Nova Uranium Corporation
TSX VENTURE : NUC

Nova Uranium Corporation

December 10, 2007 11:42 ET

Nova Uranium Corporation: Fortune Uranium Property Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 10, 2007) - Nova Uranium (TSX VENTURE:NUC) is pleased to announce that it has signed a mineral property option agreement, dated November 23, 2007, to purchase a 100% interest in the Fortune Uranium Property. Nova is currently conducting field work to ready the property for drill testing in 2008.

Under the terms of the Agreement (which is subject to regulatory approval), Nova can purchase a 100% interest in the Property from the arm's length owner by paying an aggregate $25,000 and issuing an aggregate 160,000 common shares over two years; and undertaking an aggregate $150,000 of work expenditures on the Property over three years (the first year's commitment being $14,000, 100,000 shares and $50,000 of work expenditures). The property is subject to a 1% net smelter return (NSR) royalty retained by the owner, which may be purchased at any time for $500,000.

The Fortune Uranium property contains historical uranium showings which were discovered by Noranda and Soquem in the 1950's and 60's. Recent property evaluation work conducted by Nova has revealed that the property covers a region of numerous and consistent north trending, sub-vertical, uraniferous pegmatite dykes, which are semi-concordant with the Pre-Cambrian host rocks. These uranium enriched pegmatite bodies poke through the local soil cover and forming 'windows' of rock outcropping hills. One radioactive dyke has been traced over an estimated strike length of more then 1.2 kilometres. Analytical results of 29 rocks collected by Nova during an early property assessment has shown that the radioactive pegmatite dykes contain values of uranium oxide ranging from weakly anomalous to as high as 1.38 lbs/t (0.069%), with an estimated average of 0.61 lbs/t (0.031%). The Fortune Uranium project is a large, bulk tonnage uranium target that could be potentially be mined using low cost, open-pit mining methods.

The Fortune Uranium property is located about eight kilometres north of the St. Lawrence River. It consists of three claim blocks, totalling 66 claims, covering 3,864 hectares (9,548 acres) of private rural land and is criss-crossed by an excellent network of gravel and paved roads. The project is only a few kilometres north of the industrial community of Portneuf (50 kilometres west of Quebec City), which hosts a major cement quarry-plant facility (Saint-Basile) and the Alcoa aluminium smelter (Deschamault).

Don Moore, President of Nova states, "The Fortune acquisition by Nova represents the addition of another quality uranium exploration holding to the basket of properties that the company already has. This property has a logistically favourable location and is highly prospective as a large, bulk tonnage, and open pit opportunity. Our geological team has started fieldwork already at Fortune and we look forward to drilling the property in 2008."

About Nova Uranium

Nova now has a collection of four uranium properties throughout the mining friendly province of Quebec. The Fortune property nicely compliments our other three holdings which are in the Otish Mountain Uranium Basin, James Bay Uranium district and in the Mont Laurier district.

Mr. Michael Moore, PGeo is the qualified person who has reviewed the technical information contained in this news release on behalf of the Company.

Further information is available on the company's website www.Novauranium.com.

ON BEHALF OF THE BOARD

Donald G. Moore, Chairman, CEO and Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Nova Uranium Corporation
    Donald G. Moore
    Chairman, CEO and Director
    (604) 687-7178 or Toll Free: 1-800-398-5645
    Website: www.Novauranium.com