Uranium Power Corp. Announces Acquisition of 14 Breccia Pipe Targetsadmin
Uranium Power Corp. is pleased to announce that it has agreed to purchase a 100% interest in 232 lode mining claims, “Wild Band” (approximately 11,700 acres) in Mohave County, Arizona, from Nu Star Exploration, LLC. These Wild Band claims are located in an area known as the Arizona Strip. Air photo interpretation and geological mapping have identified a total of fourteen potential uranium-bearing breccia pipe targets on the claims.
UPC will pay the vendor $125,000, plus reimbursement of costs of $300 per claim. The vendor will retain a 4% net royalty on any future production from the claims.
Eight uranium mines hosted in breccia pipes were brought into production on the Arizona Strip during the late 1970′s and early 1980′s. These mines were owned and operated by Energy Fuels. These mines reportedly produced over 20 million pounds of uranium at an average grade of 0.65% U3O8.
The uranium-bearing pipes result from collapse related to the dissolution of the underlying Redwall Limestone. These breccia pipes commonly occur in clusters and have been interpreted to be controlled by sets of fractures. The Wild Band claims are located adjacent to the drilled-out EZ-1 and EZ-2 pipes (owned by Pathfinder Mines) which have drilled out uranium resources. They are situated on a northwesterly trend that contains the past-producing Hack Canyon mines as well as the Arizona 1 Mine which is currently on stand-by (owned by Denison Mines).
Chris M. Healey, President of UPC, commented, “This acquisition almost doubles our land holdings in the Arizona Strip. With the intense competition for land in the area, I am delighted that we have been able to acquire such high quality uranium targets. Along with our interest in the fully permitted Sheep Mountain uranium deposit, the potential for discovery on these newly acquired claims will significantly enhance the value of the company to our shareholders.”
Chris M. Healey, P.Geo, is the qualified person responsible for the technical information contained in this release.
URANIUM POWER CORP.
Chris M. Healey, President
WARNING: The Company relies on litigation protection for “forward looking” statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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Contacts: Uranium Power Corp. Chris Healey President (604) 921-1810 (604) 921-1898 (FAX)