International Uranium Corporation

International Uranium Corporation

October 13, 2005 08:28 ET

International Uranium Corporation: Drilling Program Completed-Airborne Surveys Underway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 13, 2005) - International Uranium Corporation (TSX:IUC) and JNR Resources Inc. (TSX VENTURE:JNN); jointly the "Companies" are pleased to announce that the 2005 summer diamond drilling program on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan, has been completed.

The 59-hole program comprising 22,100 metres consisted of in-fill drilling on the Maverick Main zone and step-out drilling along the more than 6.5-kilometre long Maverick structural corridor and along the southern half of the 10-kilometre long, 500-metre wide conductive corridor to the west and northwest of the Maverick granite.

The results from the first 16 holes of this program (News Release - August 18) were very encouraging, in that they successfully extended the strike length and width of the main high-grade mineralized lens at the Maverick Zone and demonstrated that the mineralizing system continues to the north and northeast within the Nutana and Maverick Northeast grids.

Samples of the remaining drill holes have been received by the SRC Laboratory and results will be reported as they become available.

The Companies have also completed a prospecting and boulder and till sampling program on the Pendleton Lake property. This work in part followed-up on a GEOTEM survey flown in the spring of 2004, and focussed on locating the source of radioactive boulders (up to 7.17% U3O8) that were discovered by Marine Oil Ltd. in the late 1970's. IUC is earning a 75% interest in the Pendleton Lake project and JNR is the project manager. Results from the summer program will be reported as they become available.

The Companies also wish to announce that a 3,600-kilometre airborne EM and magnetic survey is underway on the Lazy Edward Bay, South Dufferin and Kelic Lake projects. The survey is being carried out by Geotech Ltd. using their helicopter-borne VTEM system.

The Lazy Edward Bay property comprises 48,310 hectares and is located along the southern margin of the Athabasca Basin, approximately 75 kilometres west-northwest of the Key Lake uranium mine. Previous operators identified several major conductive trends, some of which were never drill tested while others were poorly tested. A number of broadly spaced drill holes that returned anomalous geological and/or geochemical results were never followed up. IUC is earning a 75% interest in the Lazy Edward Bay project and JNR is the project manager.

The South Dufferin property comprises 27,330 hectares and is located along the southern margin of the Athabasca Basin, approximately 110 kilometres west-northwest of Key Lake. This property covers the projected southern extension of the Dufferin Lake fault. In February of this year, Cameco reported multiple high-grade U3O8 intersections associated with this structure from their Virgin River project. IUC can earn up to a 75% interest in this project and JNR is the project manager.

The Kelic Lake property comprises 20,686 hectares and is located approximately 150 kilometres west-northwest of Key Lake. Previous operators identified several conductive trends on the property, and the limited drilling that was carried out returned encouraging geological and geochemical results. IUC can earn up to a 75% interest in this project and JNR is the project manager.

All technical information for the Company's exploration projects is obtained and reported under a formal quality assurance and quality control program. JNR's president, Richard T. Kusmirski, P.Geo, and exploration manager David L. Billard, P.Geo, are the qualified persons responsible for the technical data presented in this release. IUC's President, Ron Hochstein, P.Eng., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information in this news release. Sample results reported from the Pendleton Lake project are historic results prior to NI 43-101.

IUC is engaged in uranium exploration and production. It holds significant uranium deposits in Mongolia and uranium and vanadium deposits in the U.S. and a fully permitted 2,000 ton per day uranium/vanadium mill near Blanding, Utah (one of only two operating uranium mills in the U.S.), as well as uranium exploration properties in the Athabasca Basin in Canada. The Company also processes and recycles uranium-bearing waste materials as an environmentally superior alternative to direct disposal. In addition, the Company is a significant shareholder in Fortress Minerals Corp., a public company engaged in precious and base metal exploration in Mongolia and Russia.

Statements contained in this news release which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility and sensitivity to market prices for uranium and vanadium; the impact of the sales volume of uranium and vanadium; competition; reliance on income from processing uranium-bearing waste materials; the impact of change in foreign currency exchange rates and interest rates; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; changes to reclamation requirements; unexpected geological or hydrological conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks. Although IUC believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this release. IUC disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. United States investors are advised that while the term "inferred" resources is recognized and required by Canadian regulations, SEC does not recognize that term. Investors are cautioned not to assume that all or any part of mineral deposits in this category will ever be converted into reserves.


Ron F. Hochstein, President

Contact Information

  • International Uranium Corporation
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)