VANCOUVER, Feb. 17, 2012 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris" or the "Company") announces that it has granted incentive stock options for the purchase of 1,505,000 common shares of the Company at a price of $0.25 per share to its directors, officers, employees and consultants. The options expire five years from the date of grant.
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 NI 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 this 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.
For further information: