SOURCE: Ucore Uranium Inc.

July 16, 2008 10:40 ET

Ucore Uranium Reports High Grade Rare Earth Drill Results From Lost Pond

VANCOUVER, BC--(Marketwire - July 16, 2008) - Ucore Uranium Inc. (TSX-V: UCU) is pleased to report the results of a three hole drill program completed in 2007 at the U3 grid on the Lost Pond uranium property in western Newfoundland.

The Lost Pond property straddles the Trans Canada Highway with forestry road access to the U3 grid area. All three holes intersected similar mineralization with a best intersection of 4.47% Rare Earth Oxide (REO) + Y2O3 over 5.64 m. The REO mineralization is outlined by two isolated magnetic highs with a combined strike length of 250 meters coincident with a larger radiometric high. The mineralization is associated with banded magnetite-hematite-chlorite rich units interlayered with a discrete altered ultramafic intrusive unit. True widths of the zones are not known, however, core angles on the alteration banding indicate the true widths should be approximately 75% of the drill widths. Intersections from the three holes, which were spaced 50 meters apart, are shown below.


Hole #     From (m)    To (m)    Interval (m)       Grade
                                                  REO + Y2O3
07-09       61.68      66.71       5.03 m            4.37%
 incl.      64.22      65.27       1.05 m           11.02%
07-10       63.55      69.19       5.64 m            4.47%
 incl.      65.97      67.97       2.00 m            8.19%
 and        75.96      77.46       1.50 m            4.95%
07-11       21.10      22.10       1.00 m            2.49%
 and        42.67      44.17       1.50 m            2.01%
 and        62.50      64.00       1.50 m            1.12%


The Rare Earth Elements (REE) include a total of 15 elements in the Lanthanide series of elements plus Yttrium. Grades are usually reported as calculated Rare Earth Oxides (REO). Rare Earths are used predominately in the manufacture of permanent magnets, metal alloys, batteries catalysts, and glass. Growth in demand over the past four years has exceeded 10% per year and growth is expected to remain strong at around 10% over the next few years.

The U3 intersections listed above include the analysis of all the REE, however, the lighter elements predominate. The most abundant REE, within these zones, include: Cerium (43.6% to 45.9%), Lanthanum (22.6% to 25.0%), Neodymium (17.2% to 19.7%) and Praseodymium (5.0% to 5.5%).

Jim McKenzie, Ucore's President and CEO, comments that, "These highly encouraging drill intercepts were identified as part of our ongoing uranium exploration efforts at Lost Pond. The high grade nature of the REO mineralization, multiple zones, proximity to infrastructure, and the well defined nature of the geophysical anomaly will allow for straight forward evaluation."

Wayne Reid, B.Sc., P.Geo., a technical advisor to Ucore, is the qualified person who is responsible for the technical accuracy of this news release. All analyses were performed by Activation Laboratories Ltd. of Ancaster, Ontario using industry accepted procedures.

Ucore Uranium Inc. is a junior exploration company focused on establishing uranium resources through exploration and property acquisition. With more than twenty active projects, Ucore's primary focus is the 100% owned Bokan Mountain uranium and rare earth element property in Alaska.

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 Ucore expects, are forward-looking statements. Although Ucore 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.


Contact Information

  • For more information, contact
    Dawn McKim
    Investor Relations
    Tel: (604) 484-9402

    Ucore Uranium Inc.
    Suite 520
    355 Burrard Street
    Vancouver, BC
    V6C 2G8