ESO Uranium Corp.

ESO Uranium Corp.

September 27, 2010 09:20 ET

ESO Completes First Drill Program on Donna Gold Property With Sulphide Mineralization in 6 Holes. Mikwam Ontario Gold Project Drilling Planned. Seismic Surveys Planned for Lithium Projects.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2010) - ESO Uranium Corp. (TSX VENTURE:ESO)(FRANKFURT:E2G) -

ESO Uranium Corp. (the "Company" or "ESO") is pleased to announce that it has completed a seven (7) hole, 850 meter drill program in its option to earn a 100% interest in the Donna Gold Property, in South Central British Columbia. The drill program was well executed by HardRock Drilling of Peachland, BC.

Six (6) holes intersected intervals of sulphide mineralization at shallow depths, similar to mineralized exposures in trenching that carried significant gold values. Quartz veining carrying pyrite, stibnite, minor chalcocite and arsenopyrite was recovered with bleached alteration envelopes extending into the host dioritic and skarn rocks. 300 core samples have been sent to ALS Chemex Laboratories for gold assay. ESO will release the results after receipt and analysis.

This initial drill program tested targets on the central and western parts of a gold anomaly in soils that extends more than 1,600 meters (5,300 feet) along the height of land between the Kettle River and Yeoward Creek, which are both historical gold placer producers. Recent soil sampling by ESO had shown extensions of the gold anomaly with values of up to 0.7 g/t gold in soil.

The recent improvement in the price of gold to more than US$1290 per ounce (US$40/g) has caused ESO to review its Mikwam Gold project in the Casa Berardi Deformation Zone located in Ontario, about 40 kms West of Aurizon Mines' (TSX-ARZ) Quebec gold producer, Casa West. A 2006 NI 43-101 compliant resource estimate for Mikwam, using a 1.0 g/t gold cut off, gave:

Category Tonnes Grade g/t Au Au Contained Ounces
Indicated 238,000 3.23 25,000
Inferred 879,000 2.42 68,000

$400,000 of the $2 million placement completed in May 2010 was by the sale of flow-through shares and it is planned to use some of this funding to carry out a drill program after freeze-up, to test deeper extensions of the gold mineralization as indicated by the wire frame model built for the NI 43-101 resource analysis. The program will also include some shallow drilling to test the sub-cropping mineralization beneath the 50 meters average depth of overburden.

In addition to activity on the gold potentials of its portfolio of exploration properties, ESO acquired 39 mineral claims (approximately 1,900 hectares) from Canyon Copper Corp. for the purpose of extending its search for lithium and boron minerals into the playa environment East of Luning, Nevada. This property will compliment other holdings in the Marietta and Teels Marsh area, southwest of Luning. Seismic surveys are being planned for later this year to confirm the potential for aquifers formed by outwash sand and gravel in the margins of the playas. Drill sampling of potential aquifers and salt horizons is planned for early 2011.

ESO has also maintained its priority uranium targets in the Athabasca Basin of Saskatchewan throughout the year and is seeing improvement in the uranium markets and more interest in the companies exploring for uranium.

The highest priority targets include the Cluff Lake properties where earlier work has identified mineralization on the Gorilla property (ESO 80% interest, Logan Resources Ltd 20% interest) and the contiguous claims to the Cluff Mine lease area (ESO 80% interest, Acme Resources Inc. 20% interest) (Hathor Exploration Limited 50% interest, ESO 50% interest) and the South Patterson Lake 50-50% Joint Venture with Fission Energy Corp. These targets will be reviewed as and when the market shows greater interest in uranium.

B. Ainsworth, PEng BC, is the Qualified Person responsible for the technical disclosure contained in this news release.

On behalf of the Board of Directors of ESO Uranium Corp.

"Ben Ainsworth" 
Vice President, Exploration

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding its mineral properties. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.

This news release was prepared by management who takes full responsibility for its contents. The TSX-Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • ESO Uranium Corp.
    Robert (Bob) Meister
    (604) 629-0293 or Toll Free: 1-866-629-8368
    (604) 684-9365 (FAX)