VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--May 10, 2006 -- Uranium Power Corp. ("UPC") (TSX VENTURE:UPC.V - News) is pleased to announce the addition of two new projects to UPC's joint venture with U.S. Energy Corp. ("USEG") and Crested Corp. ("Crested"), the Green River North and the Green River South projects. Both projects are located in Emery County, Utah. UPC will hold a 50% interest and, USEG and Crested will hold a 50% interest in the projects in accordance with their Mining Joint Venture agreement.
The Green River South project consists of 428 lode-mining claims and five State of Utah mineral leases. The property, previously known as the Sahara Property, was optioned by UPC from the Uranium Group ("UG"). Under this agreement, UPC has an option to earn a 70% interest by making payments of $585,000 and 200,000 shares of UPC stock, and committing to the expenditure of $1,365,000 for exploration and development activities over the next four years. UPC can earn a further 15% interest by paying UG an additional $300,000 and spending an additional $700,000 on exploration and development work. UPC, and USEG/Crested, will have equal ownership through the Mining Joint Venture of the interest in the Green River South project as earned by UPC.
Included in this property is the Sahara Mine, which has an historic estimate of approximately 500,000 pounds of uranium oxide (U3O8) with an average grade of 0.23% U3O8 per ton of mineralized material. These resources were prepared before implementation of National Instrument 43-101. Recent independent verification of the data has not been performed and UPC has not completed sufficient exploration work to verify the historical estimate. The historical resources were prepared to industry standards at the time and are considered relevant today. UPC is not treating the historical estimates as NI 43-101 defined resources verified by a qualified person and they should not be relied upon. This estimate was reported by a previous operator of the property, Energy Fuels Inc. Approximately 450 holes were drilled on the deposit, delineating the first 1800 feet of the trend. All the logs for this drilling are in the possession of the Uranium Group.
Regional historic exploration drilling on the Green River South property indicates that a substantial number of exploration targets have already been developed, which will be subject to follow-up drilling. The Sahara mine is approximately 90 miles by paved road from U.S. Energy's Shootaring Canyon uranium mill.
The Green River North project consists of 10 lode-mining claims owned by U.S. Energy Corp. These claims cover the Deeper Gold deposit with an historic estimate of approximately 650,000 pounds U3O8 with an average grade of 0.23% U3O8 per ton of mineralized material. These resources were prepared before implementation of National Instrument 43-101.
The Deeper Gold deposit is approximately 110 miles by paved road from U.S. Energy's Shootaring Canyon uranium mill.
The parties plan to immediately commence the digitization of old drill logs for the Sahara and Deeper Gold deposits. This will be followed by drilling to confirm the old data, to test disequilibrium and to follow-up on mineralized intersections in old drilling.
Rahoul Sharan, President of Uranium Power Corp. commented; "We are pleased to announce another joint venture project between Uranium Power Corp and U.S. Energy Corp. With uranium prices continuing to rise in recent months to their highest levels in more than 20 years, we believe that the Green River project has the potential to yield significant production in the coming years. We plan to immediately commence further exploration and development work, along with mine permitting activities. We view the Green River project as a strategic acquisition that will complement our other projects in the Colorado Plateau, all of which are in close proximity to the Shootaring Canyon uranium processing mill."
News für Primärprojekt Sheep Mountain stehen bis Ende dieses Monats an.
Grüße THYATIRA
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