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ESO and Fission Energy Sign Strategic Joint Venture Agreement in Patterson Lake Area, South Athabasca Basin, Saskatchewan
Vancouver, Canada (ots/PRNewswire) - ESO Uranium Corporation (TSX-V: ESO), the Company, and Fission Energy Corporation (TSX-V: FIS) (Fission) are pleased to announce that the companies have signed a joint venture agreement to include claims staked in late 2007 by the companies on the southern extension of their Hook Lake and Patterson Lake claims. The joint venture is a 50%-50% participation by the companies and includes 4 claims (approximately 4770 hectares) on the southern margin of the Athabasca Basin in the Broach Lake - Patterson Lake area. The area is accessible by road and close to several established bush camps.
A Megatem airborne magnetic and deep penetrating electromagnetic survey of 167 line km was completed over the claims by Fugro Airborne Surveys in December, 2007 to cover southerly extensions of electromagnetic conductors identified by earlier work in basement rocks underlying the Athabasca sedimentary basin to the north. The identified conductors are shown in a Saskatchewan Geological Survey compilation to extend SSW onto the Joint Venture property in a band of conductors referred to as the Carter Corridor. The Carter Corridor has been under active exploration by the Purepoint Uranium Group working on the contiguous Hook Lake project which is under option from Cameco and Areva.
The results of the recent Megatem survey are being processed and will form a basis for developing ground targets for further work by the Joint Venture in 2008. Target depths for uranium mineralization are expected to be shallow (less than 300 meters depth) in this area which has some overlapping cover of sediments of the Prairie sedimentary basin.
For reference, the current spot price quoted by uxc.com for uranium oxide is US$89.50 per pound of U3O8; an assay reported as 1.0% of U3O8 is equal to 20 pounds of uranium oxide per short ton - the conversion of percent metal or metal oxide from percent to pounds per short ton is done by multiplying the % value by 20.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth" - Vice President, Exploration
Please refer to the ESO Uranium website for further and updated information.
The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
ots Originaltext: ESO Uranium Corp.
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