Rampart Ventures Ltd.

Rampart Ventures Ltd.

August 10, 2005 18:52 ET

Rampart Drilling Continues on Sibley Basin Uranium Properties and Prospectors Discover Third Radioactive Zone Non-Brokered Private Placement Proposed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Rampart Ventures Ltd. (TSX VENTURE:RPT) is continuing to explore its Black Sturgeon uranium property in the Sibley Basin of northwest Ontario, after an interruption caused by the forest fire situation which forced the closure of access roads in late July.

Diamond drilling is continuing to test electromagnetic conductors defined by last winter's VTEM airborne survey. To date, all conductors tested have been caused by graphitic zones in Archean basement rocks. This is considered to be highly encouraging since graphite-bearing units in basement rocks are associated with all of the major unconformity-type uranium deposits in the Athabasca Basin of Saskatchewan; this association has led to electromagnetic surveys being the primary exploration tool for uranium in Proterozoic sedimentary basins. Rampart's current drill program is focussing on the eastern margin of the Sibley Basin, with a view to gaining information on basement geology before moving on to test targets in the basin proper.

In addition to diamond drilling, surface exploration is under way on a series of uranium occurrences known as the Split Rapids Zones. The original showing (Zone A) which was discovered in the 1980s by the Ontario Geological Survey, yielded historical assays on grab samples up to 12% U3O8. It is now joined by Zone B, 400 metres to the south which returned another high grade grab sample assay of 5.24% U3O8 (see July 4th, 2005 news release), and Zone C a new discovery, 500 metres southwest of and on strike with Zone A. Additional samples from the new occurrence have been sent for assay. Line cutting, ground geophysical surveys, geological mapping and detailed prospecting are under way in the area of the uranium occurrences.

Drill testing of the Split Rapids Zones will commence as soon as the detailed surface work is completed.

Technical information in this news release has been reviewed by Colin Bowdidge, Ph.D., P.Geo., a Qualified Person under National Instrument 43-101. For more information on the Company's Sibley Basin Project and the other prospective uranium projects held by Rampart, the reader can access the website www.rampartventures.com.

Rampart Ventures Ltd. announces that, subject to regulatory approval, it has negotiated a non-brokered Private Placement in the amount of 4,000,000 units of the Company's capital at a price of $0.25 per unit for total proceeds of $1,000,000. Each unit consists of one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share in the Capital of the Company for a period of one year from the closing date, at a price of $0.40 per common share. A finder's fee in cash and/or shares is payable in connection with the sale of the units.

The finances raised from the proceeds of this issuance will be used for general exploration expenses principally for the Sibley Basin project and for working capital.

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

Contact Information

  • Rampart Ventures Ltd.
    Brad Baker
    Corporate Development
    (604) 736-5005 ext. 240
    (604) 736-5004 (FAX)