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Company finds some five million pounds of uranium in Guyana

Jan 23, 2009 News

A Canadian uranium exploration company has revealed that an independent consulting firm has completed a resource estimate for the Aricheng North and Aricheng South structures, located in the basement near the Roraima Basin in Guyana, where it was found that there is an indicated resource of 5.8 million pounds of uranium at an average grade of 0.10 percent, along with an additional inferred resource of 1.3 million pounds of uranium at an average grade of 0.09 percent.
In a press release issued to the media, President and Chief Executive Officer of U308 Corporation, Richard Spencer, said that the initial resource estimate is an important milestone and marks first of its basement – hosted uranium targets to advance to resource definition.
“Mineralization at Aricheng South and Aricheng North remains open for expansion, and further drilling has the potential to considerably increase this initial resource figure.
Our focus is now to determine whether other mineralized structures in the Kurupung Batholith can contribute to a significantly larger uranium resource,” the company’s president said.
It was explained that U3O8 Corp’s exploratory drilling has defined a number of uranium-bearing structures in the basement that could increase this initial resource.
Accori North C is the next structure with the potential to add a maximum number of pounds to the company’s uranium resource for the lowest drill metreage.
Uranium mineralization at Aricheng South and Aricheng North lies within fracture zones and breccias within the Kurupung Batholith in the basement, approximately five kilometres from the Roraima Basin.
U3O8 Corporation is a Canadian uranium exploration company based in Toronto, Canada.
Currently focused on uranium exploration in Guyana, the company’s primary business objective is to explore, develop and acquire uranium projects in the Americas.
The company is well-funded, with approximately US$10 million held solely in cash and Canadian-chartered bank-backed Guaranteed Investment Certificates.

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