International Uranium Corporation

International Uranium Corporation

March 02, 2005 14:30 ET

IUC and JNR Sponsor New Equipment for SRC Lab


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL URANIUM CORPORATION

TSX SYMBOL: IUC

MARCH 2, 2005 - 14:30 ET

IUC and JNR Sponsor New Equipment for SRC Lab

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) -
International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources
Inc. ("JNR") are pleased to announce that they have contributed a new
$43,000 acid distillation system to the Saskatchewan Research Council
Geoanalytical Laboratories ("SRC"). The benefits of the new equipment
include substantial reductions in processing times (from days to hours)
and a reduction in the consumption and cost of chemicals (up to $30,000
annually).

With the mining industry booming in Saskatchewan, SRC has been busy
analyzing samples for industry clients. The donation of new lab
equipment from IUC and JNR will help the labs streamline processes to
provide a shorter turnaround time for their clients.

"Saskatchewan's uranium industry provides many jobs, investment, and
economic development for our province," said Eric Cline, Minister
Responsible for SRC. "This new equipment will enable the labs to
increase their capacity while continuing to provide world-class analysis
services for their industry clients. It's so great to see this type of
partnership - it's a win-win situation for everyone," added Cline.

"We are very excited about the potential of Moore Lake and our other
projects in the Athabasca Basin, said IUC president Ron Hochstein. "For
2005, IUC has an exploration budget of just over $13 million, of which
about $10 million will be spent in the province of Saskatchewan." The
budget includes a $3.0 million winter exploration program on the Moore
Lake uranium project which IUC has an option to earn a 75% interest in.

"We are currently exploring one of the best uranium exploration projects
in the Basin and we are producing a high volume of samples," said JNR
president Richard Kusmirski. "We expect, and we continue to receive,
high quality and timely service from SRC's labs. With this contribution,
we recognized an opportunity to give something back to the lab and we
are pleased to be able to help."

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.

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