SOURCE: Utah Uranium Corp.

August 09, 2007 12:52 ET

Utah Uranium Acquires the Hoopie Uranium Mine

MOAB, UT--(Marketwire - August 9, 2007) - Utah Uranium Corp. (the "Company")(OTCBB: UTUC) is pleased to announce it has signed an Agreement for the acquisition of a 100% interest in 10 mineral claims, consisting of approximately 200 acres, in Montrose County, Colorado, known as the "Hoopie" Mine property (the "Property").

The Property is located north of Slick Rock, Colorado, in the border area of the Gypsum Valley, Colorado, and the La Sal mining district of Utah. Cumulatively, the historic production from the Gypsum Valley, Slick Rock and La Sal mining camps exceeds 19.6 million lbs of Uranium and in excess of 131 million pounds of Vanadium.

The Hoopie Mine produced Uranium and Vanadium beginning in the early 1950s from the upper lens of the Morrison formation. Production was halted later that decade due to a severe thunder storm filling the mine entrance with silt. A small ore pile remains near the portal, which indicated strong radiometric readings when tested with a scintillometer (assays will be obtained at a later date). Additional work on the Property consisted of drilling in the early 1970s, for which log records are not available.

The ore grades at the "Hoopie" mine are higher in Vanadium than Uranium which is common throughout the history of production in the surrounding area. The Company will also be focusing exploration efforts on the lower lens of the Morrison formation, which carries additional potential to produce Uranium and Vanadium ore. A 30-hole drill program varying in depths from 300 to 800 ft will be designed to verify the ore body and to explore the lower lens of the Morrison formation.

Consideration for the acquisition of the Property consists of payment in stages a total of $375,000 and the issuance in stages of a total of 400,000 common shares of the Company. The Property vendors will also retain a net proceeds royalty of 4% of which 100% can be purchased for $1,000,000.

Utah Uranium Corporation is a Moab, Utah-based junior exploration and development company focused on both the systematic exploration of the Henry Mountain Basin, where Denison Mines is developing their flagship Henry Mountain mining complex, in concert with the acquisition of past producing uranium mines that can be brought back into production in the near term with low capital expenditure. All of the mines currently owned or in the acquisition pipeline are within economic haul distances of White Mesa Mill in Blanding, Utah. The white Mesa Uranium Mill is currently the only operating Uranium mill in the United States.

On behalf of the Board,

Peter Dickie, President

Cautionary note: This report may contain forward-looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specifically noted, are considered speculative. Unless otherwise stated, any and all resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

Contact Information