International Uranium Corporation

International Uranium Corporation

February 01, 2006 11:32 ET

IUC Announces 15,000 Metre Diamond Drilling Program Underway at Moore Lake

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 1, 2006) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc. (TSX VENTURE:JNN); jointly the "Companies", are pleased to announce that the 2006 winter exploration program is underway on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.

The planned program will consist of 15,000 metres of drilling, along with approximately 100 kilometres of linecutting and ground EM surveys. Two drills are currently operating and a third will be within the next ten days upon completion of additional access roads. The drilling program will test targets on eleven separate grids located in the central and northern parts of the property.

Key among these is the east-northeast trending Maverick structural corridor, which extends over a minimum strike length of 6.5 kilometres. It contains three mineralized zones. The high grade Maverick 'Main' zone, which has an approximate strike length of 350 metres, and the newly discovered '527' and '525' zones (Nov. 29 News Release). The presence of multiple mineralized zones along a major structural corridor is common to uranium deposits in the Athabasca Basin. Also of note is that over 50% of the Maverick corridor has yet to be drill tested.

A second priority area is the 10-kilometre long and 500-metre wide Nutana-Venice structural corridor, which wraps around the western and northern boundaries of the Maverick granite. This corridor encompasses the Nutana, West-Venice and Venice grids, and is interpreted to be an extension of the conductive system associated with mineralization in the Maverick zone. The geochemical and geological signature obtained from reconnaissance holes that tested targets within this corridor in 2005 was very encouraging, in that a number of holes returned a significant enrichment in uranium and other key 'pathfinder' elements associated with multiple faulting and broad graphitic intercepts.

The program will also test several other conductive targets on three additional grids; Volhoffer, Rarotonga and Avalon, that have seen little or no previous drilling. These grids are located in the northern part of the property that adjoins the southeastern boundary of Cameco's McArthur River project.

IUC's Director, Exploration, Paul Ogryzlo, P.Geo., a Qualified Person pursuant to NI 43-101, has reviewed the contents and technical information contained in this news 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 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.


Ron F. Hochstein, President

Contact Information

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