VANCOUVER, June 7, 2012 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) ("the Company") is pleased to announce that is has filed a National Instrument 43-101 Technical Report containing an updated resource estimate covering the Company's Crownpoint and Hosta Butte Project located in the Grants Uranium District of McKinley County, New Mexico, USA.
The "Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report - National Instrument 43-101", dated May 14, 2012 calculates indicated mineral resources on the Project controlled by Tigris totalling 26.55 million pounds of U3O8 at an average grade of 0.105% e U3O8 and inferred mineral resources totaling 6.08 million pounds of U3O8 at an average grade of 0.110% e U3O8 as set out in further detail below. The Report can be found under the Company's profile on SEDAR (www.sedar.com).
The Company holds a 100% interest in the mineral estate (excluding hydrocarbons) in approximately 115,000 acres (46,400 ha) which encompass the Project (save for approximately 140 acres in which the Company holds a 60% interest), subject only to a 3% gross profits royalty on uranium produced, and the reported resources are located in 3,020 acres (1,22 ha) of this total. The resource estimates provided herein are being published in place of previous resource estimates for the Project, released by the Company in 2010 and retracted by the Company as a result of a continuous disclosure review by the British Columbia Securities Commission (see the Company's News Releases 11-08 and 12-03).
|Tons(1)||Grade e U3O8 (%)|| Contained U3O8
|Crownpoint - Indicated(2)||7,876,000||0.102||16,071,000|
|Host Butte - Indicated||4,799,000||0.109||10,477,000|
|Crownpoint - Inferred(2)||712,000||0.105||1,508,000|
|Host Butte - Inferred||2,046,000||0.112||4,571,000|
(1) GT cutoff: Minimum Grade (% eU3O8) x Thickness (Feet) for Grade > 0.02 % eU3O8
(2) Disclosed tonnage represents the Company's 100% interest in the s. 19/29 Crownpoint Property and its 60% interest in s. 24 Crownpoint Property
The resource estimate covers approximately 3,020 acres located in (A) portions of Sections 24, Township 17 North, Range 13 West (in which the Company holds a 60% interest) and (B) Sections 19 and 29, Township 17 North, Range 12 West and Sections, 3, 9, and 11, Township 16 North, Range 13 West (in which the Company holds a 100% interest), New Mexico Prime Meridian and uses Canadian Institute of Mining, Metallurgy and Petroleum definitions.
The resource estimates disclosed herein and included in the Technical Report reconcile the figures previously disclosed in the Company's press release dated May 29, 2012, as 29.68 million pounds of U3O8 at an average grade of 0.104% e U3O8 and inferred mineral resources totalling 6.13 million pounds of U3O8 at an average grade of 0.110% e U3O8. The May 29, 2012 announcement included the resources on 100% of the Crownpoint Section 24 Property of which the Company has a 60% interest.
The Technical Report is authored by Douglas L. Beahm, PEng, PGeo, President of BRS Inc., a registered member of the Society for Mining, Metallurgy and Exploration and an independent Qualified Person as defined in NI 43-101. Mr. Beahm has reviewed and approved the technical information in this news release.
About Tigris Uranium Corp.
Tigris Uranium Corp. is committed to maximizing shareholder value and is well positioned with a treasury of approximately $9 million and a low annual expenditure rate. Tigris owns 115,000+ acres (46,400 ha) of private mineral rights, with an indicated resource of 26.6 MM pounds U3O8 and an inferred resource of 6.1 MM pounds U3O8 (Beahm, 2012) located 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.
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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