International Uranium Corporation

International Uranium Corporation

March 21, 2005 13:48 ET

IUC Announces Mill Start-Up; 500,000 lbs Uranium Production From Current Alternate Feed Program


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERNATIONAL URANIUM CORPORATION

TSX SYMBOL: IUC

MARCH 21, 2005 - 13:48 ET

IUC Announces Mill Start-Up; 500,000 lbs Uranium
Production From Current Alternate Feed Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2005) -
International Uranium Corporation (TSX:IUC) is pleased to announce that
the Company's White Mesa Mill, located in south-eastern Utah, began
processing an alternate feed stream which will result in the production
for IUC of about 500,000 pounds in the form of yellowcake. The Company
currently does not have commercial forward sale commitments for this
uranium production in view of the expected continued rise in uranium
prices. The Company will evaluate the most appropriate timing for its
uranium sales.

Alternate feeds are uranium-bearing materials from other processing
facilities or waste sites. To date, the White Mesa Mill has recovered
over 1.1 million pounds of U3O8 from alternate feed materials. Following
the processing of the current alternate feed stream, the Mill will
process three other alternate feed streams bringing total uranium
production to greater than 550,000 pounds.

In addition, the Company is beginning the permitting process for the
Henry Mountain Complex with the aim to put these mines into production
immediately upon receipt of the required permits. The Henry Mountain
Complex is a unique uranium production opportunity in the U.S., and the
Company plans to develop the consolidated project into a consistent
uranium production center. The company also controls several other
properties in the Colorado Plateau and Arizona Strip Districts that will
also provide feed to the White Mesa Mill.

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
mills in the U.S.), as well as uranium exploration properties in the
Athabasca Basin of Saskatchewan. 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 metals 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