Urex Updates on Argentina ExplorationRENO, Nev.NV-UREX-ENERGY
RENO, Nev.--(BUSINESS WIRE)--
Urex Energy Corporation (the 'Company' or 'Urex') (OTCBB:URXE) reports that the Company has completed 72 drill holes (5162 meters of drilling) on first pass drill testing on five uranium targets on the Company's Cerro Solo area properties in Argentina. Uranium mineralization was encountered in all target areas.
The targets drill tested to date include (1) Contreras (2) Cerro Solo South (CSS) (3) Carbon; (4) Maple South; and (5) Plateau (see Figure 1). Urex's exploration strategy on its Argentina uranium properties is to conduct a first pass, broadly spaced drill programs to identify uranium mineralization and then return for follow-up drilling once initial drill testing is complete on the target set. Four additional target areas remain to be tested in the Cerro Solo Area in this current stage of drilling.
As noted in the Company's news release dated March 28, 2008, six drill holes were completed on the Contreras Target, which is located 11 km northeast of Comision Nacional de Energia Atomica's (CNEA) Cerro Solo uranium deposit. Three additional drill holes have been completed for a total 9 holes. Uranium mineralization at the Contreras Targets occurs near surface in the flat lying Cerro Barcino Formation lake sediments and is projected to be broadly distributed based on in initial mapping. A peak uranium value of 2.32 lbs/ton eU3O8 was obtained from drill hole CS08.
Seventeen drill holes were completed on CSS identifying a number uranium zones for follow-up drilling. Partial drill results for CSS are given in Table 1. The CSS property is located on south boundary of CNEA's Cerro Solo uranium deposit (see Figure 1).
Table 1 ' Partial Drill Results From CCS Target Area - Argentina
Hole ID From (m) To (m) Interval (meter)
eU3O8 (Lbs/ Ton)1
§ eU (%) Target
RC08007r 60.47 61.59 1.12 0.73 0.031 Cerro Solo South
RC08008r 70.50 71.66 1.16 3.48 0.144 Cerro Solo South
RC08009r 92.48 94.65 2.17 0.93 0.039 Cerro Solo South
RC08010r 73.75 77.71 3.96 2.33 0.099 Cerro Solo South
RC08011r 69.68 70.26 0.58 1.19 0.050 Cerro Solo South
1 .5 lbs/ton eU3O8 cutoff used in all drill holes
Thirty-seven drill holes were completed on the Carbon Target (see Figure 1) identifying thick zones of anomalous uranium mineralization related to high concentrations of organic carbon in Los Adobes Formation. Drill hole RC08037r from the Carbon Target returned a peak uranium value of 5.74 lbs/ton eU3O8.
Six drill holes were completed on the Maple South Target on 400 meters drill centers indentifying uranium mineralization with drill hole RC08065r yielding a peak value of 0.39 lbs/ton eU3O8.
Drilling just commenced on the Plateau Target (see Figure 1) with two drill holes complete with 19.5 meters of anomalous uranium intersected in drill hole RC08068r (19.5 m @ 121.45 ppm eU3O8 or 0.24 lbs/ton eU3O8).
All of the drill holes on the Company's uranium properties in Argentina are logged with a down-the-hole Calibrated BGR-01 4-Channel Gamma Probe operated by in-house technicians. The BGR-01 4 Channel Gamma Probe was calibrated in February 2008 at the Canadian government calibration site at Fredericton, New Brunswick under the supervision of the manufacturer.
Drilling on the Cerro Solo Area properties has temporarily suspended for a winter break. Drilling is expected recommence in late July and to continue for the rest of the field season (April 2009).
'The Company is excited with the success of drilling on our Argentine properties and pleased with the pace of the program. We look forward to reporting additional drill results in the coming months,' stated Richard Bachman, President of Urex.
About Urex Energy Corporation
Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico. Urex owns a 99.8% interest in the Rio Chubut property comprised of 170,000 hectares of land which is adjacent to the Cerro Solo Uranium deposit located in Chubut Province within Patagonia of southern Argentina. The Cerro Solo exploration block is approximately 20 km x 50 km, and borders the Cerro Solo Uranium deposit to both the North and the South.
Urex also owns a 100% interest in the La Jara Mesa Extension uranium property consisting of 137 unpatented mining claims in the Grants Mining District, Cibola County, New Mexico. The La Jara Mesa Extension property lies adjacent to Laramide Resources Ltd.'s La Jara Mesa and Melrich uranium deposits.
Between 1950 and 1978 the Grants Mining District produced 270 million pounds of uranium oxide which ranks it as the most prolific uranium district in the United States.
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, the expectation and/or claim, as applicable, that: (1) Urex's exploration strategy on its Argentina uranium properties is to conduct a first pass, broadly spaced drill program to identify uranium mineralization and then return for follow-up drilling once initial drill testing is complete on the target set; (2) uranium mineralization was encountered in all target areas; (3) uranium mineralization at the Contreras Target occurs near surface in the flat lying Cerro Barcino Formation lake sediments and is projected to be broadly distributed based on initial mapping; (4) drilling is expected to recommence in late July and to continue for the rest of the field season (April 2009); (5) we look forward to reporting additional drill results in the coming months,' stated Richard Bachman, President of Urex; and (6) Urex Energy Corp. is focused on actively exploring and developing uranium properties in Argentina and New Mexico.
It is important to note that actual outcomes and Urex's actual results could differ materially from those in such forward-looking statements. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others; (1) Urex's ability to obtain funding and maintain adequate working capital requirements to engage contractors and equipment to complete planned exploratory programs; (2) the ability of contractors to complete planned exploratory and drilling programs according to scheduled timelines; (3) the ability of Urex and its contractors to cope with labor shortages, equipment malfunctions, adverse weather conditions and to obtain necessary permits and approvals; (4) changes in operating costs, economic conditions and conditions in the precious metals industry; (5) litigation, legislation, environmental, judicial, regulatory, political and competitive developments in areas in which Urex operates; (6) reliance on drill test results, which may not be indicative of actual mineralization; and (7) reserves, results of exploration, capital costs, drilling programs and mine production costs differing from Urex's forecasts and/or expectations. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's periodic reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov.
Cautionary Note to U.S. Investors Concerning Resource Estimates
For U.S. reporting purposes, Industry Guide 7 under the Securities Exchange Act of 1934 (as interpreted by the Staff of the US Securities and Exchange Commission) applies different standards in order to classify mineralization as a reserve. Accordingly, for US reporting purposes all mineral resources must be considered as mineralized material. Mineral resources are not mineral reserves and do not have demonstrated economic viability, but do have reasonable prospects for economic extraction. Measured and indicated mineral resources are sufficiently well defined to allow geological and grade continuity to be reasonably assumed and permit the application of technical and economic parameters in assessing the economic viability of the resources. Inferred resources are estimated on limited information not sufficient to verify geological and grade continuity or to allow technical and economic considerations applied to enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be upgraded to mineral reserves through continued exploration.
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