ESO Uranium Corp.

ESO Uranium Corp.

October 08, 2008 15:21 ET

ESO Options Uranium Properties in Utah

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 8, 2008) - ESO Uranium Corp. (TSX VENTURE:ESO)(FRANKFURT:E2G) ("ESO") is pleased to report that an option agreement has been made with a private company registered in Utah to acquire claims and State leases in two blocks in Grand County, Utah. The property is comprised of approximately 19,200 acres (7,800 hectares) of claims and State Leases. Utah is one of a few U.S. States that has a productive history of uranium and other mining and has been miner friendly due to the past success and efforts of Government and Industry.

The option agreement calls for ESO to assume costs for BLM and State fees for the mineral claims and leases that form the property in an initial amount of approximately $55,000 and to issue 200,000 shares, subject to regulatory approval, and make other payments and a further issuance of shares according to the following schedule:

- On or before the Year 1 and 2 anniversaries, pay US $50,000 in each year and on or before the Year 3 anniversary make a final payment of US $100,000.

- Subject to regulatory approval, ESO shall issue to the vendor 300,000 common shares on or before January 1st 2009 and a final 500,000 common shares on or before January 1st 2010.

- ESO also has made a commitment for work expenditures on the property of US $300,000 in 2009, US $400,000 in 2010 and US $500,000 in 2011 in order to complete the exercise of the option.

This will earn ESO a 100% undivided interest in the property subject to a 5% royalty for uranium produced from the property and a 2% net smelter royalty for any other metals or mineral products from the property.

ESO has made a commitment to make an initial evaluation of one or more wells, drilled for oil, that recorded a strongly anomalous gamma log intervals of up to 100 feet (30 meters) thickness in a permeable, water saturated sandstone formation. If the grade of uranium in that interval is sufficiently high to consider recovery by in situ leaching, ESO will proceed with further drilling to try to define a resource of comparable grade sufficient to justify the capital expenditure for an extraction plant. Several other wells in the area of the claims have intersected the same formation with similarly anomalous gamma logs. This suggests a significant horizontal or tabular shape to the mineralization rather than the more irregular roll front type deposit.

The deposit type sought is similar to some of the world class Kazakstan deposits which are hosted in permeable sandstones on the margins of oil and gas fields in which the hydrocarbons can act as widespread reductants to cause the deposition of the uranium from solution. Sour gas with its hydrogen sulphide component that is found in some fields would be a very strong reductant for such a depositional system.

ESO is a Canadian junior mineral exploration company focused on uranium exploration in the premier world uranium production district of the Athabasca Basin, Saskatchewan and also has interests in lower cost exploration projects in the Nevada and Utah. For further information about the company's exploration properties please visit our website at

Prepared by B. Ainsworth P.Eng BC, a Qualified Person for this project.

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

Ben Ainsworth, Vice President, Exploration

Please refer to the ESO Uranium website for further and updated information.

Forward Looking Statements: Statements contained in this news release that are not historical facts are forward looking statements, which are subject to a number of known and unknown risks uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results levels of activity, performance or achievements.

The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release.

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