Uranium Power Corp.
TSX VENTURE : UPC

Uranium Power Corp.

July 07, 2005 09:30 ET

U.S. Energy and Uranium Power Corp. Commence Drilling at Sheep Mountain

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 7, 2005) - Chris Healey, P. Geo., Project Manager for the Sheep Mountain Joint Venture and Director of Uranium Power Corp. (TSX VENTURE:UPC), is pleased to announce that drilling has commenced on the Sheep Mountain Property, Wyoming. A total of 20,000 feet of drilling is budgeted, for a planned total of 30 drill holes.

This drill program will test for extensions to the mineralization in areas where prior owners of the property published historical resource data which does not meet National Instrument 43-101 standards. The program will also test for mineralized zones in stratigraphically deeper trends where historical data indicates that drilling by Western Nuclear in 1977 intersected zones of 13.5 feet grading 1.49% U3O8 and 8.0 feet grading 0.81%. These two intersections are located approximately 1500 feet apart down dip on the same trend in the area to be explored with a view of assembling additional information for publication to the standards set out in National Instrument 43-101.

U.S. Energy Corp., the operator of the program and the optionor of the property to Uranium Power Corp. is in possession of logs for all of this earlier drilling. The deeper zones have not been systematically tested nor have they been included in any historical resource estimation. Current interpretations indicate that this and other trends have the potential to expand the existing mineralized areas believed to exist on the Sheep Mountain property. The operator's own drilling rig and crews are carrying out the drilling.

Stewart Wallis, P. Geo., of Roscoe Postle Associates Inc., is the qualified person for this project under National Instrument 43-101, for purposes of Uranium Power's disclosures under Canadian securities laws.

URANIUM POWER CORP.

Rahoul Sharan, President

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration in available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact Information

  • Uranium Power Corp.
    Rahoul Sharan
    President
    (604) 689-1810
    (604) 689-1817 (FAX)