Golden Bridge Mining Corporation Announces Acquisition of Athabasca Basin Uranium Property
TSX VENTURE EXCHANGE: GBM
TORONTO, Oct. 25, 2013 /CNW/ - Golden Bridge Mining Corporation ("Golden Bridge" or "the Company") (TSX-V: GBM) is pleased to announce the Company has acquired by staking a total of 3,656.82 hectares (9,036.20 acres) of claims prospective for uranium mineralization in the prolific Athabasca Basin, located in Saskatchewan, Canada. This property is located in the vicinity of the recent discovery near Patterson Lake in Northern Saskatchewan by Alpha Minerals Inc. and Fission Energy Corp.
The Athabasca Basin regional magnetic data (Source: Geological Survey of Canada (GSC) Open Files 6817, Release date 15 June 2011) shows a similar signature of the Golden Bridge property to that of the Alpha Minerals Inc. recent discovery property, Patterson Lake South. The 3D geological model of Athabasca uranium generated by the Saskatchewan Ministry of the Economy "3-D File 2012-1" shows that the Golden Bridge property is located in a favourable geological structure zone.
In Canada, the Athabasca Basin is a region in the Canadian Shield and is located across the northern Saskatchewan and Alberta border. It is best known as the world's leading source of high grade uranium and currently supplies approximately 15% of the world's uranium consumption (World Nuclear Association). The basin is west of Wollaston Lake and south of Lake Athabasca, and covers about 100,000 sq. km mostly in Saskatchewan with a small portion in Alberta. The basin is mainly sandstone from 100 to 1,000 metres in depth and uranium is found mostly at the base of the sandstone where it reaches the basement (Source: investcom.com-uranium-Athabasca).
The first uranium mine in this region was the Rabbit Lake Mine, which is the longest operating uranium production facility and the second largest uranium milling facility in the western world. Another significant discovery of uranium took place in Key Lake in 1975, which produced over 95,000 tonnes of U3O8. Since 1968, over 700,000 tonnes of U308 have been produced in this region.
The technical information above has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and has been reviewed on behalf of Golden Bridge by Dr. Wei Qian, P. Geo., a Qualified Person.
About Golden Bridge Mining Corporation
Golden Bridge was incorporated under the laws of the Province of Ontario and is engaged in mineral resource exploration and development in Canada. The Company is classified as a Tier 2 "Mineral Exploration" issuer company listed on the TSX Venture Exchange.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
Statements in this press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking information in this press release includes the prospective nature of uranium mineralization on the property acquired and the relative merit and production potential of the acquired property as compared to existing uranium mines in the Athabasca Basin. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Golden Bridge. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and Golden Bridge does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES.
ON BEHALF OF THE BOARD OF DIRECTORS
Charles Qin, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Golden Bridge Mining Corporation