SOURCE: Cue Resources Ltd.

September 08, 2008 13:51 ET

Cue Resources Completes Acquisition of Yuty Uranium Project

VANCOUVER, BC--(Marketwire - September 8, 2008) - Cue Resources Ltd. (TSX-V: CUE) is pleased to announce that it has completed its obligations under an earn-in agreement for the acquisition of the remaining 70% of Empresa Minera Transandes Paraguay S.A. that it does not already own. Transandes holds a 231,000 hectare exploration permit covering the Yuty uranium project in south-east Paraguay. As part of the earn-in agreement, Cue has accelerated the issuance of 2 million common shares that were due to be paid in annual installments.

Chris Healey, Chief Operating Officer, said, "The acquisition of full ownership of the Yuty project substantiates our strong commitment to the San Antonio uranium deposit. We believe San Antonio will be of major significance as we continue to explore the large area encompassed by the Yuty project."

The Yuty uranium project includes the San Antonio deposit, with Indicated Resources of 5.1 million lbs U3O8 and Inferred Resources of 2.2 million lbs U3O8, in south-eastern Paraguay. This resource estimate was reported in the Technical Report completed by Scott Wilson Roscoe Postle Associates Inc (Scott Wilson RPA), of Toronto, Ontario and dated May 15, 2008. The resource estimate and classification of the Mineral Resources conforms to the reporting requirements of National Instrument 43-101, and has been filed on SEDAR.

Only a small area of the 231,000 hectare exploration permit has been properly explored, with 450 drill holes completed on the property since 1976 and many high-potential targets remaining to be tested across the property.

Chris M. Healey, P.Geo, COO for Cue, is the Qualified Person responsible for the technical content of this release.

CUE RESOURCES LTD.

"Chris Healey"

Chris Healey
Chief Operating Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of Cue Resources.

Contact Information

  • Chris Healey
    CUE RESOURCES LTD.
    2400-1111 West Georgia Street
    Vancouver, BC, V6E 4M3
    Tel: 604-681-5755
    Fax: 604-684-2990