Post by Catdaddy on Oct 17, 2007 9:15:32 GMT -5
Star Uranium Farms Out Lead-Zinc Property in Alberta
Thursday September 20, 12:18 pm ET
SASKATOON, SASKATCHEWAN--(Marketwire - Sept. 20, 2007) - Star Uranium Corp. (TSX VENTURE:SUV - News) The Company is pleased to announce that it has reached an agreement with Ivany Mining Inc. whereby Ivany Mining will be earning a 100% interest in the Company's Zama Lake property in Alberta. Star Uranium will retain the diamond rights on the property and Ivany Mining will earn a 100% interest in all other minerals on the property. In order to earn the interest, Ivany Mining Inc. will pay to Star Uranium $100,000 and 150,000 shares of Ivany Mining and will be spending $400,000 on the property by May 16, 2008 and a further $1,000,000 by May 16, 2010. Star Uranium will retain a 2% N.S.R. which can be reduced to 1% by a payment of $1,000,000.
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The Zama Lake property is prospective for lead and zinc and consists of 92,160 hectares. The property was acquired by Star Uranium upon the release of GSC Open File 5121 (Plouffe et al., 2006). The Open File announced the discovery of anomalous concentrations of sphalerite and galena grains within the coarse sand fraction of bulk till samples in a regional program originally designed to assess the occurrence of kimberlite indicator minerals. The number of grains recovered was the highest ever reported in a till sample in Canada (Ploufee et al., 2006).
Mr. Paul Hawkins, P. Eng., of Calgary, Alberta is the Qualified Person for this project, and a 43-101 report has been prepared.
Star Uranium Corp. decided to farm out the Zama Lake property in keeping with its aim of becoming a pure uranium company, and other non-uranium assets of the Company will also be farmed out. The diamond rights to Zama Lake were retained and will be packaged with the Company's other diamond properties with the intention of spinning them out to a new company, Star Diamond Corp. The Company is awaiting a court decision regarding the ownership of 25 diamond properties in the Fort a la Corne area of Saskatchewan. Once that decision is received, the Company will proceed with an IPO for Star Diamond Corp. Star Uranium also holds a 50% interest in a large group of diamond claims in the Buffalo Head Hills area of Alberta where the Company has been conducting diamond exploration for several years.
Thursday September 20, 12:18 pm ET
SASKATOON, SASKATCHEWAN--(Marketwire - Sept. 20, 2007) - Star Uranium Corp. (TSX VENTURE:SUV - News) The Company is pleased to announce that it has reached an agreement with Ivany Mining Inc. whereby Ivany Mining will be earning a 100% interest in the Company's Zama Lake property in Alberta. Star Uranium will retain the diamond rights on the property and Ivany Mining will earn a 100% interest in all other minerals on the property. In order to earn the interest, Ivany Mining Inc. will pay to Star Uranium $100,000 and 150,000 shares of Ivany Mining and will be spending $400,000 on the property by May 16, 2008 and a further $1,000,000 by May 16, 2010. Star Uranium will retain a 2% N.S.R. which can be reduced to 1% by a payment of $1,000,000.
ADVERTISEMENT
The Zama Lake property is prospective for lead and zinc and consists of 92,160 hectares. The property was acquired by Star Uranium upon the release of GSC Open File 5121 (Plouffe et al., 2006). The Open File announced the discovery of anomalous concentrations of sphalerite and galena grains within the coarse sand fraction of bulk till samples in a regional program originally designed to assess the occurrence of kimberlite indicator minerals. The number of grains recovered was the highest ever reported in a till sample in Canada (Ploufee et al., 2006).
Mr. Paul Hawkins, P. Eng., of Calgary, Alberta is the Qualified Person for this project, and a 43-101 report has been prepared.
Star Uranium Corp. decided to farm out the Zama Lake property in keeping with its aim of becoming a pure uranium company, and other non-uranium assets of the Company will also be farmed out. The diamond rights to Zama Lake were retained and will be packaged with the Company's other diamond properties with the intention of spinning them out to a new company, Star Diamond Corp. The Company is awaiting a court decision regarding the ownership of 25 diamond properties in the Fort a la Corne area of Saskatchewan. Once that decision is received, the Company will proceed with an IPO for Star Diamond Corp. Star Uranium also holds a 50% interest in a large group of diamond claims in the Buffalo Head Hills area of Alberta where the Company has been conducting diamond exploration for several years.
