Delta Uranium Inc.
TSX : DUR

Delta Uranium Inc.

May 27, 2009 09:37 ET

Delta Uranium Acquires Interest in Wheeler River Area of Athabasca Basin, Saskatchewan

TORONTO, ONTARIO--(Marketwire - May 27, 2009) - Delta Uranium Inc. (TSX:DUR) ("Delta ") is pleased to announce that it has entered into an option agreement dated May 20, 2009 (the "Option Agreement") with Solitaire Minerals Corp. ("Solitaire") whereby Delta will have an option to earn up to an undivided 80% interest (the "Option") in Solitaire's 274 hectare Wheeler River C 3 Property (the "Property") located approximately 20 km NNW of the former producing Key Lake Mine in the SE Athabasca Basin.

Pursuant to the Option Agreement, Delta will earn an undivided 60% interest in the Property upon the following:

a) Subject to TSX approval, issue to Solitaire 250,000 common shares in the capital of Delta, at a deemed price of $0.10 per share,

b) expend on exploration and development of the Property the following amounts within the specified time limits:

i) $500,000 ("Phase I") on or before October 31, 2011; and

ii) an additional $500,000 ("Phase II") on or before October 31, 2012; and

c) pay to Solitaire the amount of $100,000 or issue to Solitaire common shares in the capital of Delta equivalent to such amount, upon completion of Phase II but in any event no later than October 31, 2012.

In the event that Delta only completes Phase I, it would have earned an undivided 60% ownership interest in the Property.

Wayne Isaacs, Chairman & CEO of Delta, stated "This is a valuable step in Delta's evolution. The option agreement with Solitaire provides Delta with an opportunity to gain a foothold in the Athabasca Basin in proximity to a recent discovery by Denison, and in the richest uranium region in the world. I am excited about our entry into Athabasca and specifically into this area of the basin where recently published results by operators appears to exceed everyone's expectations. We intend to immediately commence work on this property as management believes that it can be developed into a very valuable asset in a short period of time. With this expansion of operations into the Athabasca region we are continuing our efforts to increase shareholder value through recognizing and unlocking the true value of our uranium assets".

Wheeler River C 3 Property

For the purposes of providing information relating to the Wheeler River Property, Delta is relying on information provided to it by Solitaire. All information pertaining to the Wheeler River Property was derived from historical geological reports and the current drilling program and does not presently conform to the standards as outlined in NI 43-101.

The Wheeler River C3 Property is located in the Athabasca Basin of northern Saskatchewan, Canada and lies within the Key Lake-McArthur River corridor, one of the most prolific uranium mining districts in the world.

A helicopter-borne VTEM time domain electromagnetic and magnetic survey was flown over the Wheeler River C3 Property in 2007 by GeoTech Airborne Geophysical Surveys. Inversion of these data by Condor Consulting has indicated an approximately 1000m x 500m zone of conductivity, located at or near the unconformity at approximately 200m depth.

This lies within a northeast trending magnetic low that could indicate basement metapellitic rocks, which are prospective for uranium in the Athabasca Basin. Limited compilation of historical data has also indicated the presence of basement conductor axes underlying the VTEM anomaly, identified from Noranda ground TDEM surveys. Further, three historical Noranda drillholes do not explain the VTEM or historical basement conductive responses.

The drillholes do, however, confirm the presence of the potentially prospective rocks of the Wollaston/Mudjatik terrain. Further detailed compilation of historical data and a ground DC-Resistivity / IP program has been recommended to identify discrete drill targets for basement hosted unconformity uranium.

Discoveries of Note in the Claim Area (All data has been sourced from the October 2007, Condor Consulting VTEM EM and Magnetic Survey Report prepared for Raytec Development Corp.):

-The Wheeler River claim area is situated on part of the original Cogema's Martin Lake-Wheeler River grid where drilling 3km to the north intersected 1.6% U3O8 over 5.2 meters and 0.1% U over 4.0 meters in clay alteration above the unconformity.

-2 km to the south, the Cameco-Uranerz Esker Lake grid Drill hole EL-81 encountered sooty pitchblende mineralization within sheared and altered, grey to black, fine-grained graphitic biotite gneiss. Grab samples taken from this zone returned 2,300 ppm U and 3.5% Cu over 0.1 meters. A second hole EL-103, hit a sequence of pegmatoids within arkosic to semipelitic gneiss which returned 1560 ppm U over 0.5 meters. Drill hole EL-105, encountered two major zones of shearing and brecciation with graphite enrichment within chloritized and sericitised gneiss from 200 to 237 meters. Small sooty pitchblende crystals, 10% to massive graphite, plus pyrite and chalcopyrite occur as infillings within the zones of shearing. A 0.1 meter wide grab sample taken from this zone of shear-bound mineralization returned 1660 ppm U. North-northwest shearing was noted which strikes through S-107753, with uranium mineralization discovered within several kilometers on either side.

-5 km to the west, exploration by Phelps-Dodge on the Shift Lake property encountered uranium mineralization within sandstone at 189 meters which returned up to 1.42% U3O8 over 1.0 meter.

Qualified Person

Technical information in this news release has been prepared and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., V.P. Exploration, Director and Qualified Person as defined in NI 43-101 for Delta. For the purposes of providing information relating to the Wheeler River C3 Property, Delta is relying on information provided to it by Solitaire. All information pertaining to the Wheeler River C3 Property was derived from historical geological reports and does not presently conform to the standards as outlined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Delta Uranium Inc.

Delta Uranium is TSX listed Canadian exploration company actively engaged in the acquisition, evaluation and exploration of uranium mineral properties in northeastern and northwestern Ontario, Athabasca Basin and Western Newfoundland, Canada.

The TSX has not reviewed and does not accept responsibility for the adequacy of this news release.

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