Vancouver, Canada (ots/PRNewswire) -
- Trading Symbol TSX-V - ESO
- Frankfurt - E2G
ESO Uranium Corporation (TSX-V: ESO), the Company, is pleased to
announce that a second contract has been signed with Cyr Drilling
International Ltd of Winnipeg. This will enable the start, in the
next two weeks, of a 10 hole diamond drill program on its 132,000
acre (52,800 hectare) Hook Lake uranium claims. This program will be
carried out using helicopter support for the drilling operation to
allow access prior to winter freeze-up.
The drilling will test targets on a possible extension of the
north-northeasterly striking Dirksen Structure which appears to
extend through targets identified on the 100% owned Hook Lake claims.
A second target area has been selected for the drill program that is
on a sub-parallel structure lying to the west of the Dirksen. A drill
hole (DER-4) by Imperial Oil and SMDC on the Dirksen structure is
located 4 km from the south central boundary of the Hook Claims. This
hole had grades of 0.24% (4.8 lb/t) U3O8 and 1.35% nickel reported
for a 2.5 meter intercept located 9.8 meters below the unconformity
at the base of the Athabasca Basin.
Drill target selection for the Hook claims has been based on
airborne and ground geophysical surveys which included the Fugro
Megatem airborne system and high resolution ground resistivity
surveys carried out by Peter Wallcott and Associates. The drill
target areas are near the up-ice head of boulder trains with
previously identified geochemical anomalies; these anomalies include
boron, illitic clay and other pathfinder elements that are seen in
the alteration plumes above high grade Athabasca type uranium
ESO confirms that it does not hold asset backed commercial paper
(ABCP) that may have recently caused a reduction of liquidity or
financial losses for some companies. The ESO treasury is not exposed
to any financial instruments directly involving the U.S. residential
property market, mortgages or automobile loans. The Company's total
cash and cash equivalents of approximately CDN$6.2 million are held
in cash and banker's acceptances (maturities of 90 days or less) with
major Canadian banks and as advances to contractors.
For reference, the current spot price quoted by uxc.com for
uranium oxide is US$90 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 reference the ESO Uranium website for 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 Corporation
Im Internet recherchierbar: http://www.presseportal.ch
For further information: For Corporate Communications please contact:
Tom Corcoran or Bob Meister, ESO Uranium Corp., Vancouver, BC, Phone:
+1-604-629-0293, Toll Free: 1-866-629-0293, Email: