Media Centre
| |   Wed Aug 31, 2005
Clarification Of August 29, 2005 News Release On The 43-101 Report On The San Rafael Uranium Project
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| | NEWS RELEASE
Vancouver, B.C., August 31, 2005 ... Further to Company's news release of August 29, 2005, the foregoing is a clarification news release under the National Instrument 43-101 guidelines with respect to the Summary Report on the San Rafael Uranium property. The property consists of approximately 264 contiguous unpatented lode claims and one Utah State lease located in southeastern Utah, approximately 19 kilometres west of the village of Green River in Emery County.
The San Rafael project area was intensely explored for uranium during the 1950's and for uranium and vanadium during the 1970's. The latter campaign led to the discovery of several uranium deposits, which were taken to feasibility, and some to production. Internal maps, reports and memoranda by Conoco and Union Carbide indicate that Conoco drilled more than 165 holes in two sections covered by the San Rafael claims. Based on this drill data, Conoco estimated a historical resource in 1973 of 2,073,000 lbs of uranium contained in 647,525 tons, indicating a calculated average grade of 0.16% U3O8. No core, logs, or assay certificates have been available to the Company. This estimate was reported in an internal document of Union Carbide with no classification of the reserves tabulated for Conoco. The Union Carbide document indicated that Conoco had "assigned reserves to sections 35 and 36, using 0.05% U3O8 as a cutoff and a grade thickness product of 0.6 for ore holes, 0.25 to 0.59 for half ore holes, 0.02 to 0.24 for mineralized holes."
In 1975, Union Carbide estimated the "undiluted reserves" of section 36 only "as follows:
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Pos. Ind. Inf. Total Tons Thickness %U3O8
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20.000 100,000 82,000 202,000 4.4' 0.26
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This gives a total of 1,050,400 pounds U3O8. An additional 70,000 tons of inferred reserves" were assigned to the remainder of the mineralization on section 35.
These internal company documents from Union Carbide do not supply sufficient information to qualify the differences between the categories used for the historical estimate and the current Canadian Institute of Mining and Metallurgy (CIM) classifications. Since Union Carbide carried out an economic analysis of the project on the basis of the Conoco data, the appropriate classification should be "Indicated Mineral Resource" under current CIM Standards on Resources and Reserves. Union Carbide carried out a programme with 6 core holes and two rotary holes to test continuity of mineralization and grade. A few samples, insufficient for a definitive indication of disequilibrium, were taken to compare radiometric probe assays with chemical assays. The results of the drilling may or may not have been incorporated in the Union Carbide estimate "of ore reserves" made in 1975.
The historical estimates discussed above were made and reported by Conoco and Union Carbide, two major uranium mining companies with production experience and are relevant data.
These historical estimates are not compliant with NI 43-101 as the author of the report had insufficient data to enable a recalculation and are classified here as exploration information only. Since the recommended programme in the technical report does not include development of a conventional underground mine but rather the testing of the potential for extracting U3O8 by conventional in situ extraction methods, the estimates represent a target that is conceptual in nature and that there has been insufficient test work carried out to define a mineral reserve on the property and that it is uncertain that further work will result in the discovery of a mineral resource on the property.
Based on the above, Mr. Ainsworth recommends a two-phase exploration program aimed at further developing the property, with initial emphasis on establishing the hydrology of the mineralized areas.
1500, 885 West Georgia Street / Vancouver, B.C. V6C 3E8
Tel. 604-895-7442 / Fax: 604-608-4804
1500, 885 West Georgia Street / Vancouver, B.C. V6C 3E8
Tel. 604-895-7442 / Fax: 604-608-4804
The Company is very pleased with the conclusions of Mr. Ainsworth's report and plans to follow up on its recommendations to assess the in situ leaching suitability of the San Rafael mineralization. The Company is also evaluating other advanced properties which may contain uranium mineralization amenable to in situ leaching.
On behalf of the Board,
"signed"
Luca Riccio
Director
website: www.glenhawkminerals.com E-mail: info@glenhawkminerals.com or (604) 952-4560
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE. |
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