Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

July 08, 2008 10:07 ET

Uranium Bay Identifies 14 New Discrete Uranium Anomalies on the Wakeham Properties That Are Worthy of Follow-Up

MONTREAL, QUEBEC--(Marketwire - July 8, 2008) - Uranium Bay Resources Inc. (TSX VENTURE:UBR) is pleased to inform shareholders that Geoff Campbell, GAP Geophysics director, has completed the Wakeham geophysical report based on the summer 2007 helicopter airborne survey. Several significant uranium anomalies were identified.

Further to the receipt of these results, UBR's technical team has completed a preliminary ground follow-up indicating the presence of a significant zone of mineralization. A 1,000 m drilling programme will commence shortly to investigate this mineralization.

The interpretation map is attached to this press release and will be available on the UBR website at www.uraniumbay.com.

The highlights of the report are that:

- More than 14 discrete uranium anomalies have been identified;

- Several of these anomalies have significant length and area;

- Several semi-regional "halo" zones(1) of enhanced uranium activity have been mapped. There are numerous "hot-spot" zones".

- These "hot-spot zones" are up to 2,000 m longest (continuous) dimension; and

- The discrete radiometric anomalies outlined on the interpretation map are worthy of significant ground-follow-up interest.

(1) These areas are shown on the attached map as the large areas in the map with thin green horizontal or vertical lines.

Geoff Campbell previously commented that: "In this far north environment, radiometric results are best viewed as a high spatial resolution airborne geochemical sampling data set, where areas of prospecting interest are delineated on the basis of relative anomaly versus background responses, the latter multiple being of prime interest rather than absolute values", and he also said that "radiometric anomalies over uranium mineralized bedrock are heavily attenuated by water-saturated overburden and wholly attenuated over lakes of even modest depth. Transported overburden material generates a total blanking effect".

Subsequent to receipt of the GAP report UBR has completed a helicopter borne preliminary investigation of several of the key anomalies identified. The key anomalies investigated on the ground are associated with significantly mineralized granitic intrusives of monzo-granitic composition (quartz and feldspar rich).

On the basis of these results UBR plans on drilling, during July 2008, 1,000 m at Wakeham to investigate these anomalies.



Background to the Wakeham Project

The Wakeham sedimentary basin is located on the North Shore of the St. Lawrence River, in the Province of Quebec. It is 150 km long in a North-East direction and 100 km wide, in a North-West direction. It is accessible by a provincial road going to the towns of Havre
St-Pierre and Natashquan.

Two types of uranium occurrence are being prospected and have been identified:

- The first type has been found at four localities on the adjacent JOURDAN Resources property. The host rock has been identified as metamorphosed argillaceous sediment.

- The second type is associated with large faults that occur in the central and North-East part of the basin. These deposits could be similar to the uranium deposits that are being mined in the Athabasca Basin, Saskatchewan.

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

"The discovery of new, potentially significant, uranium mineralization on our Wakeham properties combined to the already identified, potentially significant uranium mineralization of our Uskawanis property will increase the visibility of UBR portfolio of uranium projects."

UBR driven, methodical and scientific approach to Uranium exploration confirm our leadership position in the Uranium exploration revival in the Province of Quebec, one of the best jurisdictions in the world for natural resource exploration.

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.

The TSX Venture Exchange (TSX-V) does not accept responsibility for the adequacy or accuracy of this release. 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 interpretation map is available at the following address: http://media3.marketwire.com/docs/Wakeham0708.pdf

Contact Information

  • Uranium Bay Resources Inc.
    Bernard J. Tourillon
    Chairman, 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