SOURCE: Ucore Uranium Inc.

April 12, 2007 16:30 ET

Ucore Uranium Options Additional Claims in Labrador

HALIFAX, NS -- (MARKET WIRE) -- April 12, 2007 -- Ucore Uranium Inc. (TSX-V: UCU) ("Ucore" or the "Corporation") is pleased to announce it has entered into an option agreement to acquire a 100% interest in a total of 13 claim units in two strategically located blocks in the Central Mineral Belt of Labrador.

The two claim blocks are contiguous to claims owned by Ucore and help consolidate its land package to approximately 14,000 hectares in this area. The two recently optioned blocks are located 4.2 km and 11 km east of Aurora Energy Resources' Jacques Lake deposit and are underlain by similar geology. In particular, the claim block, located 11 km from Jacques Lake, covers a narrow unit of the felsic pyroclastic rocks which host the majority of the Uranium mineralization on the Aurora ground to the west. Initial exploration, consisting of airborne radiometrics and magnetics, is planned for early summer, prior to carrying out a prospecting/geology survey. There has been no known previous work done on these claims.

Under the terms of the option agreement, the Corporation can earn a 100% interest by paying a total of $17,000 and 24,000 common shares to the Vendors over a period of two years. The Vendors will collectively retain a 2% Net Smelter Return (NSR) on any future mineral production and the Corporation will have the right to purchase 50% of the NSR from the Vendors for a lump sum totalling $1,000,000.

The above agreement is subject to regulatory approval.

The Company's Qualified Person ("QP") is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for this release. Wayne Reid is the Vice President of Exploration for Ucore Uranium Inc.

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Corporation expects, are forward-looking statements. Although the Corporation 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.

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

(Not for dissemination in the United States of America)

Contact Information

  • For further information please contact:

    Mr. Jim McKenzie
    President and Chief Executive Officer of the Corporation
    Telephone: (902) 482-5214
    Fax: (902) 492-0197