U3O8 Corp.
TSX VENTURE : UWE

U3O8 Corp.

May 07, 2008 09:00 ET

U3O8 Corp. Reports Uranium Assay Results From a Further 10 of 50 Planned Bore Holes at Aricheng South

TORONTO, ONTARIO--(Marketwire - May 7, 2008) - U3O8 Corp. (TSX VENTURE:UWE), a Canadian junior uranium exploration company, reports significant intercepts of uranium mineralization from 10 additional drill holes on the Aricheng South fault-breccia zone, located in Reconnaissance Permit A, Guyana, South America.

Dr. Richard Spencer, U3O8 Corp's President and CEO commented, "These assay results demonstrate the good continuity of uranium mineralization in the Aricheng vein-breccia, and confirm the location and orientation of a steeply plunging mineralized shoot. A recently completed VLF geophysical survey indicated that the Aricheng South structure may extend beyond the area drilled by U3O8 and additional drilling will be undertaken to test the grade of the structure in these areas."

The results reported today reaffirm U3O8 Corp's exploration model that uranium mineralization in the basement of the Roraima Basin is analogous to structurally controlled uranium adjacent to the Athabasca Basin in Saskatchewan and underscores the similarity of the two basins.

The assay results reported here are from 10 holes of an extended 50-hole, 9,000m, Phase III drilling program planned for the Aricheng South structure. Summary assay results from the first 10 holes in the 50-hole program were released on April 10th, 2008 and are available on SEDAR at www.sedar.com and at the company's website www.u3o8corp.com. Assay results from Phase I and II drilling at Aricheng South were reported on August 1st, 2007 and February 26th, 2008 respectively and are available on SEDAR at www.sedar.com and at www.u3o8corp.com. The objective of the 50-hole program is to determine whether a mineral resource can be defined for the Aricheng South structure. The 50-hole program is scheduled for completion in early June, 2008. If a resource estimate is justified, the estimate will be planned for completion in the last quarter, 2008.

Assay highlights form the 10 bore holes reported here include:



-----------------------------------------------------------------------
Intersection Grade
-------------------------------------------------------------
Estimated (i)lbs /
Bore hole Core true width short ton
number From (m) To (m) length (m) (m) % U3O8 U3O8
-----------------------------------------------------------------------
ARS-035 149.0 153.5 4.5 4.2 0.100 2.0
-----------------------------------------------------------------------
ARS-037 97.5 102.5 5.0 4.6 0.113 2.3
-----------------------------------------------------------------------
ARS-038 144.0 153.0 9.0 8.5 0.137 2.7
-----------------------------------------------------------------------
162.0 168.0 6.0 5.6 0.122 2.4
-----------------------------------------------------------------------
ARS-044 122.5 126.0 3.5 3.1 0.178 3.6
-----------------------------------------------------------------------
155.0 170.5 15.5 13.7 0.110 2.2
-----------------------------------------------------------------------
ARS-045 150.5 159.0 8.5 7.4 0.114 2.3
-----------------------------------------------------------------------
(i) Note: 1 short ton equals 2,000lbs or 0.907 metric tonnes


The location of drill holes relative to the ground scintillometer survey and previous drilling (results of which were released on August 1st, 2007, February 26th, 2008, and April 10th, 2008) is shown in Figure 1. Mineralization at Aricheng South occurs in two sub-parallel east-west trending fault-breccia zones in the Kurupung batholith. Figure 2 is a long section of uranium grade and thickness in the principal structure that has been traced over a strike length of 270m and to a depth of approximately 170m below surface. The principal structure dips approximately 60 degrees to the north and the mineralized zone varies in width from 4m to 34m. The location of the Aricheng South structure relative to other uranium targets in the Kurupung Batholith is shown in Figure 3.

Aricheng North

On completion of the 50-hole program at Aricheng South in June, 2008, two drill rigs will focus on Phase III close-spaced drilling at Aricheng North with the objective of providing sufficient data to determine whether a resource estimate is warranted. Current planning is that the resource estimate, if undertaken, would be completed by year-end.

Accori

A third rig is currently completing the final holes of a scout drilling or Phase I program on the Accori structures (Figure 3). Results from Accori are scheduled for release towards the end of May, 2008, and those results will be used to determine which of the four structures identified at Accori will be scheduled for further drilling after Aricheng North.

Roraima Basement Unconformity Program

Apart from the exploration in the Kurupung Batholith, described above, exploration of unconformity style targets in the escarpment of the Roraima Basin is advancing well and a full update on that component of U3O8 Corp.'s exploration strategy will be made later in May, 2008.

Quality Assurance & Quality Control

Half-core HQ samples from the Phase III drill program at Aricheng South were cut on site and delivered to ACME Laboratory's preparation facility in Georgetown, Guyana. Sample blanks and certified standards were inserted at an average frequency of 1 per 25 samples. Sample pulps were then shipped by ACME to their analytical facility in Vancouver, BC, Canada, for analysis for uranium by ICP-MS after hot, four-acid digestion.

Mr. Richard Cleath (M.Sc.), Vice President of U3O8 Corp., a Qualified Person within the definition of that term in National Instrument 43-101 of the Canadian Securities Administrators, had overall responsibility for all aspects of target selection and drilling of the Aricheng South target. Mr. Cleath has supervised the preparation of, and verified, the technical information in this release.



Table 1. Summary of significantly mineralized intercepts cut in the second
tranche of 10 bore holes (2,112m) from Phase III drilling undertaken in
March, 2008, on the Aricheng South target.

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Interval Grade
--------------------------------------------------------
Estimated
Hole No Core True
length Thickness (i)U3O8
From (m) To (m) (m) (m) U3O8% lbs/st
---------------------------------------------------------------------------
---------------------------------------------------------------------------
84.5 99.0 14.5 14.3 0.074 1.5
ARS-032 --------------------------------------------------------
116.5 120.5 4.0 3.9 0.105 2.1
---------------------------------------------------------------------------
ARS-035 149.0 153.5 4.5 4.2 0.100 2.0
---------------------------------------------------------------------------
80.0 97.0 17.0 16.7 0.070 1.4
--------------------------------------------------------
104.0 108.5 4.5 4.4 0.084 1.7
ARS-036 --------------------------------------------------------
119.0 121.0 2.0 2.0 0.101 2.0
--------------------------------------------------------
122.0 125.0 3.0 3.0 0.100 2.0
---------------------------------------------------------------------------
97.5 102.5 5.0 4.6 0.113 2.3
--------------------------------------------------------
ARS-037 103.5 112.5 9.0 8.3 0.078 1.6
--------------------------------------------------------
131.5 137.5 6.0 5.5 0.093 1.9
---------------------------------------------------------------------------
144.0 153.0 9.0 8.5 0.137 2.7
--------------------------------------------------------
154.0 168.0 14.0 13.2 0.081 1.6
ARS-038 ------------------------------------------------------------------
Including 162.0 168.0 6.0 5.6 0.122 2.4
------------------------------------------------------------------
175.5 195.5 20.0 18.8 0.075 1.5
---------------------------------------------------------------------------
162.5 164.5 2.0 1.9 0.107 2.1
--------------------------------------------------------
ARS-039 190.5 196.0 5.5 5.2 0.095 1.9
--------------------------------------------------------
202.0 206.0 4.0 3.8 0.097 1.9
---------------------------------------------------------------------------
ARS-040 151.0 152.5 1.5 1.4 0.085 1.7
---------------------------------------------------------------------------
ARS-041 164.0 166.5 2.5 2.5 0.068 1.4
---------------------------------------------------------------------------
122.5 126.0 3.5 3.1 0.178 3.6
--------------------------------------------------------
ARS-044 146.5 149.5 3.0 2.6 0.104 2.1
--------------------------------------------------------
155.0 170.5 15.5 13.7 0.110 2.2
---------------------------------------------------------------------------
123.5 125.0 1.5 1.4 0.141 2.8
ARS-045 --------------------------------------------------------
150.5 159.0 8.5 7.4 0.114 2.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(i) Note: 1 short ton equals 2,000lbs or 0.907 metric tonnes


To view Figure 1 please visit the following link: http://media3.marketwire.com/docs/uwe507figure1.pdf

To view Figure 2 please visit the following link: http://media3.marketwire.com/docs/uwe507figure2.pdf

To view Figure 3 please visit the following link: http://media3.marketwire.com/docs/uwe507figure3.pdf

About U3O8 Corp.

U3O8 Corp. is a Canadian junior mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin area of Guyana, South America, U3O8 Corp.'s primary business objective is to acquire, explore and develop uranium projects in the Americas. The Company is well funded with over $20.0 million held solely in cash and Canadian chartered bank-backed Guaranteed Investment Certificates. At current rates of exploration expenditure, the Company expects to be funded up until 2010.

The Company has exclusive uranium exploration rights in two permitted areas near the edge of the Roraima Basin in Guyana. The Permit Area A covers approximately 579,500 hectares, while the Permit Area B property covers approximately 750,900 hectares. Permit Area A covers mainly the basement to the adjacent Roraima Basin. The principal uranium target in Permit Area A is mineralization in intrusive rocks and in relatively narrow shear zones and associated veins. Permit Area B has the potential to host unconformity-style uranium deposits at the base of the Roraima Basin that are similar to those of the Athabasca Basin in Saskatchewan. For further information on the Company's properties, please refer to the technical report prepared for the Company by Dahrouge Geological Consulting Ltd. and dated September 15, 2006 as amended and restated December 12, 2006, available on SEDAR at www.sedar.com and on the Company's website www.u3o8corp.com. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Company's properties and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.



U3O8 Corp.
TSX-V: UWE
Shares outstanding -
Basic: 23,057,700
Fully diluted: 25,891,000


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