Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

July 19, 2007 10:57 ET

Uranium Bay Resources Outlines Initial U308 Results From Uskawanis Uranium Property, Quebec

MONTREAL, QUEBEC--(Marketwire - July 19, 2007) -

- Chemical analysis from surface samples returned results over 10,000 ppm U308 or over 1% U308

- Above average "Total Radioactivity" ranging up to 65,535 counts per second on ground spectrometer readings

- 6 km by 2 km radioactive anomaly delineated

Uranium Bay Resources Inc. (TSX VENTURE:UBR) is pleased to update its shareholders on the initial results of its June 2007 exploration program on the Uskawanis property situated south-east of the town of Radisson, in the James Bay region of Northern Quebec.

Work completed to date

The campaign was initiated in early June 2007 and mobilized a team of 20 people including 4 geologists. The ground team screened each outcrop in the area and conducted a systematic 250 meter spacing soil survey. Samples were sent to Actlab Inc. in Lancaster, Ontario for full range ICP-MS analysis. GPR Geophysics Inc. executed the airborne, 125 meter spacing, radiometric, VLF-EM and magnetic survey. Initial results from the geophysics enabled immediate correlations with geological observations, eU3O8 values (or ppm equivalent U3O8 as defined by the CIM Best Practice Guidelines, 2003) on the outcrops, as well as rapid follow-up by the ground crews. High eU3O8 outcrops were drilled using Pionjar portable drills, then, using of RockTek's Rockkracker™, grab samples from each "pad" or sample site were blasted to obtain fresh samples.

On the Uskawanis property, the U3O8 bearing host lithology has been identified and is associated with granitoid rocks and is by far the main lithology on the property. Within several days of work, the crews identified pitchblende. Although eU3O8 values vary over the area; values in the upper thousands are not uncommon and clearly indicate the host rock is most fertile. All eU3O8 to eThO2 (or ppm equivalent ThO2) ratios are greater than 2, especially in the higher eU3O8 ppm suggesting that pitchblende is the dominant uranium mineral.

Results to date

Geophysical analysis enabled the delineation of a 6 km by 2 km radioactive (granitic) pegmatite in the western part of the property. Ground spectrometer examinations constantly indicated pegmatite with considerably above average uranium content. Total radioactivity (in cps) ranged from 500 to 65,535 cps. Initial results from the chemical analysis returned over 10,000 ppm U3O8. Grab samples from each pad were sent to ALS-Chemex laboratories in Val D'Or for further quantitative analysis.

A number of results are still pending, but U308 assay results that are currently available are disclosed in the following table:


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SAMPLE U308 SAMPLE U308
LOCATION ppm % lbs/ton LOCATION ppm % lbs/ton
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Pad 15/Grab 1 84.5 0.008% 0.17 Pad 40/Grab 12 30.3 0.003% 0.06
Pad 15/Grab 2 12.6 0.001% 0.03 Grab 2015 362.0 0.036% 0.72
Pad 15/Grab 3 390.0 0.039% 0.78 Pad 41/Grab 1 9.1 0.001% 0.02
Pad 15/Grab 4 44.0 0.004% 0.09 Pad 41/Grab 2 5.4 0.001% 0.01
Pad 25/Grab 1 29.1 0.003% 0.06 Pad 41/Grab 3 81.3 0.008% 0.16
Pad 25/Grab 2 42.9 0.004% 0.09 Pad 41/Grab 4 15.9 0.002% 0.03
Pad 25/Grab 3 61.2 0.006% 0.12 Pad 41/Grab 5 82.1 0.008% 0.16
Pad 25/Grab 4 22.3 0.002% 0.04 Pad 41/Grab 6 21.5 0.002% 0.04
Pad 25/Grab 5 8.0 0.001% 0.02 Pad 41/Grab 7 25.3 0.003% 0.05
Pad 25/Grab 6 6.8 0.001% 0.01 Pad 41/Grab 8 215.0 0.022% 0.43
Pad 25/Grab 7 201.0 0.020% 0.40 Pad 42/Grab 1 50.4 0.005% 0.10
greater greater greater
than than than
Pad 40/Grab 1 10,000 1% 20 Pad 42/Grab 2 42.7 0.004% 0.09
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Pad 40/Grab 1B 1,100.0 0.110% 2.20 Pad 42/Grab 3 200.0 0.020% 0.40
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Pad 40/Grab 2 134.5 0.013% 0.27 Pad 42/Grab 4 157.5 0.016% 0.32
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Pad 40/Grab 3 276.0 0.028% 0.55 Pad 42/Grab 5 162.5 0.016% 0.33
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Pad 40/Grab 4 86.6 0.009% 0.17 Pad 42/Grab 6 980.0 0.098% 1.96
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Pad 40/Grab 6 730.0 0.073% 1.46 Pad 42/Grab 6A 3,020.0 0.302% 6.04
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Pad 40/Grab 7 369.0 0.037% 0.74 Pad 42/Grab 7 232.0 0.023% 0.46
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Pad 40/Grab 8 391.0 0.039% 0.78 Pad 42/Grab 8 311.0 0.031% 0.62
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Pad 40/Grab 9 460.0 0.046% 0.92 Pad 42/Grab 9 233.0 0.023% 0.47
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Pad 40/Grab 10 29.0 0.003% 0.06 Pad 42/Grab 10 450.0 0.045% 0.90
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Pad 40/Grab 11 39.4 0.004% 0.08
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Mr. Bernard Tourillon, UBR's President and CEO commented: "(...) We are extremely pleased by the results we see today (...) especially so early in the exploration of this property. The Board of Directors and the management will evaluate the possibility of accelerating the exploration program on Uskawanis. (...). In light of these U3O8 results, the process of acquiring further claims just south of our findings has been initiated by the Company."

Mr. Eric Hurtubise P. Geo, a UBR Director added: "(...) The current results lead us to think that the Property could have the potential to host a Rossing-style deposit. Our revised work hypothesis is now aimed at confirming the abundant lower grade uranium that we encountered to date. (...) (Rossing is one of the largest open pit uranium mines in the world operated by Rio Tinto (LSE: RIO) (NYSE: RTP). The deposit at a grade of 0.025% U3O8 is the world's fifth largest producer of uranium and accounts for nearly 8% of the current total world uranium production. The host rock is an alaskite or (granitic) pegmatite.). We can compare our results to other junior resource companies that are seeking similar mineralization like Uracan Resources (TSX VENTURE:URC) with its Quebec North Shore project and/or Pele Mountain (TSX VENTURE:GEM) with its Elliot Lake project in Ontario. (...)"

Mr. Eric Hurtubise, P. Geo., Director, a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

ON BEHALF OF THE BOARD OF DIRECTORS

(s) Marcel Drapeau

Chairman of the Board



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 56,823,642 shares outstanding. The Company holds 100% of several U3O8 mineral exploration properties including the 164 km2 Uskawanis Lake property located just south of the Opinaca reservoir in the Quebec James Bay area and the five properties totalling 197 claims covering the Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims) and Maurice (19 claims) properties located in the Wakeham area, in eastern Quebec.

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.

Contact Information

  • Uranium Bay Resources Inc.
    Bernard J. Tourillon
    President
    514-846-3271
    or
    PaRadox Public Relations
    Eric Leboeuf
    514-341-0408 or 1-866-460-0408