Magnum Uranium Begins Wyoming Drilling

Magnum Uranium Begins Wyoming Drilling

Magnum Uranium Corp. is pleased to announce the commencement of drilling at its Lye Uranium Property (the “Lye Property”) in Fremont County, Wyoming. As reported by Magnum in a news release dated January 23, 2006, the Lye Property was previously explored and held by Atlantic-Richfield Company (“ARCO”) from 1967 to 1978.

Originally discovered as a surface radiation anomaly, uranium mineralization at the Lye Property is hosted in sandstone of the Eocene Wind River Formation. Results of 139 historic holes drilled on the property by ARCO show that the mineralization exists from the surface to a depth of 60 feet and that a significant portion of this mineralization is within 30 feet of the surface. Results of this drilling further indicate that the zone of mineralization is northeast trending, extends continuously over a strike length of 2,200 feet, and is open at both ends. The mineralized zone averages a thickness of 20 feet and a width of 300 feet.

The current drill program is expected to total 3,500 to 4,000 feet spread amongst 40 holes having a depth ranging from 60 to 100 feet. Saga Exploration Co. of Reno, Nevada is conducting the drilling, and down-hole logging will be performed by Jet West Geophysical Services, LLC, of Farmington, New Mexico. The objective of this drilling campaign is to confirm and expand the historic resource previously identified by ARCO.

Dr. John Carden, Ph.D., P.Geo., a Director and Consulting Geologist for Magnum and a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.

Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum’s primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada’s Athabasca Basin.


Craig T. Lindsay, President & CEO


Craig T. Lindsay Magnum Uranium Corp. President & CEO (604) 683-2507 (604) 683-2506 (FAX)

Source: Magnum Uranium Corp.

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