=======================================================================
Re: News Release - Wednesday, July 15, 2009
ESO Options Dona (formerly DNA) Gold Property on Monashee
Mountain, 65 Kilometers East of Vernon, B.C.
=======================================================================
ESO Uranium Corp. (TSX-V: ESO), the Company (ESO), is pleased to
announce that, subject to regulatory approval, it has completed an
option agreement to acquire a 100% interest in a 724.9 hectare mineral
property that covers a gold discovery made by El Paso in 1970. Further
claims have been staked on behalf of ESO, and under the terms of the
option agreement, to protect areas with anomalous gold values indicated
by earlier work, bringing the property size to a total of 1,388
hectares (3,429 acres).
The gold mineralization was found by prospecting and geochemical
surveys in the headwaters of tributaries of Monashee Creek and the
Kettle River, both early placer gold producers in the Province of
British Columbia. In the period 1971 to 1974 El Paso carried out a
programme of trenching and identified gold mineralization in a
stockwork of auriferous quartz-sulphide veinlets in a diorite sill and
the hosting argillite, limestone and volcanic rocks. Grades ranging
from trace to a high of 0.86 oz/s.ton (29.5 g/t) gold were returned in
sampling of the trench walls.
A low cost rotary percussion track drill was used to test part of the
area of the trenches and El Paso abandoned the property in the face of
onerous new mining tax increases inflicted by an NDP provincial
government. A soils geochemistry gold anomaly was located with
coincident silver-arsenic-lead values that had dimensions of greater
than 1600 meters by 1200 meters. This was confirmed in a larger 1992
geochemical soils programme by Phelps Dodge. The region was subject to
glaciation and the size of the soils anomaly may have been extended by
smearing or restricted by exotic cover brought over from outside the
mineralized bedrock.
The property lies centrally within one of the largest clusters of
anomalous values in stream sediments for gold and its typical
pathfinders, that was identified in the Regional Geochemical Surveys
carried out in a joint Federal and Provincial programme completed in
the last three decades. No major bedrock source has been identified to
date for the adjacent gold placer deposits, which represent a physical
expression of potential sources within their watersheds.
The option agreement has been made with Mr Harold Jones (90% interest)
and Opal Resources Canada Inc. (10% interest). The terms include a
payment of a total of $100,000 over 4 years and the issuance of a total
of 300,000 shares over 4 years and total work commitments of $400,000
over 4 years. A net smelter royalty of 2% is to be paid from production
and an advanced royalty of $30,000 per annum, deductible from the
royalty will be due on the anniversary of every year following the
exercise of the option. A 50% buyout of the royalty for $1,000,000 and
a right of first refusal for the remaining 50% are agreed.
ESO plans a programme of work this summer following receipt of permits
and the consultation required by the Province of British Columbia with
the three different Aboriginal groups that have announced land claims
interest in the area, according to advice from Mineral Titles. The
claims cover an area that was extensively logged and has old bush road
access.
B.Ainsworth, PEng BC, is the Qualified Person responsible for the
technical disclosure contained in this news release.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
Vice President, Exploration
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: info@esouranium.com
The TSX Venture Exchange has not reviewed nor accepted responsibility
for the adequacy or accuracy of the contents of this news release which
has been prepared by management. Statements contained in this news
release that are not historical facts are forward looking statements as
that term is defined in the private securities litigation reform act of
1995. Such forward looking statements are subject to risks and
uncertainties which could cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed in
the Company's filing with the Securities and Exchange Commission.
=======================================================================
Copyright (c) 2009 ESO URANIUM CORP. (ESO) All rights reserved. For
more information visit our website at http://www.esouranium.com/ or
send mailto:info@esouranium.com
=======================================================================
.
<
|
ESO Uranium Corp
|
|
EXPLORATION STAGE |
CODE : ESO.V |
ISIN : CA2691041057 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ESO Uranium is a uranium exploration company based in Canada. ESO Uranium holds various exploration projects in Canada. Its main exploration properties are CLUFF LAKE, MANDIN, CARSWELL, PATTERSON PROPERTY, CREE, HATCHET, MIKWAM, MARIETTA PROPERTY, TEELS MARSH PROPERTY, KLONDIKE PROPERTY, MATHISON LAKE (MATH), DONNA and HOOK in Canada. ESO Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.6 millions as of today (US$ 2.4 millions, € 1.7 millions). Its stock quote reached its highest recent level on December 29, 2006 at CA$ 1.48, and its lowest recent point on December 31, 2013 at CA$ 0.02. ESO Uranium has 13 052 777 shares outstanding. |