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VANCOUVER, B.C. -- Magnum Uranium Corp. ("Magnum") is pleased to announce high-grade drilling results from its San Rafael Uranium Project, Emery County, Utah. Magnum is in the process of earning an 80% interest in this joint venture property from its partner, Energy Metals Corp. (see Magnum news release dated December 5, 2006).
Results from the drilling are listed in the table below. The objective of this drill program is to test for step-outs on existing mineralized zones and discover new areas of additional high-grade uranium mineralization similar to those defining past resources and areas previously mined by Atlas Uranium and others. As of July 27, 2007, Magnum has completed 15 rotary drill holes, totaling 9,150 feet. Seven of the holes intersected ore-grade mineralization, including SR-3-07 with 6.5 feet of 0.907% eU3O8, SR-13-07 with 5.0 feet of 0.212% U3O8, and SR 11-07 with 2.5' of 0.418% eU3O8. Collectively, the seven holes align to define a northeast-trending zone of uranium mineralization, which currently is 2,600 feet long and open on both ends.
SAN RAPHAEL URANIUM PROJECT
2007 Significant Drill Results
From To Thickness Grade
Drill Hole (feet) (feet) (feet) (% eU3O8)
SR-1-07 490.0' 491.5' 1.5' 0.161%
SR-2-07 430.5' 431.5' 1.0' 0.127%
SR-2-07 479.5' 481.0' 1.5' 0.109%
SR-3-07 482.5' 484.0' 1.5' 0.186%
SR-3-07 487.5' 494.0' 6.5' 0.907%
SR-7-07 541.0' 543.0' 2.0' 0.379%
SR-11-07 204.0' 206.5' 2.5' 0.418%
SR-12-07 330.5' 331.5' 1.0' 0.210%
SR-13-07 345.0' 350.0' 5.0' *0.212%
* Denotes chemical assay by Energy Labs of Casper, Wyoming
The current drill program is approximately 50% complete and is expected to total 20,000 to 22,000 feet spread amongst 30 holes. Bob Beeman Drilling Company of Moab, Utah is conducting the drilling, and Jet West Geophysical Services LLC of Farmington, New Mexico is conducting the down-hole logging for gamma, spontaneous potential (SP), and resistivity. The goal of gamma logging is to determine where mineralization is located down the hole and what quantity is in place. A Mt. Sopris instrument was utilized, with the gamma portion of the down-hole logging tool calibrated to the uranium content by probing standardized test pits, located in Grants, New Mexico. In situ uranium grade, expressed as equivalent U3O8 ("eU3O8"), is calculated using uranium industry standard techniques for gamma log interpretation. Down-hole gamma log interpretation has historically been found to be an accurate representation of in situ grades for uranium mineralization in the San Raphael District as established by Atlas Uranium Corp. during their exploration and mining operations conducted in the district.
The San Rafael Project is located on the eastern flank of the San Rafael Swell, 15 miles west of Green River, Utah. The area was the site of mining and exploration for uranium and vanadium from the mid-1950"s until the 1980's. Uranium mineralization in this district occurs in high-grade zones within paleo-stream channels hosted in the Salt Wash Member of the Jurassic Morrison Formation. Historically, the district produced over 3.1 million pounds of uranium and 5.4 million pounds of vanadium.
John R. Carden, Ph.D., P. Geo., a Qualified Person as defined by National Instrument 43-101, is responsible for the technical information in this release.
About Magnum
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, as well as in Canada's Athabasca Basin.
ON BEHALF OF THE BOARD
"Craig T. Lindsay"
President & CEO
For additional information please contact:
Tel: 604.683.2507 Fax: 604.683.2506
E-mail:
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISSAPROVED OF THE CONTENTS HEREIN
This new release does not constitute and offer to sell or a solicitation of any offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act). Or any state securities laws and may not be offered or sold within the United States or to U. S. Persons unless registered under the U.S. Securities Act and applicable state securities, laws, or an exemption from such registration.
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