Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Feb. 27, 2012 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO") and its 50% Joint Venture (JV) partner Fission Energy (TSX-V: FIS), are pleased to announce that following completion of a VTEM survey, covering the whole property area with 1,711 line kms, a 14 hole, 2,100m drill program has commenced at the Patterson Lake South (PLS) Property.
The Property is located on the southwest edge of the Athabasca Basin in northern Saskatchewan. The drill program is a continuation of work to locate the bedrock source area of the large, high grade uranium boulder field discovery of June 2011, further exposed in a trenching program conducted in October 2011 (see news releases for July 27th and December 14th, 2011). The source is expected to occur in a shallow window of bedrock exposed where the overlying Athabasca sedimentary rocks have been scoured off the older metamorphic basement rocks by the erosion due to the advance of ice sheets over the area. The search area is ENE of the 5 km long uranium boulder field.
Drilling will test a number of geophysical targets related to well defined conductors of the Patterson Lake Conductor Corridor shown by the recent high precision VTEM survey and supported by on-going ground surveys with Time Domain Electromagnetic (TDEM) and a DC-Resistivity systems. Hardrock Diamond Drilling Ltd of Penticton, BC, has been contracted for the core drill program.
PLS is accessible by road, with primary access from all weather Highway 955 which runs north to the former Cluff Lake mine, (>60M lbs of U3O8 produced), and passes through the UEX-Areva Shea Creek discoveries that lie along a 3 km structure (with reported "all categories" of resources of almost 100 million lbs U3O8) located 50 km to the north, currently under active exploration and development.
B.Ainsworth P.Eng. SK/BC is the Qualified Person responsible for the technical disclosure contained in this news release.
On behalf of the Board of Directors of ESO Uranium Corp.
Vice President, Exploration
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADDEQUACT OR ACCURACY OF THIS RELEASE.
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding the Patterson Lake Property. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-8368
Email: [email protected]