Uranium Bay Resources Inc.
TSX VENTURE : UBR

Uranium Bay Resources Inc.

September 19, 2007 10:21 ET

Uranium Bay Updates Exploration Program and Uranium Size Potential of Uskawanis Property

MONTREAL, QUEBEC--(Marketwire - Sept. 19, 2007) - URANIUM BAY RESOURCES INC. (TSX VENTURE:UBR) wishes to update shareholders on the progress of the exploration work being done at the Company's wholly-owned 314 km2 Uskawanis Uranium Property, in addition to the technical report being produced for the work done from June to August, 2007. At this time, the Company is also pleased to report on the potential size and grade ranges of the widespread and significant uranium mineralization encountered to date.

The initial portion of the exploration program completed between June and August 2007, encountered anomalous uranium in surface grab samples within a multi-kilometric corridor. Ground spectrometer readings varied from 500 counts per second (or cps) to 65,535 cps, and 30 ppm to 11,465 ppm equivalent uranium assay values (or eU); whereas the uranium chemical assay results received gave values up to 1% U3O8. The on-going work program consists of in-fill surface grab sampling at 50 m spacing in four sectors of higher grade uranium; a detailed spectrometer survey; and a diamond drilling campaign (minimum 7,500 m) slated to begin by mid-October. The objective is to test the full uranium resource potential of the first set of priority targets outlined earlier in the summer on the Property.

Two main areas of higher grade uranium mineralization have been identified to date within a 6 km by 2 km corridor (refer to the news release dated September 7, 2007, for a summary review). The A Zone consists of contiguous uranium concentrations greater than 0.031% U3O8 contained within a 1.5 km2 sector; whereas the B Zone, presents similar contiguous uranium concentrations contained within a 0.39 km2 sector. In addition, part of the pegmatites surrounding the A and B Zones have been identified as containing lower grades of uranium with U3O8 values less than 0.031% U3O8 obtained by chemical analysis. The following table summarizes the volumes of the uranium potential based on a 100 m depth potential to the mineralization:



---------------------------------------------------------------------------
VOLUMES
PARAMETERS VOLUMES A-B-PAD 27- TOTALS
A-B ZONES PAD 36
(SG - 2.67) (SG - 2.67)
---------------------------------------------------------------------------
HIGHER GRADE URANIUM
(greater than
0.031% U3O8)
---------------------------------------------------------------------------
SURFACE (m2) 1,890,000 2,050,000
---------------------------------------------------------------------------
DEPTH (m) 100 100
---------------------------------------------------------------------------
VOLUMES (tonnes) 500,850,000 542,520,000 1,043,370,000
---------------------------------------------------------------------------
LOWER GRADE URANIUM
(less than
0.031% U3O8)
---------------------------------------------------------------------------
SURFACE (m2) 4,780,000
---------------------------------------------------------------------------
DEPTH (m) 100
---------------------------------------------------------------------------
VOLUMES (tonnes) 1,267,490,000 1,267,490,000
---------------------------------------------------------------------------


The potential quantities and grades are conceptual in nature, and would range between 1 billion and 2.3 billion tonnes at grades less than 0.031% U3O8 or greater than 0.031% U3O8. The numbers are not part of any recognized National instrument (NI) 43-101 Mineral Reserve or Mineral Resource categories, and should not be relied upon. The grades have been assumed to be continuous within the mineralized zones, which as not been established at this time. It would be optimistic and risky to assume anything different, and to apply the grades over the mineralized zones at this stage of the exploration. There is no direct evidence that the potential quantities and grades (or any portion thereof) will ever be achieved at any time with additional exploration work. The intent here is only qualitative, in order to identify the potential of a significant mineralized system and that a major exploration program will be required to prove up any mineral resources.

Mr. Bernard Tourillon, UBR's President and CEO comments: (...) We are positively encouraged by the results we have been seeing since the beginning of our exploration campaign in June 2007 (...) The potential of the project identified by our technical team goes a long way in explaining the reasons why the Company believes that the Uskawanis Uranium Property may host bulk-type uranium mineralization similar to what is found in Namibia at the Rossing Uranium Deposit (...) The significant potential of the project more than justifies the decision to accelerate our exploration program (...) our objective of completing a minimum 7,500 meters of drilling by the end of December 2007 should help unlock and define the potential of this property (...).

The Rossing uranium bulk deposit and mine operation in Namibia hosts uranium mineralization in alaskites (or pegmatites) hosted in gneisses. The Company is currently focusing its work at confirming the kilometric sized surface higher and lower grade uranium areas in three-dimension for the resource potential. 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% (or 0.5 lbs/ton) U3O8 is the World's fifth largest producer of uranium and accounts for nearly 8% of the current total world U3O8 production.

Mr. Jean Lafleur, P. Geo., a Mineral Exploration Consultant and 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

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 59,418,642 shares outstanding (86,968,642 fully diluted). 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.

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
    Toll-free 1-866-460-0408