Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

June 17, 2008 10:04 ET

Uranium Bay Commences 2008 Uskawanis Field Campaign

5,000 Metre Helicopter Supported Drilling Programme Scheduled to Start Middle of July 2008

MONTREAL, QUEBEC--(Marketwire - June 17, 2008) - Uranium Bay Resources Inc. (TSX VENTURE:UBR) is pleased to inform its shareholders that a UBR technical team, led by its Exploration Manager and Technical Director, Mr. Viv Stuart-Williams, has started the summer 2008 field campaign on its wholly owned 314 km2 Uskawanis Uranium Property ("UUP") situated SE of Hydro-Quebec's Opinaca Hydroelectric Reservoir along the Eastmain River, 180 km SE of Radisson, Quebec.

Objectives of the summer 2008 Field Campaign

Initial field work will centre on prioritizing the more than 40 uranium anomalies (targets) identified by Mr. Geoff Campbell of GAP Geophysics, (refer to news release dated June 9, 2008). This will be followed by mapping, identification of structural controls, preliminary radiometrics, etc, as required.

Following the completion of the initial field programme, a 5,000 metre minimum drilling programme is scheduled to commence middle July 2008. The goal of the drilling will be to determine and provide preliminary delineation of any resource potential on the concession.

During the drilling, all boreholes will be logged using down the hole spectral scintillometer so that values of eU (estimated Uranium) and eTh (estimated Thorium) can be determined reliably very shortly after drilling.

All contracts for the drilling and drilling support are completed and deposits have been paid to the contractors. Up dates on the advancement of the programme will be made on a regular basis.

Background to the UUP

The UUP is being prospected for Rossing style uranium mineralization, and work done during the 2007 exploration season has confirmed that Rossing style uranium mineralization is present on the UUP.

The Rossing deposit (in Namibia - south-western Africa) is a very large low grade uranium deposit (with associated thorium) that is mined as an enormous open-pit operation. Average mining grade at Rossing is 0.25 kg/t (250) ppm uranium.

The principal exploration target at Uskawanis is large intrusive mineralized alaskitic (pale to white) pegmatites. These pegmatites must be both intruded and emplaced in close proximity (emplacement is metasomatism (alteration) of the host rock to pegmatite) to create adequate mining volume and hence tonnage.

This type of occurrence will give widespread airborne radiometric anomalies for uranium and thorium as mineralized pegmatites can be spread over a large area (100's km2). Exploration involves finding core areas where the uranium grade is high and pegmatites and emplacement are well developed.

Average uranium levels in a granite are 3 to 4 parts per million (3 to 4 ppm). Uranium levels in alaskitic pegmatites that are x25 background (between 75 ppm to 100 ppm) are significant and could be suitable for mining, dependant on the mineralogy of the material.

Other Rossing style mineralization projects include the Forsys Metal Corp (TSX: FSY) Valencia project (117 Mt @ 0.016 % or 160 ppm) and the Bannerman Resources Limited (TSX: BAN) Goanikontes project (161.4 Mt @ 0.0203% or 203 ppm), both in Namibia.

Mr. Bernard Tourillon, UBR's President and CEO, comments:

"Twelve months ago UBR implemented an aggressive exploration strategy following the acquisition of the Uskawanis Uranium Project, a grass root exploration project. Since then, our methodical and scientific approach to Uranium exploration in the James Bay region has enabled the Corporation to be the first company to have identified Rossing style mineralization outside of Namibia, and the technical reports completed to date present in a clear and concise manner the important milestone Uranium Bay has reached in its stated goal of delineating a large scale Uranium deposit."

Furthermore,

"UBR has clearly demonstrated the widespread nature of the uranium mineralization at Uskawanis (as expected from the Rossing model for uranium genesis and it has confirmed the presence of a substantial number of good size uranium targets (again expected with the Rossing model). This supports our belief in the potential for significant mineralization at the Uskawanis Uranium Property (UUP)."

Note:

Mr. Vivian Stuart-Williams, (SACNASP), a Director of the Company and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

About Uranium Bay Resources Inc.

Uranium Bay Resources Inc. is a Canadian based junior resource and exploration company trading under the symbol UBR on the TSX Venture Exchange. The Company has 77,266,913 shares outstanding. The Company holds 100% of several U3O8 mineral exploration properties including the 314 km2 Uskawanis Uranium property located just south of the Opinaca reservoir, the 90 km2 Kauschiskach Uranium property located just 100 km NE of Radisson in the Quebec James Bay area of northern Quebec, and the five properties totalling 197 claims covering the Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and Bloc extension 06 (16 claims) properties located in the Wakeham area, in eastern Quebec. In addition the Company holds two Namibian concessions known as Gunib and Grootfontein.

This news release contains forward-looking statements reflecting Uranium Bay objectives, estimates, expectations and the impact of acquisitions on Uranium Bay's financial performance. These statements are identified by the use of verbs such as "believe", "anticipate", "estimate", and "expect" as well as by the use of future or conditional tenses. By their very nature, these types of statements involve risks and uncertainty. Consequently, reality may differ materially from Uranium Bay's projections or expectations.

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Uranium Bay Resources Inc.
    Bernard J. Tourillon
    President and CEO
    514-846-3271
    Toll-free 1-888-666-3431
    or
    Uranium Bay Resources Inc.
    Guy Girard
    VP and CFO
    514-846-3271
    Toll-free 1-888-666-3431