RPT Uranium Corp.

RPT Uranium Corp.

October 24, 2007 07:30 ET

RPT Uranium Corp. Reports Additional Surface Assays From Sibley Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) - Dr. Hikmet Akin, President RPT Uranium Corp. (TSX VENTURE:RPT), announces the assay results of eight surface grab samples collected from the Frazer Creek uranium zone. The samples assayed from 0.025% to 1.486% U3O8, with an average of 0.519% U3O8. Diamond drilling is currently under way of the Frazer Creek and other newly discovered uranium-bearing zones on the same structural trend (see Press release dated Oct 17, 2007).

The Frazer Creek zone is located on the Malborne Lake claim block in the Sibley basin, northeast of Thunder Bay, Ontario. Malborne Lake is one of eight separate claim groups held by RPT in the Sibley basin, where the Company's land position totals 98,960 hectares (244,431 acres). An airborne radiometric-magnetic-EM survey is under way on the Malborne Lake and Dorion claim groups. The airborne survey will be followed by prospecting of anomalous areas, with additional ground follow-up work as weather permits.

Much of the Company's work in the Sibley basin has been concentrated on the Black Sturgeon East claim block, where the Split Rapids uranium zone has now been tested by over 100 drill holes. Highlights of the Split Rapids drilling, previously reported in news releases dated April 2, 2007 and July 9, 2007 include core lengths of 1.50 metres of 2.99% U3O8 (hole BS05-30), 0.72 metres of 4.68% U3O8 (hole BSE07-03) and 6.35 metres of 0.222% U3O8 (hole BSE07-31). Assay results from the summer 2007 diamond drilling program at Split Rapids are still pending.

The Sibley basin is a mid-Proterozoic age sedimentary basin that is of the same general age as the prolific Athabasca basin in Saskatchewan, home to the world's richest uranium deposits. There are significant geological parallels between the two basins. In addition to its obvious uranium potential, the Sibley basin has a well-developed road network and is close to population centres. This makes it a relatively simple and inexpensive region to explore, in contrast to the other mid-Proterozoic basins in Canada, none of which are road-accessible.

In addition to its flagship Sibley basin property, RPT has two active uranium projects in the Athabasca basin of Saskatchewan. A drill has now been mobilized to the Richards Lake property near the northern edge of the basin, and diamond drilling is expected to commence within a few days. The Richards Lake property is 30 kilometres long and covers an east-northeast trending structural corridor. The planned 2,500 metre drill program will test EM conductors from airborne surveys, coincident with multi-element rock geochemical anomalies, anomalous clay mineral alteration and cross-structures inferred from airborne magnetic data.

In the north-central part of the Athabasca basin is the Miller Creek property, in which RPT can earn a 70% interest from Duran Ventures Ltd. by making cash payments, issuing shares and spending $3 million. The Miller Creek claims cover an arm of the Black Lake Fault/Virgin River Shear, a major structural zone that transects the whole basin and is associated with substantial uranium mineralization at the Millenium Deposit of Cameco/Cogema. In addition to an airborne Megatem® survey, the company has recently completed a program of outcrop and boulder sampling. The approximately 700 samples that were collected will be analysed geochemically by ICP and fluorimetric methods, and mineralogically by IR/visible spectroscopy over the coming months.

RPT Uranium Corp. is well funded with over $19 million in cash and is aggressively pursuing exploration programs for high grade uranium deposits both in Sibley and Athabasca Basins in Canada. In addition, acquisition activities continue on a worldwide basis.

Assays quoted in this news release were performed at Loring Laboratories Ltd. of Calgary using fluorimetric and titrimetric methods. Technical information herein has been compiled and/or reviewed by Colin Bowdidge, Ph.D., P.Geo., vice-president of exploration for the company and a Qualified Person as defined in NI43-101.


Hikmet Akin, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

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

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