VANCOUVER, Dec. 6 /PRNewswire-FirstCall/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris" or the" Company") announces it is accelerating its property review and acquisition program as a result of the recent landmark U. S. Supreme Court rulings which laid the groundwork for the resumption of uranium activities in New Mexico.
New Mexico has been the most prolific historic uranium producer in the United States, and is well-known for some of the country's largest and higher grade deposits. Tigris is reviewing the extensive data at its disposal in preparation for a contemplated 2011 exploration program on its 127,297 acre (51,515 hectare) private mineral rights holding in northwest New Mexico. This extensive mineral right holding is in addition to the Company's existing New Mexico projects which contain a total Indicated Resource of 34.474 million pounds of eU3O8 at an average grade of 0.0949% eU3O8 (Dauntless Capital Corp. News Release, 15 June 2010) as follows:
|Million Tons||Grade % eU3O8||Contained eU3O8 Million Pounds*|
|Crownpoint Section 19||2.80||0.1006||5.634|
|Crownpoint Section 29||4.26||0.0943||8.038|
|Crownpoint Section 24||2.85||0.1041||5.980|
Crownpoint Section 24 Property (60% interest in 140 ac or 56.66 ha); the
60% interest represents 2.85 million pounds of eU3O8 in 5.980 million tons. This resource estimate is based on 316,750
ft of drilling in 157 holes drilled by Conoco during the 1970s.
Metallurgical testing by Conoco demonstrated that the Crownpoint
Section 24 Property deposit is amenable to ISL mining.
Crownpoint Section 19/29 Property (100% interest in 960 ac or 388.5 ha);
this resource estimate is based on a minimum of 667,000 ft of drilling
in 325 holes drilled by Conoco during the 1970s. Metallurgical testing
by Hydro Resources Inc. (Subsidiary of Uranium Resources URRE-NASDAQ)
demonstrated that the Crownpoint Section 19/29 Property deposit is
amenable to ISL mining.
- Hosta Butte Deposit (100% interest in 1920 ac or 777 ha); this resource estimate is based on 325,285 ft of drilling in 133 holes drilled by Conoco during the 1970s. Metallurgical testing by Conoco demonstrated that the Hosta Butte Property deposit is amenable to ISL mining.
Notes: Radiometric logging of the drill holes was completed by Conoco, and the logs were examined by Greg Myers. Natural gamma (counts/second, or cps), self potential (millivolts), and resistance (ohms) were recorded at 1/2 foot increments on magnetic tape and then processed by computer to graphically reproducible form. The eU3O8 % conversions from the gamma log data were calculated using the raw natural gamma counts multiplied by the K-factor times 2 (eU3O8 % = (gamma cps) x (K-factor x 10-5) x (2)). A typical K-factor reported on a Hosta Butte log is 2.45 and the 10-5 factor is not included on the log header, therefore the corrected K factor would be 0.0000245.
Technical Advisory Board Appointment
The Company is also pleased to announce the appointment of Mr. Joe Harrington to the Company's Technical Advisory Board, joining Mr. Steve Morzenti. The Technical Advisory Board's mandate is to provide expertise to the Company's senior management in operational matters related to uranium geology, property acquisitions, permitting, production and reclamation.
"I welcome the opportunity to be working with Joe once again as we continue to build an elite technical team with broad uranium experience," said William M. Sheriff, Chairman. "Joe brings a wealth of technical knowledge and experience with uranium specific reclamation and remediation to Tigris Uranium."
Mr. Joseph Harrington
Mr. Harrington was the CEO/founder of Green World Science, and the patent inventor of the heavy metals immobilization treatment technology now owned by Alexco Resource Corp. Mr. Harrington also served as Vice President of the mining and metals business for ARCADIS, conducted research and development for controlled release fertilizers, fuel ethanol, phosphate mineral processing and bioremediation technologies for the J.R. Simplot Company. Mr. Harrington previously served on the advisory board of Energy Metals Corporation and is currently the Vice President of Technology and Strategic Development at Alexco Resources Group. At Green World Science Inc., Mr. Harrington implemented the treatment of the Sweetwater Uranium Pit Lake for Kennecott Uranium Company, part of the Rio Tinto Group. This treatment program resulted in the non-coal award for Excellence in Reclamation for 2001 by the State of Wyoming, and attained stringent targets for restoration of the lake water quality including the surrounding aquifer. The in-situ treatment approach is applicable to restoration of ISL aquifers as well as water quality in underground mine pools, beneath tailings impoundments and for addressing impacts on water quality from the location of waste rock disposal areas. Mr. Harrington graduated summa cum laude from the University of Idaho in 1996 with majors in Chemistry and Microbiology and completed his graduate work at the University of Idaho in 1998 in Metallurgical Engineering.
The technical content of this news release has been reviewed and approved by Tigris' Chief Geologist Douglas Underhill, PhD, MSc, MBA a Qualified Person as defined by National Instrument 43-101.
About Tigris Uranium Corp.
Tigris Uranium Corp. has assembled an elite staff and technical team with considerable experience in the uranium sector and is committed to providing shareholders with exceptional leverage to rising uranium prices through the acquisition of established resources. Tigris will achieve this through four value-enhancing strategies: acquisition of uranium projects with established resources in stable mining jurisdictions such as the United States and Canada; conducting geological and engineering work likely to expand resources, upgrade resources to reserves and improve recoverability; advancing existing resources into and through the permitting process to accelerate the potential uranium production timeline; and selling or partnering projects, when they reach the production stage, to limit risk and share dilution.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Tigris Uranium Corp's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Tigris Uranium Corp. assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Tigris Uranium Corp.