Energy Metals Corporation

Energy Metals Corporation

August 02, 2005 11:41 ET

Energy Metals Acquires the Peterson Uranium Project, Wyoming

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 2, 2005) - Energy Metals Corporation (TSX VENTURE:EMC) (the "Company") is pleased to announce that it's wholly owned subsidiary, Energy Metals Corporation (US) , has acquired by staking and by lease the Peterson Uranium Project formerly explored by Malapai Resources Ltd., a subsidiary of Pinnacle West Capital Corp. (NYSE:PNW).

The property is located in Converse County, Wyoming approximately 12 miles south of Power Resources Inc., Smith Ranch - Highland Uranium Mine in the southern Powder River Basin. The property is in excess of 3000 acres and includes a Wyoming State Lease, Federal Mining Claims as well as leases on private fee interests.

According to a 1985 report by Malapai Resources, the Peterson Project contains an historical resource estimate of 2.516,039 million pounds of U308 based on a tonnage of 1,655,289 tons at an average grade of .076% U308.

The Company is further pleased to announce that it has also acquired a comprehensive data package for its Peterson project from Cogema Mining, a subsidiary of Areva Group (OTCBB:ARVCF) which includes over 1000 drill hole logs and various studies conducted between 1978 and 1992. Reports covering In-Situ Leach Pilot studies, Metallurgy, Environmental, Vegetation, and Soils are included in addition to Geological Cross Sections, Preliminary Resource Calculations, Isopach Maps, and other geotechnical information. The Company has initiated a modern resource analysis to comply with 43-101. Paul Matysek, P.Geo is the QP responsible for preparing the technical information contained in this news release.

Readers are cautioned that while the historical resource estimate is considered to be relevant, Energy Metals has not done the necessary work to verify the classification of the resource, and the reader should not rely upon these historical estimates. The Company's management and consultants intend to carry out a mineral resource estimate to NI 43-101 requirements in due course.

Energy Metals Corporation is a Canadian listed company involved in developing resources to power the 21st century. The Company has adopted a corporate strategy to focus on the acquisition and development of uranium assets in politically favorable and mining-friendly jurisdictions within the United States to take advantage of the continuing growth in the U.S. and worldwide of demand for electrical energy. This increasing consumption is occurring at a time when uranium mine supplies are dwindling and inventories are being depleted.

The Company is targeting advanced projects in Wyoming that are amenable to ISL. This form of uranium mining was pioneered in Wyoming utilizing water wells and oxygen-fortified groundwater to mine the uranium in place. Energy Metals Corporation is also actively advancing other conventional mining and ISL opportunities for uranium properties in the States of Utah, Nevada, Oregon and Arizona


Paul Matysek, M.Sc., P.Geo., President, CEO and Director

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

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