June 04, 2009 08:30 ET
MONTREAL, QUEBEC--(Marketwire - June 4, 2009) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9) and Majescor Resources Inc. ("Majescor") (TSX VENTURE:MJX) are pleased to announce the beginning of a drilling program at Majescor's Mistassini Uranium property. The Mistassini property is host to the Lac Mantouchiche uranium showing where Majescor drilled an 18.5-metre intersection grading 0.215% U3O8 near-surface in hole MIST-07-03. The property is located in the Otish Mountains, 50 km southwest of Strateco's Matoush property.
The principal objective of the 600 m drilling program, scheduled to start around June 9th, 2009, is to begin testing the strike and dip extensions of the Lac Mantouchiche uranium prospect. This drilling program is based on a target zone identified from a 1,200 line-kilometre helicopter-borne geophysical survey completed over the Mistassini property for Strateco in January 2009. Fugro Airborne Surveys Corp. carried out the survey.
The high resolution magnetic and electromagnetic survey was interpreted by Jeremy S. Brett of MPH Consulting Ltd, and identified an ESE-WNW trending km-scale structural lineament, coincident with the Lac Mantouchiche uranium showing. Drilling completed to date at the Mistassini property, together with recently outlined geophysical targets, confirm the uranium mineralisation potential of the basement rocks near surface. The Mistassini property lies along the Otish sedimentary basin's proposed SW extension axis to the Papaskwasati basin, in the vicinity of a major basement fold axis. The Mantouchiche sedimentary outlier is entirely confined within the limits of the property, near the main uranium prospect.
Under the terms of the agreement executed between Strateco and Majescor on November 27th, 2008, Strateco can earn a 60% interest in Majescor's uranium rights on the property by incurring $1.3 million in exploration expenditures over three years, including a firm $500,000 commitment in Year 1. Strateco has to date spent $530,000 in exploration work on the Mistassini property as part of this agreement.
The Mistassini property, optioned by Strateco, is comprised of 171 map-designated claims with a total surface area of 9,115 hectares. During the option period, Strateco will be the sole operator for all uranium exploration and will have full and exclusive access to the property. Northern Superior Resources Inc., which holds 100% of the rights for diamonds and 50.5% of the rights for all mineral substances other than diamonds and uranium on the property optioned by Strateco, is entitled to a 2.0% Yellow Cake Royalty on the Mistassini property.
This press release has been approved by Jean-Pierre Lachance, P.Geo., Executive Vice President of Strateco Resources Inc., and Marc-Andre Bernier, P.Geo., President and CEO of Majescor Resources Inc., both qualified persons as defined by National Instrument 43-101.
This press release contains forward-looking statements subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Strateco Resources Inc.Guy HebertPresident and Chief Executive Officer450-641-0775 or 1-866-774-7722450-641-1601 (FAX)firstname.lastname@example.orgStrateco Resources Inc.Jean-Pierre LachanceExecutive Vice President450-641-0775 or 1-866-774-7722450-641-1601 (FAX)email@example.comStrateco Resources Inc.Audrey Vezina AngusInvestor Relations450-641-0775 or 1-866-774-7722450-641-1601 (FAX)firstname.lastname@example.orgMajescor Resources Inc.Marc-Andre BernierPresident and Chief Executive Officer418email@example.comMajescor Resources Inc.Andre AudetChairman613-241-5333www.majescor.com
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