GOLDEN, COLO., November 27 /CNW/ - New Horizon Uranium Corporation (TSX
VENTURE: NHU) is pleased to announce the formation of Eagle Geophysical
Logging LCC, a drill hole logging company where its wholly owned subsidiary,
Horizon Nevada Uranium, Inc. is a 50% owner with BZU Holdings Inc., a wholly
owned subsidiary of Mesa Uranium Corp. of Reno, Nevada. The total outlay for
each company in forming the venture is $75,000.00 for the purchase of the
first logging truck and associated geophysical and support equipment.
Eagle Geophysical will be used by both companies to provide gamma and
resistivity logs and drill hole surveys as part of each company's uranium
drilling activities in Utah, Colorado, Arizona and Wyoming. Additionally, the
equipment will be rented to other companies when not being used by the Eagle
Geophysical owners. Both companies will continue to use outside contractors to
augment their logging requirements as New Horizon and Mesa Uranium plan to
increase drilling on their uranium properties in 2008.
About New Horizon Uranium
New Horizon's projects include the Converse and Sand Creek joint ventures
in Converse County, Wyoming, and the Summit project in San Miguel County,
Colorado. Please refer to the New Horizon website, www.newhorizonuranium.com,
for additional information.
About Mesa Uranium
Mesa Uranium Corp. is a uranium exploration company focused on proven
uranium districts in the western United States. Mesa's lead project is
100%-owned, and is called the Lisbon Valley project. The project is 30 square
miles, and is located in the Lisbon Valley Mining District in Utah. The
District produced over 85 million pounds of U3O8, at some of the highest
uranium grades in the United States, averaging 0.4% U3O8. The Lisbon Valley
Mining District is located in the Colorado Plateau region, 30 miles south of
Moab, in San Juan County, Utah. For further information about Mesa Uranium
please visit their website at www.mesauranium.com.
Bill Wilson, President and COO of New Horizon, said: "The formation of
Eagle Geophysical gives our company much more operational reflexivity and
considerable cost savings by having our own logging capability. The commitment
we have made also indicates our intent to aggressively drill for pounds on all
of our properties. We have been working informally with Mesa Uranium for the
last six months on the sharing of drill rig time and geological services, and
have found working with them to be very helpful to both our companies."
New Horizon has also allowed its option to acquire the Gullrock Property
in the Red Lake District of Ontario to lapse. As a small gold prospect, the
Gullrock property no longer fits within New Horizon's commitment to uranium
property acquisition, exploration and development. Under the terms of its
option agreement, New Horizon is required to maintain the claims in good
standing for a period of one year from the date of termination.
This press release has been reviewed by William R. Wilson (Aus.I.M.M.),
the Company's President and Chief Operating Officer and a "qualified person"
(as such term is defined in National Instrument 43-101).
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This summary contains forward-looking statements; these statements relate
to future events or future performance and reflect management's current
expectations and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on information currently available
to the management of New Horizon. A number of factors could cause actual
events, performance or results to differ materially from the events,
performance and results discussed in the forward-looking statements. These
forward-looking statements are made as of the date hereof, and New Horizon
does not assume any obligation to update or revise them to reflect new events
For further information:
For further information: New Horizon Uranium Corporation William R.
Wilson, 303-422-7803 President and Chief Operating Officer Facsimile:
303-940-9572 or Joseph B. Young, 303-926-1114 Investor Relations