Uracan doubles total near surface NI 43-101 compliant inferred resource in Quebec to 40.7 million lbs U3O8



    Trading Symbol: (TSX - V): URC

    VANCOUVER, Feb. 26 /CNW/ - Uracan Resources Ltd. (the "Company") is
pleased to announce a National Instrument (NI) 43-101 compliant inferred
resource calculation has been completed on two previously announced
discoveries, the TJ and Middle (MZ) zones, located within Uracan's 100% owned
1,000 Km(2) North Shore Uranium Property in Quebec.
    At TJ, a total of 28.66 million tonnes averaging 0.011% U3O8 containing
approximately 3.21 million kilograms (7.0 million pounds) of U3O8 has been
outlined.
    At MZ, 52.03 million tonnes averaging 0.012% U3O8 containing 6.2 million
kilograms (13.7 million pounds) of U3O8 has been outlined.
    The two mineralized zones combined resource hosts 80.7 million tonnes at
an average grade of 0.012% U3O8 containing 9.4 million kilograms (20.7 million
pounds) of U3O8 using a 0.009% cutoff.
    The TJ and MZ inferred resources are based on drilling completed during
2008. These resources fall into the inferred mineral resource category under
NI 43-101 reporting requirements. The above numbers have been rounded to the
nearest decimal place.
    In July 2008 Uracan announced a NI 43-101 compliant inferred resource of
74.2 million tonnes at an average grade of 0.012% U3O8, containing 9 million
kilograms (19.96 million pounds) of uranium at the Double S Zone. This
inferred resource estimate was based on diamond drilling completed during
2007.
    During 2008 Uracan focussed its exploration efforts on defining
additional areas of uranium mineralization within the overall Double S trend,
which is a 6 kilometre radiometric anomaly hosting the existing Double S
resource. Detailed mapping, sampling, ground geophysics and diamond drilling
along this trend defined two significant zones of mineralization, the TJ and
Middle Zones. The TJ Zone is approximately 3 kilometres northwest of the
Double S Zone, and the Middle Zone is 1.3 kilometres west of the Double S
Zone. Both TJ and MZ are open along strike and at depth as well as up dip from
the currently defined resource outlined in this news release.
    The combined resource estimate for these two new zones, presented in the
table below, outlines the initial inferred resource as defined by diamond
drilling completed between January and September 2008. A total of 33 diamond
drill holes totaling 6,791 meters at TJ and 33 diamond drill holes totaling
7,071.5 meters at MZ were used to create the models used in the resource
calculations.

    
    Details of the new resource estimate are as follows:

    Table 1: Total Combined MZ and TJ Inferred Resource Table
    -------------------------------------------------------------------------
    Cutoff  Cutoff U   Tonnes     Average  Average U  Contained    Contained
     U3O8%     ppm      ('000)     U3O8%     (ppm)     U3O8 (Kg)   U3O8 (lbs)
    -------------------------------------------------------------------------
     0.009      75     80,689      0.012       99     9,419,476   20,766,177
    -------------------------------------------------------------------------
     0.012     100     26,971      0.015    125.7     3,997,615    8,813,142
    -------------------------------------------------------------------------
     0.015     125      9,452      0.018      155     1,727,952    3,809,443
    -------------------------------------------------------------------------
    All tabulated data has been rounded to three decimal places for U3O8
    grades

    Combining all three zones (Double S, MZ and TJ) produces a total inferred
resource estimate of 154.9 million tonnes at an average grade of 0.012% U3O8
containing 18.48 million kilograms (40.73 million pounds) of uranium using a
0.009% cutoff.

    Table 2: Total Combined Double S, MZ and TJ Inferred Resource Table
    -------------------------------------------------------------------------
    Cutoff  Cutoff U   Tonnes     Average  Average U  Contained    Contained
     U3O8%     ppm      ('000)     U3O8%     (ppm)     U3O8 (Kg)   U3O8 (lbs)
    -------------------------------------------------------------------------
     0.009      75    154,904      0.012     99.9    18,475,765   40,731,672
    -------------------------------------------------------------------------
     0.012     100     60,540      0.015      125     8,992,391   19,824,625
    -------------------------------------------------------------------------
     0.015     125     23,283      0.018    150.8     4,160,944    9,173,217
    -------------------------------------------------------------------------
    All tabulated data has been rounded to three decimal places for U3O8
    grades

    Mineral Resource Estimate Method
    --------------------------------
    

    The geologic model and grade block model was prepared by Marc Jutras of
Vancouver, British Columbia using Vulcan(R) software. The work was completed
under the supervision of Marc Jutras M.A.Sc., P. Eng., an independent
Qualified Person for the purposes of NI 43-101.
    Geological interpretation of the distribution of various rock types were
defined on 100 meter spaced cross-sections and 50 meter spaced level plans and
were the basis for coding the block model and drill holes with 3D lithological
wireframes. Grade interpolation consisted of 1.5 meter fixed length composites
from granites and pegmatites (host rocks to uranium mineralization at TJ and
MZ). A separate grade estimate was made for the gneiss units, displaying lower
uranium grades.
    A block size of 10 meters by 10 meters in plan by 5 meters in height was
used for both block models, with the block models rotated at 36.7 degrees at
MZ and 122.3 degrees at TJ.
    Blocks were clipped to topography, and overburden depth was used to
calculate the bedrock surface. The volume of each block below topography was
calculated and this was used to determine the total volume of each block in
the model (topo).
    Block grades were estimated using the ordinary kriging method. Fixed
length composites of 1.5 meters, broken on rock type, were used, and
interpolation parameters for the granite and pegmatite units were used as
outlined below:

    
    Search Distance - MZ - principal direction (130 degrees/0 degrees)X
    =117 meters
    Search Distance - MZ - minor direction (40 degrees/-10 degrees)
    =87 meters
    Search Distance - MZ - vertical direction (40 degrees/80 degrees)
    =40 meters
    Search Distance - TJ - principal direction (20 degrees/0 degrees)X
    =113 meters
    Search Distance - TJ - minor direction (110 degrees/-10 degrees)
    =75 meters
    Search Distance - TJ - vertical direction (110 degrees/80 degrees)
    =44 meters
    Minimum number of composites per block=2
    Maximum number of composites per block=12
    Specific gravity (SG) = 2.631 g/cm3

    NI 43-101 Compliant Report
    --------------------------

    The Company plans to file a NI 43-101 compliant technical report covering
the Inferred Resource Estimate completed on the TJ and MZ zones. The report
will be filed within 45 days to the TSX Venture Exchange.

    QAQC
    ----
    

    The database used to create the model was based on the drill hole
database provided by the Company. A total of 33 drill holes were used for the
model of TJ and 33 drill holes were used for the model of MZ. Twenty percent
of these drill holes were randomly selected and checked against assay
certificates and found to be valid. Any minor errors encountered in the
database were flagged and fixed as they were encountered.
    ALS Chemex is the laboratory facility used for all assays from the North
Shore Property program. Samples are weighed and catalogued before sample
preparation. The samples are crushed to 70% less than 2mm, split and then
pulverized to 85% of the sample being less than 75 (micro)m. All samples are
assayed using ICP-MS with analysis completed for 47 elements.
    A QA/QC program was implemented as part of the sampling procedure for the
drill program.
    Field duplicates and field blanks were inserted into the sample stream
with at least one blank and one duplicate inserted per group of 40 samples
sent to the laboratory. Uracan does not have a uranium standard to insert into
the sample stream at this time. The laboratory also has an extensive in house
QAQC system as part of their quality control system.

    
    2009 Winter Exploration Program
    -------------------------------
    

    Uracan recommenced its exploration program on the North Shore Property,
with crews mobilized to the property, and an initial 3,000 meter drill program
on the existing Double S zone resource area to start at the end of February.
It is planned to continue drilling on the Double S zone to further define and
expand the resource hosted there as mineralization remains open along strike
and at depth.

    
    Resource Classification
    -----------------------
    

    Mineral Resources have been categorized using the classification of the
Canadian Institute of Mining, Metallurgy and Petroleum (2000), with the
relevant definitions provided below. This classification is the basis for
Technical Reports by Qualified Persons in Canada, and the classification is
virtually the same as that of the JORC code (Australia) (note: SME does not
recognize the inferred category), SAMREC (South Africa) and that of the
European Union.
    An Inferred Mineral Resource can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not verified
geological and grade continuity. The estimate is based on limited information
and sampling gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes.
    Due to the uncertainty which may attach to Inferred Mineral Resources, it
cannot be assumed that all or part of an Inferred Mineral Resource will be
upgraded to an Indicated or Measured Mineral Resource as a result of continued
exploration. Confidence in the estimate is insufficient to allow the
meaningful appreciation of technical and economic parameters or to enable an
evaluation of economic viability worthy of public disclosure.

    Uracan Resources Ltd. is a publicly-listed uranium exploration company,
exploring for shallow, bulk tonnage style of uranium mineralization in Canada.
Uracan is led by a team of proven exploration and mine entrepreneurs and
mine-builders. The information in this news release has been prepared and
reviewed by Marc Simpson, P. Geo., the Company's Qualified Person under
National Instrument 43-101 standards.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release. The
    foregoing information may contain forward-looking statements relating to
    the future performance of Uracan Resources Ltd. Forward-looking
    statements, specifically those concerning future performance, are subject
    to certain risks and uncertainties, and actual results may differ
    materially. These risks and uncertainties are detailed from time to time
    in the Company's filings with the appropriate securities commissions.
    





For further information:

For further information: Gregg J. Sedun, President and CEO, (604)
682-5580; Marc Simpson, Exploration Manager, (604) 682-5580; Keith Schaefer,
Vanguard Shareholder Solutions, (604) 608-0824


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