International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

November 23, 2006 09:55 ET

International KRL Resources Expands Uranium Portfolio With Acquisition of U Claims Uranium Project, Yukon Territory

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - International KRL Resources Corp. (TSX VENTURE:IRK) today announced that it has entered into an option agreement with Shawn Ryan of Dawson City, Yukon Territory (the "Agreement"), whereby the Company has been granted an option to acquire a 100% interest in the U Claims Uranium Project. The U Claims Uranium Project consists of 90 mineral claims covering 4,647 acres (1,881 hectares) located approximately 170 km south of Dawson in the Dawson Mining District of the Yukon Territory.

The U claims were explored by Eldorado Nuclear (now Cameco Corporation) in 1978. Several uranium anomalies were identified which are supported by coincident geochemical and radiometric surveys. Due to the worldwide slump in the uranium market at that time, the property then lay dormant.

International KRL completed an expanded soil geochemistry program in late September 2006 in order to focus exploration in the 2007 field season. The results of this program are pending. Anomalous uranium has long been known to be associated with the Coffee Creek Intrusive group. It is believed that uranium has been concentrated along several structural trends on the U Claims. A NI 43-101 compliant technical report is being prepared on the property.

Under the terms of the agreement, in order to exercise the option the Company must pay the sum of $260,000, issue 750,000 common shares and incur $500,000 of exploration work on the property over a period of five years. Mr. Ryan has retained a 2% net smelter return royalty, one-half of which may be purchased by the Company for the sum of $1,000,000, and the Company holds a right of first refusal on the balance of the royalty.

The Agreement is subject to the acceptance of the TSX Venture Exchange.

Michael Hibbitts, P.Geo, Vice President Exploration is the Qualified Person for this property.

International KRL Resources Corp. is a mineral exploration company engaged in the acquisition, exploration and advancement of Canadian mineral properties. The Company is currently exploring for uranium, copper, and gold in the Yukon Territory, Saskatchewan, Ontario and British Columbia. For more information on the properties and International KRL Resources Corp. please visit www.krl.net, www.sedar.com and www.sec.gov websites.

ON BEHALF OF THE BOARD

Seamus Young, President and CEO

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 neither approved nor disapproved the information contained herein.

Contact Information

  • International KRL Resources Corp.
    Seamus Young
    President and CEO
    (604) 689-0299 x.223
    Email: syoung@krl.net
    or
    International KRL Resources Corp.
    Michael Hibbitts, P.Geo
    Vice President, Exploration
    (604) 689-0299 x.228
    (604) 689-0288 (FAX)
    Email: mhibbitts@krl.net
    Website: www.krl.net