International Uranium Corporation

International Uranium Corporation

March 22, 2005 11:19 ET

International Uranium Corporation: Drilling Program Underway at Key Lake South


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL URANIUM CORPORATION

TSX SYMBOL: IUC

MARCH 22, 2005 - 11:19 ET

International Uranium Corporation: Drilling Program
Underway at Key Lake South

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 22, 2005) -
International Uranium Corporation (TSX:IUC) is pleased to announce the
start of a winter drilling program at its 100% owned Key Lake South
uranium project. The project is located about 20 km southwest of
Cameco's Key Lake mine in the Athabasca Basin region of northern
Saskatchewan.

The most prospective area on the project is the Twin Lake area in the
southern portion of the project. Significant radiometric anomalies were
encountered by past work in both bedrock and surficial deposits.
Although the Twin Lake area lies in the path of the Key Lake boulder
dispersion fan, the scale and strength of the surficial anomalies may
indicate an additional, more local source. In January 2004, an airborne
EM and magnetometer survey was done on the property which confirmed the
presence of a circular basement dome with a diameter of three kilometres
which is flanked or mantled by graphite bearing pelites. The project
area is underlain by predominantly Aphebian metasediments mantling domal
Archean granitoids. The airborne program was followed up this winter
with over 75 line-km of horizontal loop EM surveys. As a result of these
programs the Company has begun a 1,500 m drill program focusing on a
number of conductors in the Twin Lake area of the property (To view
attached map please click on the following link:
http://www2.ccnmatthews.com/database/fax/2000/0322iuc.jpg).

Klaus Lehnert-Thiel, P Geo, a member of IUC's uranium advisory committee
is the Qualified Person, pursuant to NI 43-101, responsible for the
technical data presented in this release.

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 Region in Canada. The Company also processes and recycles
uranium-bearing waste materials as an environmentally superior
alternative to direct disposal. In addition, the Company owns
approximately 58% of the outstanding shares of Fortress Minerals Corp.,
a public company engaged in precious and base metal exploration in
Mongolia.

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.

ON BEHALF OF THE BOARD

Ron F. Hochstein, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    International Uranium Corporation
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    www.intluranium.com