Post by imSINGLEruRICH on Feb 26, 2007 11:49:32 GMT -5
Star Uranium Plans Eastern European Uranium Acquisitions and Exploration
Monday February 26, 11:22 am ET
SASKATOON, SASKATCHEWAN--(CCNMatthews - Feb. 26, 2007) - Star Uranium Corp. (TSX VENTURE:SUV - News) Star Uranium Corp. (SUV) is pleased to announce that it has formed a 50/50 joint venture with United Carina Resources Corp. (UCA) for the purpose of acquiring uranium exploration licenses in the Ukraine and the Former Soviet Union "FSU". The two companies have equal ownership of 50% each of the joint venture company. The new company is in the process of applying for a Ukraine Exploration Permit, which is the protocol for acquiring Ukraine uranium properties firstly and then for the subsequent exploration and eventual production of uranium.
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The companies have recently opened an office in Dnipropetrovsk, Ukraine, with an initial staff of 5 support and technical personnel. Further ramping up of additional professional and technical staff is underway as the company's permitting and acquisition program progresses.
Ukraine is thought to be the world's tenth largest producer of uranium and 11% of the Uranium resources of the FSU, however it does not report uranium production or resources and some estimates are considerably higher, but not reported due to state secrecy laws. The government of Ukraine has recently announced a plan to increase its uranium production 800% by 2030. Historically Ukraine has had many world-class deposits, one of them being the Novoconstantinovskoye underground uranium mine in Ukraine, which is currently in development and is thought to have reserves in excess of 100 million pounds U3O8.
Ukraine is a democratic independent nation with a population of 50 million, of whom 80% are Ukrainian and the balance are largely Russian or members of the nations of the ex-USSR. Due to its extraordinary wealth in mineral resources, Ukraine was considered a cornerstone of the economic development of the former Soviet Union.
Uranium exploration in Ukraine commenced in 1944. Since that time 21 deposits have been discovered, mostly located in south-central Ukraine, between the rivers Bug and Dnepr, where Star Uranium and United Carina have located their offices.
The majority of uranium mineralization is metasomatic; however, sandstone-hosted uranium is present in economic quantities. Reserve figures for the Ukraine are not published, as state secrecy laws presently prohibit their publication.
A decision is expected very soon regarding the Company's court case with Shore Gold Inc. over ownership of certain mineral claims in Saskatchewan. An announcement will be made as soon as the Company receives the decision from the courts.
For more information please visit our website at www.staruranium.com.
ON BEHALF OF THE BOARD
Rick Walker, President
The TSX Venture Exchange Does Not Accept Responsibility for the Adequacy or Accuracy of This News Release.
Contact:
Rick Walker
Star Uranium Corp.
President
(306) 664-3828
(306) 244-0042 (FAX)
Email: info@staruranium.com
Website: www.staruranium.com
Monday February 26, 11:22 am ET
SASKATOON, SASKATCHEWAN--(CCNMatthews - Feb. 26, 2007) - Star Uranium Corp. (TSX VENTURE:SUV - News) Star Uranium Corp. (SUV) is pleased to announce that it has formed a 50/50 joint venture with United Carina Resources Corp. (UCA) for the purpose of acquiring uranium exploration licenses in the Ukraine and the Former Soviet Union "FSU". The two companies have equal ownership of 50% each of the joint venture company. The new company is in the process of applying for a Ukraine Exploration Permit, which is the protocol for acquiring Ukraine uranium properties firstly and then for the subsequent exploration and eventual production of uranium.
ADVERTISEMENT
The companies have recently opened an office in Dnipropetrovsk, Ukraine, with an initial staff of 5 support and technical personnel. Further ramping up of additional professional and technical staff is underway as the company's permitting and acquisition program progresses.
Ukraine is thought to be the world's tenth largest producer of uranium and 11% of the Uranium resources of the FSU, however it does not report uranium production or resources and some estimates are considerably higher, but not reported due to state secrecy laws. The government of Ukraine has recently announced a plan to increase its uranium production 800% by 2030. Historically Ukraine has had many world-class deposits, one of them being the Novoconstantinovskoye underground uranium mine in Ukraine, which is currently in development and is thought to have reserves in excess of 100 million pounds U3O8.
Ukraine is a democratic independent nation with a population of 50 million, of whom 80% are Ukrainian and the balance are largely Russian or members of the nations of the ex-USSR. Due to its extraordinary wealth in mineral resources, Ukraine was considered a cornerstone of the economic development of the former Soviet Union.
Uranium exploration in Ukraine commenced in 1944. Since that time 21 deposits have been discovered, mostly located in south-central Ukraine, between the rivers Bug and Dnepr, where Star Uranium and United Carina have located their offices.
The majority of uranium mineralization is metasomatic; however, sandstone-hosted uranium is present in economic quantities. Reserve figures for the Ukraine are not published, as state secrecy laws presently prohibit their publication.
A decision is expected very soon regarding the Company's court case with Shore Gold Inc. over ownership of certain mineral claims in Saskatchewan. An announcement will be made as soon as the Company receives the decision from the courts.
For more information please visit our website at www.staruranium.com.
ON BEHALF OF THE BOARD
Rick Walker, President
The TSX Venture Exchange Does Not Accept Responsibility for the Adequacy or Accuracy of This News Release.
Contact:
Rick Walker
Star Uranium Corp.
President
(306) 664-3828
(306) 244-0042 (FAX)
Email: info@staruranium.com
Website: www.staruranium.com
