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VANCOUVER, B.C. -- Magnum Uranium Corp. ("Magnum" or the "Company") is pleased to announce high-grade results from Phase II drilling at its San Rafael Uranium Project, Emery County, Utah. As of the completion of this round of drilling, Magnum has met the work expenditure commitments required to earn an undivided 65% interest in this property from its joint venture partner, Energy Metals Corp. (see Magnum news release dated December 5, 2006).
The objective of the Phase II drill program was to step-out 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. Magnum's Phase II program comprises 15 rotary drill holes, totaling approximately 12,000 feet, with spot coring through some of the mineralized zones.
SAN RAFAEL URANIUM PROJECT
Significant Phase II Drill Results
| |
From |
To |
Thickness |
Grade |
U 3O8Lbs/Ton |
 |
| Drill Hole |
(feet) |
(feet) |
(feet) |
(% eU 3O8) |
|
| SR-09-07 |
495.0’ |
499.0’ |
4.0’ |
0.448% |
9.6 |
| SR-10-07 |
506.0’ |
509.0’ |
3.0’ |
0.176% |
3.5 |
| SR-14-07 |
506.5’ |
507.5’ |
1.0’ |
0.121% |
2.4 |
| SR-15-07 |
800.5’ |
804.5’ |
4.0’ |
0.470% |
9.4 |
| |
813.5’ |
814.5’ |
1.0’ |
0.125% |
2.5 |
| SR-22-07 |
825.5’ |
826.5’ |
1.0’ |
0.139% |
2.8 |
| SR-24-07 |
773.5’ |
776.5’ |
3.0’ |
0.066% |
2.1 |
| SR-25-07 |
838.0’ |
842.0’ |
4.0’ |
0.161% |
3.2 |
| SR-27-07 |
827.0’ |
831.0’ |
4.0’ |
0.356% |
7.1 |
| SR-29-07 |
842.0’ |
843.5’ |
1.5’ |
0.124% |
2.5 |
Six of the holes totaling 3,549 feet were drilled into a mineralized zone referred to as the "North Jackrabbit", including SR-9-07 with 4.0 feet of 0.448% eU308 and SR-10-07 with 3.0 feet of 0.176% eU3O8. The North Jackrabbit Zone lies just north of the open ended, 2,600-foot-long, northeast-trending Jackrabbit Zone of high--grade mineralization previously identified during the Phase I drilling (see news release dated August 10, 2007). The other 9 remaining holes, which total 8,450 feet and include SR-15-07 with 4.0 feet of 0.470% eU3O8, SR-27-07 with 4.0 feet of 0.356% of eU3O8, and SR-25-07 with 4.0 feet of 0.161% eU3O8, were drilled into the western half of the "Deep Gold" uranium deposit to test for multiple zones of high-grade mineralization discovered by Pioneer Uravan in the early 1980's.
The gamma portion of the down-hole logging tool was calibrated to the uranium content by probing standardized test pits, located in Grand Junction, Colorado. Probe work was performed by Century Geophysical and Jet West Geophysical Services. 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 Rafael District as established by Atlas Uranium Corp. during their exploration and mining operations conducted in the District.
The San Rafael Uranium Project is located 10 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 early 1980's. Uranium mineralization in this District occurs as Trend-type Deposits within paleo-stream channels in the Salt Wash Member of the Jurassic Morrison Formation. Historically, the District produced over 4.0 million pounds of uranium and 5.4 million pounds of vanadium. Magnum has commissioned an external qualified geologist to perform 43-101 compliant reports on the three historic drill-defined resources on the property (the Down Yonder, Deep Gold, and 4484 deposits). These reports will be released as they are completed.
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: 604.683.2505 Fax: 604.683.2506
E-mail: info@magnumuranium.com
THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE CONTENTS HEREIN.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of 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 is available.
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