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KELOWNA, BC, Oct. 3 /CNW/ - Trigon Uranium Corp. (TSX-V:TEL; "Trigon" or
the "Company") reports that drilling on the Henry Mountains property is
progressing well. As previously reported (see September 19, 2007 Press
Release) the commencement of drilling on September 13, 2007 involved a delay
of nine days from the original planned starting date. Drilling carried out so
far has encountered favourable ground conditions despite drilling depths of up
to 1,500 ft. Based on experience to date, the time required to effectively
drill, log and complete a hole is up to seven days including setup time and
other down time. The Company therefore anticipates that the complete results
of the drill program will be released by mid-November or shortly thereafter.
Drilling on the Henry Mountains property is being performed by Diversified
Drilling LLC of Missoula, Montana. All holes are gamma logged by Century
Geophysical Corp. of Tulsa, Oklahoma.
The Company also announced that it has exercised its option to acquire
the Wray Mesa Uranium Property (the "Property"). The Property covers more than
15,000 acres in the La Sal uranium district of south eastern Utah. The Company
had previously entered into a Lease and Option Agreement to acquire the
Property from Future Energy LLC, a Utah company (see December 27, 2006 press
Significant uranium deposits occur in the sandstones of the Salt Wash and
Brushy Basin members of the Morrison Formation in the La Sal district, which
is located approximately 30 miles southeast of Moab in south eastern Utah.
Uranium was discovered on the Property in 1969, when Bokum Corporation
("Bokum") carried out a limited drilling program. Bokum intersected uranium
mineralization at depths averaging 230 ft below surface. The Property is
favourably located with its western boundary situated within 1/2 mile of the
Pandora uranium mine. Several uranium deposits are believed to adjoin the
property to the East.
Under the terms of the Option Agreement, Trigon will issue 200,000 shares
to Future Energy LLC in order to complete the acquisition. The shares are
issued at a price of $0.36 per share, for a total consideration valued at
$72,000. The Company is currently considering various options to finance its
exploration of the Property.
About Trigon Uranium Corp.
Trigon Uranium Corp. is a uranium exploration and development company
focused on the known deposits of the United States South West. This region has
produced over one billion pounds of uranium. Trigon has a highly qualified
team of uranium exploration experts located in Canada, Utah, and Colorado to
direct its exploration and development efforts in the United States South
West. Trigon's strategies include the development of advanced uranium
projects, entry into uranium mining on an expeditious basis, and opportune
acquisitions of Uranium development properties for operation or sale. The
company has offices in Kelowna (British Columbia) and Golden (Colorado). The
company's shares trade on the TSX Venture Exchange under the symbol "TEL".
Should you wish to receive Company news via email, please email
firstname.lastname@example.org and specify "Trigon News" in the subject line.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. This release
includes certain statements that may be deemed "forward-looking statements".
All statements in this release, other than statements of historical facts,
that address future developments that the company expects to occur, are
forward-looking statements. Although the company believes the expectations
expressed in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and
actual results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices,
exploitation and exploration successes, and continued availability of capital
and financing and general economic, market or business conditions. Investors
are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from
those projected in the forward-looking statements. The Company does not assume
any obligation to update or revise its forward-looking statements, whether as
a result of new information, future events or otherwise.
For further information:
For further information: please visit www.trigonuraniumcorp.com or
contact: Sidney Himmel, President and Chief Executive Officer, Trigon Uranium
Corp., Tel: (250) 317-3624, Email: email@example.com; Jeanny
So, Broker Relations Specialist, CHF Investor Relations, Tel: (416) 868-1079
x225, Email: firstname.lastname@example.org