ESO Uranium Corp.
TSX VENTURE : ESO

ESO Uranium Corp.

September 07, 2005 15:11 ET

ESO Uranium Adds 10% to Athabasca Basin Properties on Strike with UEX/Cogema's Shea Creek Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 7, 2005) - ESO Uranium Corp. (TSX VENTURE:ESO) ("the Company") advises that it has acquired a 100% interest in five additional mineral claims totaling 13,968 hectares (approximately 35,000 acres), within the Western Athabasca Basin in Saskatchewan, via staking. The claims adjoin the Company's Cluff Lake Project bringing the total area the Company has under exploration in the Athabasca Basin to over 355,000 acres.

Previous exploration on these newly acquired claims carried out by Cogema Resources Inc., in the early 1990's, identified several airborne Geotem geophysical conductors situated within a broad area of low magnetic susceptibility, a geological environment which is similar to those of major unconformity uranium deposits elsewhere in the Basin. These conductors have a NW to SE trend and may be interpreted as extensions of the Saskatoon Lake conductor which hosts the UEX/Cogema Shea Creek uranium deposit containing an estimated 47 million pounds of uranium at an average grade of 3% and where one recently announced drill hole (SHE-1145) graded 27.4% uranium over 8.8 meters.

An exploration program designed for the Cluff Project has been expanded to incorporate these new claims and will consist of airborne, geophysical, electromagnetic and mag surveys with a 200 meter line spacing, boulder sampling to map alteration pattern associated with "blind" unconformity-type uranium deposits and exploration drilling. At the Hook and Mandin Projects exploration is planned to evaluate the potential of these properties for Athabasca unconformity uranium deposits. Exploration will be comprised of airborne electromagnetic surveying to evaluate previously untested prospective areas and ground exploration to evaluate previously identified geochemical anomalies followed by drilling to test selected targets. The Company has budgeted $2 million for it's 2005/06 Athabasca Basin exploration program.

The company also wishes to announce that it has entered into a non-brokered private placement consisting of up to 5,000,000 units at a price of $0.45 per unit for gross proceeds of $2,250,000.00. Each unit is comprised of one share and one half of one share purchase warrant. One whole warrant is convertible into one common share of the company at a price of $0.75 for a period of up to two years. A finder's fee calculated in accordance with TSX Venture Exchange Policies will be paid in connection with the private placement.

The Company also announces that is has granted 250,000 options to a consultant the Company exercisable at $0.50 per share for a five year period.

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

Jonathan George, President & CEO

It is anticipated the ESO Uranium website will be fully functional within a few days at www.esouranium.com. Please bookmark this site for future reference and ongoing updated information.

Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.

The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management.

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