Bancroft Uranium Begins Implementation of N.I. 43-101 Engineering Report Recommendations at Monmouth Project
Bancroft Uranium Inc. today announces that the Company has begun planning to fully implement the recommendations of the recently completed 43-101 compliant engineering report.
Development planning for the Phase 2 2008 exploration and drilling programs are now underway. This will focus on expanding the known mineralization in the skarn rocks as well as an evaluation of the radioactive pegmatite occurrences throughout the property. As approximately 1/5th of the known strike length of the uranium bearing rocks have been systematically explored, excellent potential exists for extension and expansion of the resource. Bancroft engineers are preparing the scope of work proposal and detailed budget for this work.
The Phase 2 surface drilling program is planned for immediate follow-up of 50 plus drill holes totaling approximately 10,000 to 15,000 feet. The objective of this work is to verify mineralogical continuity and tenor as well as expansion of the deposit. Fill-in holes will be added within the limits of the 2008 program and additional holes added both along strike and in both dip directions. This work will also include prospecting, mapping and sampling in the remainder of the claim block. Additionally, Bancroft is preparing a detailed budget to take a 50 to 100 ton bulk sample for further metallurgical testing, verification of the tenor and specific gravity of the mineralization.
In related news, Bancroft is pleased to announce the appointment of Mr. Robert McIntosh as the President and CEO of the Company. Mr. McIntosh has been acting as the Chief Geological Consultant on the Monmouth Project, working with and advising field operations. Mr. McIntosh brings to Bancroft 25 years of experience in the Mining Industry where he has designed, implemented and executed exploration, drilling and production mining operations in various commodities such as gold, base metals and uranium. He has served as a Director and Officer of many publicly listed companies in the United States and Canada.
Mr. McIntosh states, “I am pleased to assume the expanded role as President of Bancroft Uranium and look forward to an exciting future for both the Company and the Uranium sector. As nuclear power expands to offset sky-high oil prices, Bancroft will be positioned to take advantage of this opportunity at Monmouth and other projects. We would like to grow Bancroft into a producer of U3O8 and feel that we have taken a great step with the new compliant resource at Monmouth.”
Mr. P. L. Hammond, C.A., remains as Director of Bancroft and will assume the role of Chief Operating Officer as well as assist in financial matters pertaining to the Company.
Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft’s initial asset, the Monmouth Uranium Project is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.
To find out more about Bancroft Uranium Inc.: www.bancrofturanium.com.
