Consolidated Uranium Announces Drill Results From Daneros And Rim Mines

TORONTO - Consolidated Uranium Inc. (CUR) reported on recently completed drilling programs at its past-producing Daneros and Rim uranium and vanadium mines in south-eastern Utah. Following the successful drill programs, the Company has acquired ten State of Utah uranium and vanadium leases, covering approximately 4,760 acres in the Rim Mine and Sage Plain project areas and 275 unpatented lode mining claims in the Daneros Mine, Rim Mine and Sage Plain project areas. These important additions to CUR’s property portfolio cover a combined area of approximately 10,070 acres. The new mining claims staked by CUR are not subject to any underlying agreements and do not carry any royalty obligations.
Confirmation drilling at the Daneros Mine both highlighted the presence of high-grade uranium mineralization and extended the known mineralization, including in holes CUR-LR-15 which intersected 0.93% U3O8 over 5 meters and CUR-LR-16 which intersected 0.83% U3O8 over 3 meters and 0.11% U3O8 over 2 meters. Confirmation drilling at the Rim Mine, which is considered to be one of the highest-grade historic vanadium mines in southeastern Utah1 confirmed high grades in multiple holes, including CUR-RM-01 which intersected 0.01% U3O8 and 1.07% V2O5 over 2 meters and 0.15% U3O8 and 2.54% V2O5 over 2 meters and CUR-RM-02 which intersected 0.21% U3O8 and 1.50% V2O5 over 4 meters.
Additionally, the results obtained have provided additional information on potential extensions of known mineralization onto properties that were recently acquired by CUR. At Daneros, the new claims cover the projected convergence of two mineralized trends that host the Daneros/Lark-Royal-Bullseye and Radium King uranium mines that were among the most important uranium producers in the White Canyon mining district.     At Rim, the new claims cover the southern extension of the Rim deposit, as well as an easterly projection of the channel sandstones that host the numerous uranium-vanadium deposits of the area.
Philip Williams, Chairman and CEO commented, “With the goal of becoming a near term producer of U.S. origin uranium and vanadium, CUR is one of only a handful of companies actively drilling its properties. Today’s results from the drill programs at Daneros and Rim not only confirmed and extended previously known high grade uranium and vanadium mineralization but also supported the acquisition of additional prospective adjacent and on trend project areas. Increasingly, our view is that every pound of uranium in the U.S. is potentially going to be required to supply domestic uranium requirements as U.S. buyers of nuclear fuel become under pressure to source material away from former Soviet states such as Russia, Kazakhstan and Uzbekistan. We believe CUR’s portfolio is well positioned to be a trusted and stable U.S. supplier and we plan to continue to actively advance to production-ready status through further drilling, engineering and permitting activities.”