International Uranium Corporation
TSX : IUC

International Uranium Corporation

August 18, 2005 09:01 ET

IUC Announces Additional High Grade Results from Moore Lake-Maverick Zone Expanded

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 18, 2005) - International Uranium Corporation ("IUC" or "the Company") (TSX:IUC) and JNR Resources Inc. ("JNR") are pleased to provide an update on the 2005 summer diamond drilling program that is underway on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.

The Companies are very encouraged with the results from the initial stages of the program, which has significantly extended the strike length and width of the main high grade mineralized lens at the Maverick Zone, and shown that the mineralizing system continues to the north and northeast within the Nutana and Maverick Northeast grids.

Mr. Ron Hochstein, President of IUC, commented, "Each successive program at Moore Lake has continued to intersect high grade mineralization and expand the main Maverick Zone. Furthermore, each program has identified additional highly prospective targets on trend and near the Maverick Zone highlighting the far reaching extent of the hydrothermal system at Moore Lake."

Complete geochemical results for 16 diamond drill holes, comprising 5,851 metres have been received. Six of these (ML-80 to 85) tested targets on the Maverick Main Zone, five (ML-513 to 517) tested targets on the Maverick Northeast grid, and five (ML-814 to 818) tested targets on the Nutana grid.

The best results were obtained from the Maverick Main Zone where three of the six holes intersected significant uranium mineralization including high grade in two of them. ML-83 assayed 1.81% U3O8 over 11.1 metres, including 5.64% U3O8 over 3.0 metres; ML-85 assayed 1.33% U3O8 over 6.4 metres, including 8.5% U3O8 over 0.9 metres; and ML-84 assayed 0.436% U3O8 over 5.0 metres.

The drilling program on the Maverick Northeast and Nutana grids consisted of first-pass, broad stepouts on ground geophysical targets that were identified over the past two years. Although no uranium mineralization was intersected, highly anomalous geological and geochemical results were returned in a number of the holes.

The drilling program will continue through September with three drills operating. Follow-up drilling on the main lens is underway as are additional stepout holes on targets within the Maverick structural corridor which has now been interpreted to extend over a minimum strike length of 6.5 kilometres, and along the southern half of the 10-kilometre long, 500-metre wide conductive corridor, to the west and northwest of the Maverick granite.

Details of the results to date from the Maverick Main Zone, and the Maverick Northeast and Nutana grids are presented below.

Maverick Main Zone

Geochemical results have been received for six holes (ML-80 to 85) comprising 2,136.5 metres. The best results were obtained from drill holes ML-83 to 85, which targeted a flexure/offset in the conductive system in the main zone near the initial mineralized hole, ML-03.

ML-83 intersected an 11.1 metre interval (265.0 to 276.1 m) of unconformity style, polymetallic uranium mineralization that assayed 1.81% U3O8, including a higher-grade 3.0-metre section (268.2 to 271.2 m) of 5.64% U3O8, 7.1% nickel and 2.55% cobalt. The mineralization consists of massive to semi-massive pitchblende accompanied by nickel and cobalt arsenides. This hole was collared on section with mineralized holes ML-71 and 77, and 5 metres south of the latter.

ML-84 intersected 0.436% U3O8 over 5.0 metres (265.8 to 270.8 m). This hole was collared on section with ML-03 and 29, and 5 metres south of the latter.

ML-85 intersected 1.33% U3O8 over 6.4 metres (265.1 to 271.5 m), including 8.5% U3O8 over 0.9 metres (265.6 to 266.5 m). This hole represents a 10-metre stepout to the west of ML-29.

Drill holes ML-80 and 81 tested an east-west graphitic horizon and for a westward strike extension to the mineralization intersected in holes ML-37 and 64. Both holes intersected a structurally disrupted and altered sandstone column that returned anomalous uranium and boron values throughout, and anomalous lead, nickel and zinc values in the basal portions. ML-80 also returned highly anomalous levels of polymetallic minerals, vanadium, boron and up to 0.25% U3O8 over 0.5 metres from sheared and altered graphitic pelites in the basement.

ML-82 was an attempt to re-drill the sandstone-hosted uranium mineralization intersected in ML-61. Unfortunately the hole veered too far to the south and finished on the hanging wall side of ML-61. As a result, ML-82 returned a broad zone of low-grade mineralization associated with the basement pelites and graphitic pelites.

Maverick Northeast

Geochemical results have been received for five holes (ML-513 to 517) comprising 1879.7 metres. Four of these holes (ML-513 to 516) represent the first-pass drilling in an area where three parallel conductors have been interpreted, while the fifth (ML-517) was drilled on a seismic target on section with ML-69.

ML-513 to 515 were progressive 300-metre stepouts to the northeast along the central conductor, with ML-515 being an angled hole. All three holes intersected on the hanging wall side of the target and were strongly illitic over the basal 60 to 70 metres of the sandstone column. ML-513 and 514 also returned anomalous uranium values over this interval, while ML-514 returned anomalous boron values as well. The basement pelites and graphitic pelites for all three holes are locally sheared and altered, and returned anomalous copper, lead, nickel, zinc, boron and vanadium values ('pathfinder elements'), and up to 125 ppm uranium.

ML-516 tested the north-flanking conductor and also intersected on the hanging wall side of the target. Although there are no significant results from the sandstone column, the basement graphitic pelites returned anomalous levels of pathfinder elements and locally uranium.

ML-517 was collared about 95 metres north of ML-69. The upper sandstone column in this hole returned anomalous boron values, while the lower sandstone column returned anomalous zinc values.

Nutana

The Nutana grid covers the western and northwestern contact between the Maverick granite and the Lower Wollaston Group metasediments. Geochemical results have been received for five holes (ML-814 to 817) comprising 1835 metres. All five of these holes represent first-pass drilling in an area where two parallel conductors were interpreted from geophysical surveys this past winter. ML-814 and 815 were collared 400 metres apart at the north end of the central conductor, while ML-816, 817 and angled hole 818, represent progressive 400 metre stepouts at the north end of the eastern conductor.

ML-814 and 815 intersected on the hanging wall side of the target. ML-814 returned highly anomalous uranium and locally vanadium values in the basal 100 metres of the sandstone column. ML-815 returned anomalous levels of pathfinder elements from locally sheared and altered pelites and graphitic pelites, that were intersected up to 65 metres into the basement.

ML-816 to 818 also intersected on the hanging wall side of the target. All three holes intersected locally sheared and altered graphitic pelites that returned anomalous levels of pathfinder elements. The best results were from ML-818, which intersected a 26-metre wide graphitic zone in the basement and a strongly altered and fractured basal sandstone column that returned anomalous levels of uranium, lead and boron.

IUC's President, Ron Hochstein, P.Eng., 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. 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

NOTE: Location map available from the company at the number listed below or on the company's website at www.intluranium.com.

Contact Information

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