Media Centre
| |   Tue Oct 25, 2005
Glen Hawk Receives Regulatory Approval for San Rafael, Utah Advanced Uranium Property
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| | Vancouver, B.C., October 25, 2005...Glen Hawk Minerals Ltd. (GHM.V) is pleased to announce that the TSX Venture Exchange has accepted for filing the Formal Option Agreement with Energy Metals Corporation and Energy Metals Corporation (US) to earn up to 75% in the 6,000 acre San Rafael property located in Emery County, Utah.
Glen Hawk will earn an initial 51% interest in the property by making cash payments of US$ 35,000, spending US$1,100,000 on exploration. Glen Hawk has issued the initial 600,000 common shares of the 1,450,000 shares of common stock under the terms of the agreement. The deemed price for the shares is $0.115; the shares have a hold period to February 21, 2006.
Glen Hawk has the right to increase its interest in the property to 75% if it elects to fund the property to a bankable feasibility study to be completed within 30 months of the initial earn in. Glen Hawk will be the operator during the option period.
The area was extensively explored and tested by Atlas, Conoco and Union Carbide in the 60's and 70's. Internal reports of Conoco indicate an historic resource of 2.07 million pounds of U3O8 grading 0.16% U3O8 at a cut-off grade of 0.05% U3O8. The mineralization in the area of the claims occurs mainly in permeable and porous sandstones below the water table, suggesting that it should be investigated for its be amenability to In Situ Leach extraction techniques. Potential also exists for additional deposits within the claim boundaries outside the area of more detailed drilling.
Readers are cautioned that while the resource estimates are considered to be reliable, they do not comply with the guidelines of National Instrument 43-101. The statement of tonnage and grade should be treated as exploration information and only reflecting an order of magnitude for the deposit.
Glen Hawk has filed the Summary Report under National Instrument 43-101 guidelines on www.sedar.com.
This acquisition is in line with the company's objectives to build quality assets and diversify while increasing shareholder value.
On behalf of the Board,
"signed"
Luca Riccio
Director
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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| You can view the Next News Releases item: Tue May 30, 2006, Due Diligence on Harvest Gold Corp.'s Garcia Flats, Nevada South Carlin Trend Property
You can view the Previous News Releases item: 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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