High Plains Announces Drilling Results on Converse-Sand Creek Projectadmin
High Plains Uranium, Inc. and Energy Fuels Inc. (TSX VENTURE: EFR) are pleased to announce favourable results from a drilling program conducted on the Sand Creek Joint Venture area of interest near Douglas, Wyoming. The drilling was conducted by operating partner New Horizon Uranium Corporation.
A drilling program was initiated on November 24, 2006 that focused on the “Scott Ranch” target area. Mid December, following the completion of 14 drill holes and 10,395 feet of drilling, the program was paused due to the approaching year-end holidays and seasonally inclement weather. Completion of the first phase of drilling is anticipated for early 2007, and a second phase of 12 additional rotary drill holes is presently being permitted for completion during the same timeframe.
The drilling program currently being executed by New Horizon consisted of wide-spaced, reconnaissance style drilling on five fences of drilling over a strike length of 1.5 miles and with drill hole spacing of 500 to 1,000 feet. Of the 14 drill holes completed to date, 13 holes encountered intercepts of uranium mineralization indicative of a “roll front” style uranium deposit. In addition, the drill holes have provided considerable additional information regarding both the location of a uranium bearing roll front, its apparent orientation and the rock types. Uranium mineralization has been previously identified in sediments of the White River Formation that trends through the Sand Creek JV area. The White River formation is the same formation that hosts Cameco Corporation’s Crow Butte in-situ leaching (ISL) uranium operation in Nebraska.
In addition to the intercepts quoted below, considerable low-grade uranium mineralization peripheral to the indicated intercepts may be amenable to solution mining with present ISL technology. Bill Wilson, President of New Horizon said, “In light of the widespread nature of these drill holes, we are very pleased with the results to date, that in part, helps to confirm the historic drilling completed by Canyon’s partner Aquitaine in 1981. We look forward to additional drilling planned for the first quarter of 2007.” Tom Parker, President and CEO of High Plains Uranium stated, “We are pleased that the Sand Creek Joint Venture has rapidly progressed to a significant drilling program and encouraged by the results thus far in this highly prospective area.”
On July 18, 2006, High Plains entered into a letter agreement with Uranium Energy Corp., which provided for the purchase by High Plains Uranium, Inc. of certain uranium databases relating to the Cadena properties in south Texas. In consideration of this arrangement, High Plains issued 333,333 common shares to UEC on January 4, 2007.
High Plains Uranium Inc. is a Wyoming based uranium exploration and development company focused on the development of uranium deposits in Wyoming and Texas, which are amenable to In Situ Leach mining methods.
Thomas Parker, President & CEO, a ‘qualified person’ for the purpose of the NI 43-101, has reviewed the contents and technical information contained in this news release.
This news release contains forward-looking statements; these statements relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management of High Plains. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. These forward-looking statements are made as of the date hereof and High Plains does not assume any obligation to update or revise them to reflect new events or circumstances.
The TSX has not reviewed and does not accept responsibility for this news release.
Contacts: High Plains Uranium, Inc. Thomas Parker CEO and President (307) 433-8708