International KRL Resources Corp.
TSX VENTURE : IRK

International KRL Resources Corp.

February 26, 2007 10:46 ET

International KRL Resources Provides Carswell Uranium Project Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 26, 2007) - International KRL Resources Corp. (TSX VENTURE:IRK) today announced that it has been advised by ESO Uranium Corp. (TSX VENTURE:ESO) that they plan to initiate a drill program on International KRL's Carswell property in the first quarter of 2007. The program will follow up on geochemical and geophysical targets related to fields of highly radioactive boulders identified in earlier exploration reports. The claim is the subject of an option agreement enabling ESO to earn a 50% interest. Proposed expenditures from this program will fulfill their property expenditure obligations under the option agreement with International KRL and enable the two companies to proceed with a Joint Venture agreement. In addition, ESO advised that they have engaged MPH Consulting Ltd., an independent firm with considerable experience in the Athabasca Basin, to complete a NI 43-101 technical report, which will include coverage of International KRL's claim.

International KRL's property flanks the east side of the Cluff Lake mine lease of Areva. Exploration programs on International KRL's property indicate that the geophysical and geological signatures of the Cluff Lake host rocks extend onto this claim. The property includes a radioactive boulder field with values up to 16.9% (338 lbs/s.ton) uranium oxide and 2.9 g/t gold. The boulder field is close to several conductors indicated by airborne and ground electromagnetic surveys carried out by ESO Uranium in 2006.

International KRL's ground was the subject of various exploration programs when it was held by Mokta, and its successor company Cogema. Of considerable significance is the discovery during the earlier work, of two trains of radioactive boulders: one on the edge of the Cluff Lake Mine Lease with its probable source on International KRL's ground near the north east end (up ice end) of the boulder train; the second is on International KRL's ground close to the north end of the Cluff Lake Mine Lease. The boulder trains both lie down ice from conductors identified by the Megatem survey, which suggests that a possible source may be associated with these conductors.

International KRL's property, which covers 5,993 acres (2,425.5 hectares) in the Cluff Structure, is flanked by the claims of Titan Uranium Corp. to the south and east, Hathor Exploration Ltd. to the north and on the west by the mining claims of the past producing Cluff Lake mine. The mine is reported to have produced over 60 million pounds of U3O8, with an average grade of 0.93%. The mine also recovered by-product gold in the last years of operation.

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. 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.
    Michael Hibbitts
    Vice President, Exploration
    (604) 689-0299 x.228
    (604) 689-0288 (FAX)
    Email: mhibbitts@krl.net
    Website: www.krl.net