TORONTO, Sept. 27 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is
pleased to provide an update and overview of recent corporate activities.
Quebec Drilling Continues
Drilling is ongoing at the North Rae uranium project in the Ungava Bay
region of northern Quebec, Canada. Seven holes totaling 1,696 feet
(517 meters) have so far been completed.
The drill program at North Rae remains focused on determining the
presence of potentially economic mineralization in recently identified
radioactive targets. Drilling will continue until the onset of winter
conditions in the Ungava Bay region, after which selected samples will be sent
to the Saskatchewan Research Council for analysis. Results from a significant
number of rock grab samples, which were collected during 2007 ground
exploration, are also pending.
NWT believes that North Rae has the geological potential to become
Canada's newest uranium district. A total of seven radioactive zones have so
far been identified for follow-up work and grids have been completed on four
of these areas. Values ranging from 1,000 to 100,000 counts per second (cps)
were registered in these areas of elevated radiometry, in sharp contrast with
background values of approximately 120 cps.
Niger Uranium Commences Trading
Niger Uranium Ltd., the joint venture company formed by NWT Uranium and
UraMin Inc. (which has since been acquired by Areva), is now trading on the
Alternative Investment Market (AIM), which is a sub-market of the London Stock
Exchange. NWT Uranium is the largest shareholder in Niger Uranium. Niger
Uranium holds a total of eight highly prospective uranium concessions in the
same geological setting as producing Areva mines, which together yield
approximately 7.5% of annual global uranium production.
Mr. William (Bill) David Thomas has been elevated to the position of
Chief Financial Officer of NWT Uranium Corp. effective September 1, 2007. Mr.
Thomas joined NWT Uranium as Controller on July 16, 2007, as reported in a
press release issued that same date.
NWT continues to evaluate its 19,000-acre (7,700-hectare) Picachos
silver-gold project in Durango, Mexico. A Conceptual Study, independently
prepared in 2005 by Watts, Griffis and McOuat Limited ("WGM"), concluded that
Picachos contains an exploration target with the potential to host a deposit
in the order of 10 to 20 million tonnes with metal grades in the order of 200
to 500 grams per tonne (g/t) silver and 1.0 to 3.0 g/t gold. NWT has an option
to earn a 70% interest in Picachos.
ABOUT NWT URANIUM:
NWT Uranium Corp. (www.northwestmineral.com) is an international resource
exploration company with an experienced, highly technical management team.
Since its inception, NWT has concentrated on the acquisition of properties
with potential uranium targets. NWT Uranium is listed on the NASD Bulletin
Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within
the meaning of the United States Private Securities Litigation Reform Act of
1995. Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of the Company
are forward looking statements that involve various degrees of risk. The
following are important factors that could cause the Company's actual results
to differ materially from those expressed or implied by such forward looking
statements: changes in the worldwide price of mineral commodities, general
market conditions, risks inherent in mineral exploration, risks associated
with development, construction and mining operations, the uncertainty of
future profitability and the uncertainty of access to additional capital.
The potential quantity and grade in the Picachos Conceptual Study is
conceptual in nature. There has not been sufficient exploration at Picachos to
define a mineral resource and it is uncertain if further exploration will
result in discovery of a mineral resource on the property.
For further information:
For further information: Marek J. Kreczmer, M.Sc., P.Eng., President and
CEO, NWT Uranium Corp., (866) 437-9551, firstname.lastname@example.org