ESO signs joint venture agreement with Hathor Exploration Ltd on Carswell Project, West Athabasca Basin Uranium Saskatchewan



    Trading Symbol TSX-V - ESO
    Frankfurt - E2G

    VANCOUVER, Aug. 15 /CNW/ - ESO Uranium Corporation (TSX-V: ESO), the
Company announces jointly with Hathor Exploration Limited (TSX-V: HAT) that
the Companies have signed a full joint venture agreement with a 50-50 interest
in the Cluff Lake properties of Hathor. This allows the continued exploration
of the properties that were originally acquired by Hathor in 2004, early in
the development of the current surge of exploration for uranium. The current
work has completed 21 diamond drill holes on the claim adjacent to the Cluff
Lake Mine Lease of Areva.
    The former producer, Cluff Lake Mines is surrounded by ESO interests on
three sides and the Hathor joint venture part of the Carswell project covers
more than 67,000 acres (27,000 hectares) of prospective uranium exploration
lands within the Carswell Impact Site. Cluff Lake Mines produced more than
60 million pounds of uranium oxide during the period 1980 to 2002. More than
8,000 ounces of gold were produced in the last years of the mining operation,
before decommissioning and achieving ISO 14001 environmental classification.
The Cluff Lake mineralization, with an average grade in the order of 0.85%
(17 lbs per ton) uranium oxide, was much shallower than that of most of the
other Athabasca Basin mines and was mined mainly by a number of small open pit
mines.
    The exploration targets being pursued by the Hathor-ESO joint venture are
similarly of shallow depth. Work to date by ESO, while spending $1.1 million
to earn its 50% interest in the property, has included complete coverage of
the area with fixed-wing airborne electromagnetic and magnetic surveys using
the services of Fugro Geophysics and its state-of-the-art Megatem system.
Anomalous areas were covered by ground follow-up with horizontal loop
electromagnetic surveys by teams from Peter Walcott and Associates to define
more closely the geometry of conductive zones that had been indicated by the
airborne surveys. Together with the ground geophysics, ESO carried out
extensive prospecting, mapping, and radon soil gas surveys.
    Current work on the properties includes a 100 hole drill program which is
testing conductors and radon gas anomalies. The conductive zones may represent
structures with graphitic mineralization which mineralization is considered to
have had potential to cause a reduction of uranium in solutions and its
deposition in a form that is sufficiently concentrated to be ore grade. The
structures themselves may be permeable enough to preferentially allow the
migration of such solutions through the rock. Radon gas is a highly mobile and
water soluble gas produced from the radioactive parent uranium and can mark
the presence of uranium mineralization as a geochemical signature derived from
a source in the overburden or deeper in the bedrock.
    In addition to the geophysical and geochemical indicators that may flag
potential uranium mineralization, the larger orebodies are often associated
with characteristic alteration of the host rocks that extends away from the
mineralization. Red, orange and ochreous haematization may occur in a largely
clay or chlorite altered host rock. Although the restricted geometry of a high
grade uranium deposit is a challenging exploration target, these additional
flags extend the search area for the experienced explorers, who also have the
benefit of thousands of man days of work completed and reported in assessment
files by earlier workers. The combined pool of experience in the Hathor-ESO
joint venture will further improve the odds of exploration success on the
Carswell Project.

    For reference, the current spot price quoted by uxc.com for uranium is
US$105 per pound of U3O8; an assay reported as 1.0% of U3O8 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.

    On behalf of the Board of Directors of ESO Uranium Corp.

    "Ben Ainsworth"
    ---------------------------
    Vice President, Exploration

    Please refer to the ESO Uranium website for further and updated
information.

    The Toronto Venture Exchange has not reviewed nor accepted responsibility
for the adequacy or accuracy of the contents of this news release which has
been prepared by management. Statements contained in this news release that
are not historical facts are forward looking statements as that term is
defined in the private securities litigation reform act of 1995. Such forward
looking statements are subject to risks and uncertainties which could cause
actual results to differ materially from estimated results. Such risks and
uncertainties are detailed in the Company's filing with the Securities and
Exchange Commission.





For further information:

For further information: For corporate communications please contact:
Tom Corcoran or Bob Meister, ESO Uranium Corp., Vancouver, BC, Phone: (604)
629-0293, Toll Free: 1-866-629-0293, Email: info@esouranium.com

Organization Profile

Alpha Minerals Inc.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890