VANCOUVER, Feb. 17, 2012 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris" or the "Company") announces that it has granted
incentive stock options for the purchase of 1,505,000 common shares of
the Company at a price of $0.25 per share to its directors, officers,
employees and consultants. The options expire five years from the date
About Tigris Uranium Corp.
Tigris Uranium Corp. is committed to maximizing shareholder value and is
well positioned with a treasury in excess of $9 million and a low
annual expenditure rate. Tigris owns 115,000+ acres (46,400 ha) of
private mineral rights with historic resources of 31.44 million pounds
U308 (see TU NR 12/28/2011) in New Mexico's Crownpoint Uranium District, a
portion of which is under NRC license, in a new progressive New Mexico
regulatory and political environment. The Company anticipates
publishing NI 43-101 compliant resource estimates on the above historic
resources in the current fiscal quarter.
Conoco reported the historic resource of 31.44 million pounds U308 as "mineral reserves" which do not meet the Proven or Probable Reserve
definition stated in NI 43‐101 but are likely comparable to the
inferred or indicated resource classifications. The historical
estimates should not be relied upon but are considered to be relevant.
The "reserves" were estimated by compiling the grade times thickness
values in drill holes for each mineralized horizon and then contouring
the values on a plan map. The mineralized zones were compiled on plan
maps and the bodies were interpreted to form linear zones controlled by
paleo river channels. The mineralized bodies were extended between
barren drill holes in order to expand the body to the next mineralized
drill hole. The volume of the interpreted body was multiplied by the
grade times thickness product to give the pounds of contained eU3O8. Mineralization cross‐sections are not included in the data base
and detailed documentation of the Conoco "reserve" is not contained in
the database files. Discussions of "reserve" estimation procedures with
the Conoco project geologist confirm an accepted and reliable
estimation procedure was followed. In order to upgrade the historical
estimates by Conoco as current mineral resources the Company needs to
carry out additional work which may include but not be limited to
verification drilling/logging, chemical assays, historical log
analysis, historical instrumentation information, and analysis and
review of property drill core archived at the USGS. The Company
anticipates completing the additional work and preparing and filing new
reports in the first quarter of this year.
Readers are cautioned that a qualified person has not done sufficient
work to classify the historical estimate as current mineral resources
and that the Company is not treating the historical estimates as
current mineral resources.
The technical content of this news release has been reviewed and
approved by the Company's Chief Geologist, Douglas Underhill, PhD, MSc,
MBA , a Qualified Person as defined by National Instrument 43‐ 101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of risks
and uncertainties and are not guarantees of future performance. There
are numerous risks and uncertainties that could cause actual results
and Tigris Uranium Corp's plans and objectives to differ materially
from those expressed in the forward-looking information. Actual results
and future events could differ materially from those anticipated in
such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified in
their entirety by this notice. Except as required by law, Tigris
Uranium Corp. assumes no obligation to update forward-looking
information should circumstances or management's estimates or opinions
SOURCE Tigris Uranium Corp.
For further information:
Tigris Uranium Corp.
William M. Sheriff, Chairman
Phone: (604) 648-4653