Magnum Minerals Corp.
NEX BOARD : MM.H

Magnum Minerals Corp.

July 07, 2005 15:02 ET

Magnum Stakes Claim Block in the Morrison Formation of Southeastern Utah

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - Magnum Minerals Corp. ("Magnum") (NEX:MM.H) is pleased to announce that its wholly owned subsidiary, Magnum Minerals USA Corp., has completed the staking of 59 lode mining claims in the Little Egypt Uranium District of Southeastern Utah. This area, located about 21 miles south of Hanksville, covers the boundary between the middle and lower sequence of the Salt Wash Member of the Jurassic Morrison Formation. This unit was identified by a N.U.R.E (National Uranium Resource Evaluation) Program Report on the Salina Quadrangle as the key stratigraphic horizon for uranium and vanadium mineralization and production in the immediate area.

The claims lie in an area of Garfield County that has seen small, but high-grade production from shallow open-pit and underground workings. Mineralization identified by Magnum geologists in the field includes a combination of the primary radioactive minerals pitchblende and coffinite as well as secondary carnotite occurring as yellow coatings associated with the primary minerals. The uranium mineralization occurs in gray carbonaceous mudstone and gray-brown sandstone containing coalified plant debris and trashy organic material associated with distributary paleochannels and overbank deposits of the Salt Wash Member.

Norm Eyolfson, Magnum's President, states; "This is the second sandstone uranium property that has been staked by Magnum within the last several weeks, both of which contain shallow uranium mineralization in former producing areas. This land package fits our corporate strategy of building a stable of viable uranium properties that are geologically sound and permissive for adding ore-grade mineralization at shallow depths. Our geologists are focused on developing additional low cost uranium opportunities to add to our growing portfolio."

On Behalf of the Board of Directors

MAGNUM MINERALS CORP.

Norm Eyolfson, President

The TSX Venture Exchange has neither approved or dissaproved of the contents herein.

Contact Information

  • Magnum Minerals Corp.
    Norm Eyolfson
    President
    (416) 604-7620
    (604) 683-2506 (FAX)