MONTREAL, QUEBEC--(Marketwire
- June 4, 2009) - Strateco Resources Inc.
("Strateco") (TSX:RSC)(OTCBB:SRSIF)(FRANKFURT:RF9)
and Majescor Resources Inc. ("Majescor") (TSX VENTURE:MJX) are pleased to
announce the beginning of a drilling program at Majescor's
Mistassini Uranium property. The Mistassini property is host to the Lac
Mantouchiche uranium showing where Majescor drilled an 18.5-metre intersection grading
0.215% U3O8 near-surface in hole MIST-07-03. The
property is located in the Otish Mountains,
50 km southwest of Strateco's Matoush property.
The principal objective of the 600 m drilling program, scheduled to
start around June 9th, 2009, is to begin testing the strike and dip
extensions of the Lac Mantouchiche uranium
prospect. This drilling program is based on a target zone identified
from a 1,200 line-kilometre helicopter-borne geophysical survey
completed over the Mistassini property for Strateco
in January 2009. Fugro Airborne Surveys Corp.
carried out the survey.
The high resolution magnetic and electromagnetic survey was interpreted
by Jeremy S. Brett of MPH Consulting Ltd, and identified an ESE-WNW
trending km-scale structural lineament, coincident with the Lac Mantouchiche uranium showing. Drilling completed to
date at the Mistassini property, together with recently outlined
geophysical targets, confirm the uranium mineralisation potential of
the basement rocks near surface. The Mistassini property lies along the
Otish sedimentary basin's proposed SW
extension axis to the Papaskwasati basin, in
the vicinity of a major basement fold axis. The Mantouchiche
sedimentary outlier is entirely confined within the limits of the
property, near the main uranium prospect.
Under the terms of the agreement executed between Strateco
and Majescor on November 27th, 2008, Strateco can earn a 60% interest in Majescor's uranium rights on the property by
incurring $1.3 million in exploration expenditures over three years,
including a firm $500,000 commitment in Year 1. Strateco
has to date spent $530,000 in exploration work on the Mistassini
property as part of this agreement.
The Mistassini property, optioned by Strateco,
is comprised of 171 map-designated claims with a total surface area of
9,115 hectares. During the option period, Strateco
will be the sole operator for all uranium exploration and will have
full and exclusive access to the property. Northern Superior Resources
Inc., which holds 100% of the rights for diamonds and 50.5% of the
rights for all mineral substances other than diamonds and uranium on
the property optioned by Strateco, is
entitled to a 2.0% Yellow Cake Royalty on the Mistassini property.
This press release has been approved by Jean-Pierre Lachance,
P.Geo., Executive Vice President of Strateco
Resources Inc., and Marc-Andre Bernier, P.Geo.,
President and CEO of Majescor Resources Inc.,
both qualified persons as defined by National Instrument 43-101.
This press release contains forward-looking statements subject to
certain risks and uncertainties. There can be no assurance that these
statements will prove to be correct, and actual results and future
events could differ materially from those implied by such statements. These
risks and uncertainties are discussed in the annual report filed with
the securities commissions of Alberta, British Columbia, Ontario and
Quebec and in the 10-K annual report filed with the US Securities and
Exchange Commission.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE
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