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ESO Signs Option Agreement For Nevada Uranium And Precious Metals
Property
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ESO Uranium Corp. (TSX-V: ESO) (the "Company") is pleased to announce
that it has signed an option agreement to acquire 36 claims located in
Mineral County, Nevada, known as the Marietta Property, which covers a
uranium bearing granitic intrusive with shear hosted
uranium-copper-silver-molybdenum mineralization. The property is
optioned from Western Geoscience Inc. and Kleinebar Resources Inc. in
consideration for payment of up to $450,000 and the issue of up to
600,000 common shares in the capital of the Company, which are due in
stages over a period of four years. The agreement is subject to the
acceptance of the TSX Venture Exchange.
The Marietta property was first mined for silver copper ores in the
late 1800's. Shear structures up to a few meters in width carrying
bornite and oxide copper were the principal source of ore mined. After
World War II it was discovered that these high grade ores carried
uranium values and were hosted in radioactive granitic intrusive. The
East flank of the intrusive terminates against extensional faulting
that dropped the adjacent shales and volcanic rock down and much of
this regional structure is obscured by piedmont gravels and sands that
lie on the west side of a small salar basin.
A drill campaign, reportedly carried out by Westinghouse in the 70's,
tested the regional structures. Several drill sites were located during
a site visit in 2007. Radioactivity exposed in a 1.5 meter wide shear
in the wall of a short adit above the area of drill sites was chip
sampled across the full width of the shear. The shear zone contained
some oxide copper and no sulphide mineralization was observed.
The values returned from the sample by a multi-element ICP analysis by
ALS Chemex returned 0.33% (6.6 lbs/st) uranium, greater than 1% lead,
0.9% zinc and 0.34% molybdenum. Radioactivity of the host granite was
noted at moderately anomalous levels throughout a 500 meter traverse
along a drill road cut into the granitic host rocks.
The company has staked a further 80 mineral claims in the vicinity of
the Marietta property and plans to conduct an initial programme of
ground radiometric surveys on the property.
For reference, the current spot price quoted by uxc.com for uranium
oxide is US$78 per pound of U3O8; an assay reported as 1.0% of U3O8 is
equal to 20 pounds of uranium oxide per short ton
-- the conversion of percent metal or metal oxide from percent
to pounds per short ton is done by multiplying the % value by 20.
Ben Ainsworth 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:
Tom Corcoran or Bob Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: info@esouranium.com
Please refer to the ESO Uranium website for further and updated
information.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Forward Looking Statements: The above contains forward looking
statements that are subject to a number of known and unknown risks,
uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward looking statements.
Factors that could cause such differences include: changes in world
commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to
regulations affecting the mining industry. Forward-looking statements
in this release include statements regarding future exploration
programs, operation plans, geological interpretations, mineral tenure
issues and mineral recovery processes. Although we believe the
expectations reflected in our forward looking statements are
reasonable, results may vary, and we cannot guarantee future results,
levels of activity, performance or achievements.
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Copyright (c) 2008 ESO URANIUM CORP. (ESO) All rights reserved. For
more information visit our website at http://www.esouranium.com/ or
send mailto:info@esouranium.com
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