Landmark Minerals Inc.

Landmark Minerals Inc.

November 08, 2006 12:00 ET

Landmark Options 70% Interest in Peter Snout Property to Ucore Uranium

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 8, 2006) - Landmark Minerals (TSX VENTURE:LML) is pleased to announce that, subject to regulatory approval, it has entered into an agreement with Ucore Uranium Inc. (TSX VENTURE:UCU) whereby Ucore has the option to acquire a 70% joint venture interest in the Peter Snout uranium property in southwestern Newfoundland.

The 1,650 hectare Peter Snout property is located in the heart of the Hermitage uranium belt in southwestern Newfoundland being explored by Ucore, Commander Resources, and Bayswater Uranium. The property has the highest values of uranium in lake sediments in the entire area, and the drainage pattern suggests that the source area of the anomalous uranium is within the Peter Snout property (see Landmark news release 4 October, 2006).

Under the agreement, Ucore is assuming Landmark's remaining cash and share payments to the underlying claim owner to earn 70% of the 100% interest that Landmark had previously agreed to acquire from an independent third party (see Landmark news release 13 March, 2006). Landmark will then have a 30% interest under a joint venture with Ucore. Ucore has the further right, under certain conditions, to purchase Landmark's 30% interest for C$100,000 and 250,000 Ucore shares, and reimbursing Landmark's share of joint venture exploration costs, leaving Landmark with a 2% NSR. Ucore will have the right to reduce Landmark's 2% NSR to a 1% NSR by paying C$1,000,000. An existing 2.5% NSR payable to the underlying owner may be purchased for $1,000,000.

"We are looking forward to exploring the Peter Snout property with Ucore," said Harmen Keyser, President of Landmark. "Ucore already had claims adjoining our property, and they have a large exploration program currently underway in that area. This agreement allows Ucore to advance the property at no further cost to Landmark until their 70% interest is earned. We hope that Ucore's local knowledge and skilled exploration team will result in a new discovery at Peter Snout."

"Peter Snout is a key property in the Hermitage uranium belt. It adds substantially to our current portfolio of high-quality uranium prospects in Newfoundland," said Dan Whittaker, President of Ucore. "We will be aggressively exploring for the source of the anomalous lake sediments with our detailed airborne geophysical survey currently underway."

Landmark Minerals is a junior uranium exploration company based in Vancouver, Canada with nine properties in Quebec, Newfoundland, Northwest Territories, and Yukon, Canada. Landmark is continuing to cooperate with Sahara Resources Inc. to restore six prospecting permits in Algeria, and is seeking additional uranium exploration opportunities in jurisdictions offering secure mineral title.


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.
    (604) 801-5432
    (604) 662-8829 (FAX)