U3O8 Corp.
TSX VENTURE : UWE

U3O8 Corp.

November 23, 2011 06:45 ET

U3O8 Corp's Infill Drilling Cuts 2m at 0.14% U3O8 & Further Confirms Continuity of Multi-Commodity Mineralization in the Southern Part of the Berlin Project, Colombia

Metallurgical Results Being Corroborated

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2011) - U3O8 Corp. (TSX VENTURE:UWE), a Canadian-based company focused on exploration and resource expansion of uranium and associated commodities in South America, reports on its Berlin Project in Colombia that:

  • assays from an additional five bore holes drilled in the infill program completed in the southern part of the project further confirm excellent continuity of uranium and multi-commodity mineralization;

  • positive, initial metallurgical test results are being corroborated for anticipated release in December, 2011; and

  • work is progressing well towards the completion, by year-end, of the first National Instrument 43-101 ("NI 43-101") resource estimate undertaken on the property since the historic 38 million pound ("mlb") uranium resource1 was calculated in 1981.

(1) The Berlin historic resource of 12.9 million tonnes at an average grade of 0.13% U3O8 (38mlb U3O8) is reported in Castano, R. (1981), Calcul provisoire des reserves geologiques de Berlin, sur la base des resultants des sondages, Unpublished Minatome report, 15p. As the 38mlb U3O8 historic estimate is based on only 11 widely-spaced drill holes, 20 trenches and three adits, it should not be considered a NI 43-101 compliant resource. The historic resource is regarded by U3O8 Corp. as merely an indication of the uranium resource potential of the southern 4.4 kilometres ("km") of a 10.5km long syncline (Figure 1) containing the Berlin mineralization. The historic resource did not include estimates for other commodities. U3O8 Corp. has now completed an infill drilling program with the aim of defining an interim multi-commodity mineral resource on the southernmost 3km of the Berlin trend.

"U3O8 Corp's drilling continues to demonstrate remarkable continuity of uranium, vanadium, and phosphate mineralization, accompanied by a suite of other metals that constitute potential by-products, throughout the southern part of the Berlin Project," said Dr. Richard Spencer, President and CEO of U3O8 Corp. "Furthermore, our trenching has confirmed mineralization in the northern part of the 10.5km trend at Berlin, where we plan to extend drilling in 2012 with the aim of delineating a truly world-class deposit. Results of initial metallurgical test work on the recovery of the different commodities have also been received on a composite sample derived from five bore holes. These positive test results are currently being corroborated and confirmed in a second sample comprised of ore from an additional 10 bore holes, and we expect to release these metallurgical results in December, 2011."

Table 1 – Assay Results from Drilling in the Southern Part of the Berlin Project

To view Table 1, visit the following link: http://media3.marketwire.com/docs/Table1Berlin.pdf.

U3O8 Corp. has now completed the planned exploration and infill drilling program of 82 bore holes (18,685 metres) that was designed to provide sufficient detail for an initial NI 43-101 resource estimate to be undertaken on the southern 3km of the Berlin Project. Assays from the 63 drill holes disclosed so far confirm excellent continuity of mineralization in the fertile layer at Berlin. Results from six trenches in the northern part of the 10.5km mineralized trend highlight the potential of the Berlin Project to contain a resource substantially in excess of the historic resource.

The mineralized layer in the Berlin Project occurs as a canoe-shaped fold that, in cross-section, has an asymmetric "U"-shape (Figure 3). In order to visualize the distribution of mineralization, Figure 4 shows the layer as an "unfolded", flat sheet and also marks the bore hole intercepts from which samples are currently undergoing metallurgical testing.

Quality Assurance and Quality Control ("QAQC")

Reference is made to U3O8 Corp's press release dated February 24, 2011, available on the company's web site at www.u3o8corp.com and on SEDAR at www.sedar.com, for a summary of the QAQC procedures utilized by U3O8 Corp.

Dr. Richard Spencer, President & CEO of U3O8 Corp., a Qualified Person within the definition of that term in NI 43-101 of the Canadian Securities Administrators, has supervised the preparation of, and verified the technical information in this release.

About U3O8 Corp.

U3O8 Corp. is a Toronto-based exploration company focused on exploration and resource expansion of uranium and associated commodities in South America – a promising new frontier for exploration and development. U3O8 Corp. has one of the most advanced portfolios of uranium projects in the region comprising NI 43-101 compliant resources in Guyana and Argentina to significant historic resources in Colombia.

For further information on U3O8 Corp's Berlin Project, refer to the technical report entitled "Review of Historic Exploration Data from the Uraniferous Black Shales of the Berlin Project and Chaparral Concession, Colombia: A guide to future exploration" prepared by Richard Spencer and Richard Cleath dated March 23, 2010 and available at www.sedar.com. Additional information on U3O8 Corp. is available on the company's web site at www.u3o8corp.com.

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, the timing of laboratory results and preparation of technical reports, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates and that the resource potential will be achieved on exploration projects, currency fluctuations, dependence upon regulatory approvals, and the uncertainty of obtaining additional financing and exploration risk. There is no assurance that the Berlin Project will add to U3O8 Corp's resource base in the short-term, or at all. 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.

To view Figure 1 – Map Shows the Location of the Trenches and Drill Platforms in the Berlin Project, please visit the following link: http://media3.marketwire.com/docs/U308_figure1.pdf

To view Figure 2 – Drill Platform Locations in the Southern Part of the Mineralized Trend at Berlin, please visit the following link: http://media3.marketwire.com/docs/u3o8corp_figure2.pdf

To view Figure 3 – Cross Section 4, please visit the following link: http://media3.marketwire.com/docs/u3o8corp_figure3.pdf

To view Figure 4 – Map of the "Unfolded" Mineralized Layer in the Southern Part of the Berlin Project, please visit the following link: http://media3.marketwire.com/docs/u3o8corp_figure4.pdf

To view the photo associated with this release, please visit the following link: http://media3.marketwire.com/docs/BerlinProject22.JPG

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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