VANCOUVER, Aug. 20 /CNW/ - International KRL Resources Corp. (TSX-V: IRK)
(International KRL) and ESO Uranium Corp. (TSX-V: ESO) (the Company) are
pleased to announce that the companies have signed an agreement that will set
the stage for further exploration on the Cluff Lake area claim staked by
International KRL in 2003. Under the agreement International KRL will transfer
a further 30% interest in the claim to ESO which shall result in ESO having an
80% undivided interest in the property. ESO shall produce a bankable
feasibility study with International KRL having a carried interest until the
feasibility study is delivered at which time International KRL will have the
choice to take on a 20% participating interest in a new company to operate the
production facility or take on a 2% gross over-riding royalty for all uranium
mineral products and a 2% net smelter returns royalty for all other metals.
ESO will return all of its interest in any of the claim to International KRL
upon a decision by ESO to terminate work thereon.
The International KRL claim lies within the Carswell Dome structure
adjacent to the mining lease of the former producer, Cluff Lake, which mined
65 million pounds of uranium from shallow deposits with open pits and near
surface underground operations. The deposits had an average grade of about
2.5% U(3)O(8) (5 lbs per s.ton) with significant gold byproduct.
Earlier work by Amok/Mokta on the International KRL Claim indicated the
presence of radioactive boulder trains. These included a boulder with an assay
of 16.9% U(3)O(8) and 2.9 g/t gold on the claim which is "up-ice" from the
uranium orebodies mined on the adjacent Cluff Lake Mine lease. The ice
movement dragged outcropping materials at the ice-bedrock interface towards
the southwest from a shallow source to the northeast. Work carried out by ESO
included airborne and ground geophysical surveys and radon surveys. These
indicated important conductors and a magnetic structure that have not been
drill tested in earlier work.
This area will be a subject of a high priority for the next phase of
For reference, the current spot price quoted by Uxc.com for uranium oxide
is US$64.50 per pound of U(3)O(8), up from the June, 2008 low of $56/lb; an
assay reported as 1.0% of U(3)O(8) 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.
Statements contained in this news release that are not historical facts
are forward-looking statements, which are subject to a number of known and
unknown risks, uncertainness and other factors that may cause the actual
results to differ materially from those anticipated in our forward looking
statements. Although we believe that the expectations in our forward looking
statements are reasonable, actual results may vary, and we cannot guarantee
future results, levels of activity, performance or achievements.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
For further information:
For further information: Earl Hope, Investor Relations, (604) 689-0299 x
232; Seamus Young, President and CEO, (604) 689-0299 x223