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YELLOWCAKE MINING INC
Yellowcake & Strathmore Advance Sky ISR Uranium Project
6/25/2007
RIVERTON, Wyo., Jun 25, 2007 (BUSINESS WIRE) --
Yellowcake Mining Inc. ("Yellowcake" or the "Company") is pleased to announce that, together with its Joint Venture partner, Strathmore Resources (US) Ltd.(a subsidiary of Strathmore Minerals Corp.), they have begun drilling and installing five monitor wells as they continue to make progress in their efforts to advance the permitting process at their Sky ISR uranium project in Wyoming.
The five monitor wells will be drilled to depths of approximately 1,100 feet (335 m). These wells will enable the Joint Venture to obtain vital information regarding geologic, hydrologic, and background groundwater data, in addition to further defining the ore body. On completion, 72 hour pump tests on each of the five wells will be carried out to determine drawdown of the aquifer and to establish baseline water quality. Analysis of these data will be used in designing the well field and in operations planning. In addition, this information comprises an important part of the Joint Venture's submission to the Nuclear Regulatory Commission (NRC) in support of its license application.
The Sky Project is Strathmore's first ISR recoverable resource under development in Wyoming. It has recently been Joint Ventured with Yellowcake, which is spending US $7.5 million to earn a 60% interest in the project. ISR (in-situ recovery) is a method of uranium extraction that was pioneered in Wyoming. It utilizes oxygenated groundwater to dissolve the uranium in sandstone formations below the water table and is pumped to the surface using water injection wells and recovery wells. Members of Strathmore's technical team have extensive working experience in ISR producing uranium mines in the United States.
Further planning has begun for the installation of meteorological monitoring stations and the collection of background data. Amenability studies using the core recovered from the drilling will also be conducted. On completion of water analyses and amenability studies, the Company will complete the design of an ISR extraction plant, which is approximately 60% complete. The Joint Venture also intends to carry out additional exploration and development drilling to potentially increase the size of the ore body.
YELLOWCAKE MINING INC. (OTCBB:YCKM) is a Uranium company focused solely on exploring and developing Uranium properties in the United States. Current properties and potential future acquisitions give Yellowcake the expectation of near to medium term production. Yellowcake Mining successfully raised $6 million in February 2007, and there are currently 50,940,000 shares outstanding in the company.
Legal Notice Regarding Forward-Looking Statements
Statements in this news release that are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include: that we are making progress in efforts to advance the permitting process at their Sky ISR uranium project in Wyoming; that 5 wells will be drilled to depths of approximately 1,100 feet; on completion, 72 hour pump tests on each of the five wells will be carried out; on completion of water analyses and amenability studies, the Company will complete the design of an ISR extraction plant. It is important to note that the Company's actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward-looking statements from being realized include: misinterpretation of data; that we may not be able to raise sufficient funds to complete the payment obligations; that weather, new equipment may not perform as anticipated; logistical problems or hazards prevent us from exploration, development or from fulfilling our joint venture obligations once formed; that any resource is available for exploitation on these properties; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results that we have found in any particular holes are not necessarily indicative of larger areas of our property; we may not be able to reach agreement with Strathmore on aspects of our agreements; and that despite encouraging data there may be no commercially exploitable mineralization on the properties based upon the applicable world uranium prices and the quality or grade of the resource. Readers should refer to the risk disclosures outlined in the disclosure of junior exploration reporting company reports filed from time to time with the Securities and Exchange Commission.
SOURCE: Yellowcake Mining Inc.
Yellowcake Mining Inc. William Tafuri, 1-877-338-4438 www.yellowcakemining.com
Copyright Business Wire 2007
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