VANCOUVER, Aug. 11 /CNW/ - Logan Resources Ltd (TSX-V:LGR), Logan, and
ESO Uranium Corporation (TSX-V: ESO), (ESO), are pleased to announce that the
companies have signed an agreement that will set the stage for further
exploration on the Cluff Lake area claims staked by Logan in 2003. Under the
agreement Logan will transfer a further 30% interest in the claims to ESO
which shall result in ESO having an 80% undivided interest in the property.
ESO shall produce a bankable feasibility study with Logan having a carried
interest until the feasibility study is delivered at which time Logan 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 claims to
Logan upon a decision by ESO to terminate work thereon.
The Logan claims lie within the Carswell Dome structure about 12 km north
of the former producer, Cluff Lake, which mined about 65 million pounds of
uranium from shallow deposits with open pits and near surface underground
operations. The deposits had an average grade of about 0.73% U(3)O(8)
(14.6 lbs per s.ton) with significant gold byproduct.
Drilling was carried out by ESO in 2006 on the Gorilla Lake zone where
work in 1981 by Amok had returned drill core values in their CAR 425 drill
hole of 0.89% U(3)O(8) (17.8 lbs/s.ton) over 2.6 meters of core length.
The ESO holes encountered extensions to the known mineralization with two
adjacent holes reporting as:
CLU No.01 with 0.46% U(3)O(8) (9.2 lbs/s.ton) over 1.5 meters from 174.0
to 175.5 meters drill interval. CLU No. 07 had two mineralized intervals. The
upper interval from 153 meters to 160 meters (7 meters of drill interval)
returned 0.17% U(3)O(8) (3.4 lbs/s.ton), including 0.82% U(3)O(8) (16.4
lbs/s.ton) over 1 meter. The lower interval assayed at 0.2% U(3)O(8)
(4lbs/s.ton) over 2.0 meters from 175.0 meters to 177.0 meters.
Logan Resources Ltd. is a mineral exploration company that specializes in
acquiring, exploring and advancing early-stage Canadian mineral properties.
For more information on the Company's diversified property portfolio and the
Company, please visit www.loganresources.ca, www.sedar.com and www.sec.gov
The measured intervals quoted here are not necessarily equivalent to true
widths as the attitudes of the mineralization are not yet known.
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: Seamus Young, President and CEO, (604) 689-0299
x223; Earl Hope, Investor Relations, (604) 689-0299 x 232