VANCOUVER, Feb. 13, 2012 /CNW/ - Tigris Uranium Corp. (TSXV: TU) ("Tigris" or the "Company") is pleased to announce the appointment of Dennis Stover, PhD to the Company's Board of Directors. Dr. Stover is an elite professional in the uranium industry with more than 30 years hands on experience, and an acknowledged pioneer of in-situ recovery of uranium (ISR).
"I am extremely happy to work with Dennis once again," said William M. Sheriff, Tigris' Chairman. "Our last collaboration benefitted greatly from his technical expertise and operational knowledge at Energy Metals Corporation and we are very fortunate to attract his expertise to the Board of Tigris."
Mr. Dennis Stover, Director
Dr. Stover recently retired from his position as Executive Vice President, Americas for Uranium One, Inc. where he was responsible for the commercial development of Uranium One's substantial U.S. uranium assets as well its uranium assets located elsewhere in the Americas. Previous to this position he served as Chief Operating Officer of Energy Metals Corporation (EMC) and was instrumental in advancing its US assets prior to the its sale to Uranium One, Inc. Before joining EMC in 2005, he lead a private consulting firm which provided technical services to both domestic and international uranium mining ventures including a detailed process design for a large acidic ISR operation in Asia, development of an operating plan for a proposed ISL mine in the United States, and a number of other projects throughout the world. From 1989 until 2002, he served as Vice President, Engineering and Project Development for Rio Algom Mining Corp. While with Rio Algom, Dr. Stover directed a total revision of Mineral Resource and Reserve calculation methods to conform with current SEC and international reporting requirements. Prior to joining Rio Algom, he served as Chief Engineer for Everest Minerals Corporation for 11 years.
Dr. Stover holds BSc, MSc, and PhD degrees in Chemical Engineering from the University of Michigan as well as a BA in Chemistry from Kalamazoo College. He has authored or co-authored 27 articles relating to uranium and holds a number of United States Patents concerning various aspects of solution mining and reservoir restoration. Dr. Stover is a member of numerous professional societies.
The Company also announces that Janet Lee-Sheriff has resigned as President in order to focus on her position as Vice President of Communications and First Nation Relations within the Predator Group of companies. Ms. Lee-Sheriff will continue to serve on the Company's Advisory Board to assist with aboriginal relations.
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 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 next 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 change.
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