Energy Metals Corporation

Energy Metals Corporation

November 01, 2005 15:30 ET

Energy Metals Corporation Acquires Wold Nuclear Data Base

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2005) - Energy Metals Corporation (TSX VENTURE:EMC) is pleased to announce that it has acquired from John Wold all the intellectual property assets including uranium exploration and development files of Wold Nuclear Company. Mr. Wold founded and managed the Wold Nuclear Company and was co-discover and developer of the Christensen Ranch uranium deposit and played a principal role in the development of the Highland uranium mine, which are both, located in Wyoming. By the 1970's, Wold Nuclear had interests in more than 400,000 acres of uranium claims and leases throughout the United States.

The database contains records from the 1960s through the 1980s. It comprises over 10,000 individual drill logs plus hundreds of maps and numerous geochemical, geophysical and geological reports.

Of particular importance to EMC is the inclusion of geological reports, data and drill logs for the Company's projects in Wyoming. These include over 500 drill logs for the Company's Cyclone Project (NR dated October 25, 2004), over 550 logs for the Antelope Project (NR October 25, 2004) located in the Great Divide Basin, over 400 logs for the Moore Ranch Project (NR 19 September 16, 2005) and 270 logs for the Roadside Project, a new property which has been acquired by the Company for staking costs. The 1180-acre Roadside property is located in the Shirley Basin and has close spaced drilling covering a north-south trend that is over 2 miles in length.

The Company estimates that the Wold data package would cost in excess of US$20 million to duplicate today and require considerable effort and permitting over a period of more than 5 years to complete. This new data will be an essential component to upgrading previously announced historic resources to current NI 43-101 compliant resources.

With this purchase and the acquisition of previously announced uranium databases from the United Nuclear Corporation, Union Carbide Corporation, Hecla Mining and Ranchers Exploration and Development Corp., EMC now controls one of the largest U.S. uranium databases. The propriety nature of the information within these databases has provided EMC with a substantial competitive edge, resulting in the successful acquisition of over 20 advanced stage uranium deposits. All of which have historic resources reported and many of which have been acquired for only the cost of staking and filing. EMC is currently evaluating several new properties for potential acquisition as a result of a detailed review of the many reports and data contained in the Company's last two database acquisitions. Furthermore, the databases have been instrumental in the Company completing several option-joint ventures and data-purchase agreements with other companies. These agreements have initially resulted in concurrent multi-property development, with significant cash and/or share payments being made to EMC.

The acquisition of the Wold database is subject to the payment of cash, the issue of shares and TSX Venture Exchange acceptance.

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 uranium prospective properties in Wyoming that are amenable to ISL (in-situ leaching). This form of uranium mining was pioneered in Wyoming. It utilizes 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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