirmed a number of conductors that were identified on International KRL's ground by an airborne geophysical survey. The ground is the subject of an option agreement enabling ESO to earn a 50% interest.

A Megatem II airborne geophysical survey was carried out by ESO over the property in October 2005. The magnetic signature of International KRL's ground shows a central low area running NNW-SSE flanked by two higher magnetic regimes and this has some similarity to the magnetic setting for several of the Cluff Lake deposits. The magnetic low is interpreted to indicate metasedimentary rocks that may include graphitic horizons, which if faulted, can form conductive structures. Elsewhere in the Athabasca Basin, such conductors are associated with uranium deposits. Five conductors were identified by the Megatem survey within and subparallel to the central magnetic low.

International KRL's ground was the subject of various exploration programmes when it was held by Mokta, and its successor company Cogema. Of considerable significance is the discovery during the earlier work, of two trains of radioactive boulders: one on the edge of the Cluff Lake Mine Lease with its probable source on International KRL's ground near the north east end (up ice end) of the boulder train; the second is on International KRL's ground close to the north end of the Cluff Lake Mine Lease, where one boulder assayed 16.9% (338 lbs/s.ton) U3O8 and 2.9 g/t gold. The boulder trains both lie down ice from conductors identified by the Megatem survey, which suggests that a possible source may be associated with these conductors.

KRL's property which covers 5,993 acres (2,425.5 hectares) in the Cluff Structure, otherwise known as the Carswell Dome are flanked by the claims of Titan Uranium Corp. to the south and east, Hathor Exploration Ltd. to the north and on the west by the mining claims of the past producing Cluff Lake mine. The mine is reported to have produced over 60 million pounds of U3O8. The mine also recovered by-product gold in the last years of operation.

Michael Hibbitts, P.Geo, Vice President Exploration is the Qualified Person for this property.

International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. The Company is currently exploring for uranium, copper, and gold in the Yukon Territory, Saskatchewan, Ontario and British Columbia. For more information on the properties and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov websites.

ON BEHALF OF THE BOARD

Seamus Young, President and CEO

Statements contained in this news release that are not historical facts are forward looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.


The TSX Venture Exchange has neither approved nor disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Seamus Young
    President and CEO
    (604) 689-0299 x 223
    Email: syoung@krl.net
    or
    International KRL Resources Corp.
    Michael Hibbitts
    Vice President, Exploration
    (604) 689-0299 x 228
    Email: mhibbitts@krl.net
    Website: www.krl.net