International Uranium Corporation

International Uranium Corporation

March 29, 2006 11:08 ET

IUC Announces Uranium Results from '527' & '525' Zones, Moore Lake Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 29, 2006) - International Uranium Corporation ("IUC") (TSX:IUC) and JNR Resources Inc., jointly the "Companies", are pleased to announce the initial results from the ongoing winter diamond drilling program at the Moore Lake uranium project, located in the Athabasca Basin of Northern Saskatchewan.

Results to date are from the '527' and '525' zones, two recently discovered uranium mineralized zones along trend with the Maverick zone. Highlights from the '527' zone include ML-101 which returned an assay of 1.53% U3O8 over 6.6 metres, including 2.22% U3O8 over 4.0 metres. ML-106 returned an assay of 0.402% U3O8 over 4.5 metres, including 1.06% U3O8 over 1.5 metres.

The results from the '527' zone are encouraging. ML-101 represents a significant upgrade from the discovery hole. Geologically and geochemically, the area is analogous to that of the Maverick Main Lens. Of particular similarity are the high metal contents (nickel, copper, lead, zinc, cobalt and vanadium) that are associated with the mineralization.

The '525' zone was also tested by three holes, two of which intersected on the hanging wall side of the target, while the third intersected low-grade basement mineralization. Details of the results from these initial nine holes (ML-101 to 109) are presented below.

The '527' and '525' zones occur along the east-northeast trending Maverick structural corridor, which extends over a minimum strike length of 6.5 kilometres. More than 50% of the corridor has yet to be drill tested. The current program is a first-pass follow-up to last season's drilling, and plans for a more extensive program this summer are underway.

A total of 28 holes comprising 10,210 metres have been drilled to date and three drills are currently operating. In addition to the '527' and '525' zones, targets on the Nutana, West Venice, Venice, Rarotonga and Avalon grids have also been drilled. Additional results will be released once they have been received and interpreted.

'527' Zone

The '527' zone occurs approximately 450 metres to the northeast of the Maverick Main Lens. The discovery hole, ML-527, returned a grade equivalent of 0.41% U3O8 over 6.6 metres, including a 1.0 metre intercept of 1.1% eU3O8. The six holes reported herein represent a first-pass follow-up in this area. It should be noted that in intervals with very poor core recovery, results are reported as eU3O8 (grade equivalents) calculated from a calibrated down-hole radiometric probe.

ML-101 was collared 5 metres to the north of ML-527 and intersected largely basement-hosted uranium mineralization that assayed 1.53% U3O8 over 6.6 metres, including 2.22% U3O8 over 4.0 metres. ML-104, collared 5 metres to the north of ML-101, returned a grade equivalent of 0.09% U3O8 over 3.5 metres from the basal sandstone column just above the unconformity.

ML-106 intersected uranium mineralization (0.402% U3O8 over 4.5 metres including 1.06% U3O8 over 1.5 metres) in sheared and altered graphitic pelites several metres into the basement. This hole was collared along the Maverick corridor 25 metres to the west of section ML-101/527. ML-102, collared 5 metres to the north of ML-106, returned an assay of 0.225% U3O8 over 1.25 metres.

ML-105 was collared within the Maverick corridor 25 metres east of section ML-101/527. It returned a grade equivalent of 0.24% U3O8 over 3.7 metres, including 0.64% eU3O8 over 0.60 metres and a 3.0-metre interval that assayed 1.24% nickel. This was also a basement-hosted intersection and is associated with clay altered graphitic pelites. ML-103, collared 10 metres to the south of ML-105, returned an assay of 0.295% U3O8 over 1.0 metre.

'525' Zone

The '525' zone occurs approximately 1,400 metres to the northeast of the Maverick Main Lens. The discovery hole, ML-525, returned an assay of 0.226% U3O8 from a 4.5-metre interval of sandstone immediately above the unconformity. The three holes reported on herein represent a first pass follow-up in this area.

ML-107 was collared 5 metres to the north of ML-525. This hole intersected a strongly altered, dravitic basal sandstone column, enriched in uranium and key pathfinder elements such as boron, lead, nickel and arsenic. The initial 35 metres of basement rocks were largely altered graphitic pelites. A 3.0-metre interval near the base of this unit assayed 0.052% U3O8. This interval correlates well with a low-grade intersection (0.129% U3O8 over 1.0 metre) at the base of the graphitic pelites in ML-525.

ML-108 and -109 were collared along the Maverick corridor 50 metres east and west of ML-525 respectively. Both holes intersected the hanging wall side of the target. Although they did not intersect appreciable uranium mineralization, both holes intersected an illitic basal sandstone column enriched in uranium and boron, as well as multiple graphitic pelite horizons enriched in uranium (up to 500 ppm) and other metals.

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. Samples were analysed at the Saskatchewan Research Council Laboratory in Saskatoon.

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 and CEO

Contact Information

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