Landmark Minerals Inc.
TSX VENTURE : LML

Landmark Minerals Inc.

November 21, 2006 09:01 ET

Landmark Minerals Inc.: Carrol's Hat Property Optioned to Ucore Uranium

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 21, 2006) - Landmark Minerals Inc. (TSX VENTURE:LML) is pleased to announce that, subject to regulatory approval, Ucore Uranium Inc. (TSX VENTURE:UCU) has signed an option agreement to explore the Carrol's Hat property in south-central Newfoundland.

The exploration target at Carrol's Hat is an intrusive-hosted, iron-bearing, breccia pipe enriched in copper, gold, and uranium. The property is underlain by lower Paleozoic clastic sedimentary rocks intruded by the Ackley granite. Geochemical values ranging from background up to 0.23% U3O8, 2 g/t Au, and 5% Cu in selected samples from narrow quartz stockworks and veinlets have been reported (see Landmark news release October 4, 2006). All of the known mineralization is hosted by the sedimentary rocks and is associated with magnetite veining. A distinctive gravity anomaly of 1.2 milligals flanking the west side of the mineralized veins is covered by hematite-stained granite boulders. The gravity anomaly closely coincides with radiometric and magnetic highs as well as lake sediments carrying anomalous concentrations of copper, uranium, zinc, and several rare earth elements.

Under the agreement between Ucore and Landmark, Ucore can earn an initial 60% of the 100% interest that Landmark had previously agreed to acquire in the Carrol's Hat property from an underlying vendor by (1) assuming Landmark's cash and share payments due to the vendor, and (2) conducting $500,000 of exploration within three years, with a minimum of $100,000 per year. Ucore has the further right to increase its interest from 60% to 70% by funding the next $1 million of exploration costs and paying to Landmark 100,000 shares within two years of earning its 60% interest. Landmark will then own the remaining interest under a joint venture with Ucore, with an existing 2.5% NSR in favour of the underlying vendor purchasable for $1 million. As part of this agreement, Landmark is assigning a 100% interest in the East River property to Ucore.

"We are pleased that Ucore will be exploring the Carrol's Hat property," said Harmen Keyser, President of Landmark. "We now have a skilled and aggressive partner working on all of our Newfoundland properties. This allows us to focus on new acquisitions as well as our other assets."

"Carrol's Hat is an exciting new addition to our portfolio of Newfoundland properties," said Dan Whittaker, President of Ucore. "This is a newly identified coincident gravity-magnetic-radiometric anomaly covered by hematite-stained boulders in an area of no outcrop flanked by uranium, copper, and gold-bearing veins. It has never been drill tested. We will be initiating a ground-based electromagnetic and induced polarization survey over the target area in the new year with an iron oxide-copper-gold model in mind."

Landmark Minerals is a junior exploration company focused on uranium with properties in Quebec, Newfoundland, Yukon and Northwest Territories, Canada. Landmark continues to cooperate with Sahara Resources Inc. to lawfully restore six prospecting permits in Algeria, and is seeking additional uranium exploration opportunities.

ON BEHALF OF THE BOARD OF LANDMARK MINERALS INC.

Harmen J. Keyser, P.Geol., President


The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

Contact Information

  • Landmark Minerals Inc.
    Harmen J. Keyser, P.Geol.
    President
    (604) 801-5432
    (604) 662-8829 (FAX)
    Website: www.landmarkminerals.com