International Uranium Corporation

International Uranium Corporation

July 14, 2005 12:30 ET

IUC Announces Drilling Update at Moore Lake

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 14, 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 underway on the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.

The 15,000 metre program is in progress with three drill rigs in use. Approximately 3,500 metres have been completed so far in 8 holes. Samples are in the lab and interim results are expected with the next few of weeks.

The drilling is testing a multitude of targets along the Maverick structural corridor which has now been interpreted to extend over a minimum strike length of 6.5 kilometres and ground EM targets within the southern half of a newly identified 10-kilometre long, 500-metre wide conductive corridor, which covers the interpreted western and northern contacts between the Maverick granite and the Lower Wollaston sediments.

The Maverick zone is located in the prolific eastern sector of the Athabasca Basin. High grade mineralization at t he Maverick Zone occurs at relatively shallow depths of approximately 270 metres.

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 owns approximately 56% of the outstanding shares of 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)