MOAB, UT -- 11/09/07 --
Utah Uranium Corp. (the "Company") (OTCBB: UTUC)
is pleased to announce that, having filed the requisite reclamation bond,
the Company is now in receipt of final permits required for drilling the
Company's Pinto property.
Having received the final permits, a drill crew and rig are currently being
mobilized to the property, with drilling activity to commence early the
week of November 12th. The Company's Technical Advisory Board member and
expert Uranium geologist, Mr. Christian (Ted) Murer P.Geo, is joining other
consulting geologists on site to assist in the overseeing of drilling
activities.
The first phase drilling program will entail drilling of up to 20 holes out
of a permitted 50-hole drill program. Results of the first phase drilling
will be announced as received.
The Pinto property consists of 344 mineral claims totally approximately
7,000 acres located the Henry Mountain Syncline Basin of East Central Utah.
The property is the subject of a Joint Venture agreement with Consolidated
Abaddon Resources Inc. (TSX-V: ABN) (FRANKFURT: E2L) ("Abaddon") of
Vancouver, B.C. Abaddon has an option to earn up to a 60% interest in the
property by making payments to the Company totaling $550,000 (Canadian $),
issuing a total of 550,000 shares to the Company, and by fully funding a
total of $605,000 (Canadian $) in exploration and drilling expenditures
over the life of the agreement.
About the Pinto Property: Utah Uranium Corp. "UTUC" acquired the Pinto
claims from Christian (Ted) Murer P.Geo, the prospector geologist who
conceptualized, discovered and currently holds a production royalty on the
Tony M mine. Ted has assembled the Pinto uranium claim package using the
same data and methodology in the identical geologic setting as the Tony M
and Bullfrog mines on strike to the south, targeting the down dip
accumulation of uranium and vanadium within the Salt Wash member of the
Jurassic Morrison formation. The Morrison formation is approximately
250-300 ft. thick in this area. Drilling depth to the top of the Salt Wash
will vary in depth from 50 to 150 ft. depending on dip and topography. The
present plan is to define the north-south trend of ore accumulations within
the various sands of the Salt Wash based on known uranium deposits in the
area and the applicable theories of mineral migration.
The potential of the Pinto claims, the first claim block to undergo drill
permitting, is for high grade (for the area) uranium and vanadium deposits.
Based on area extrapolations, the deposits could hold significant amounts
of uranium and vanadium.
The Henry Mountain Syncline is an enclosed structural basin within the
Colorado Plateau of southeastern Utah that is entirely underlain by the
massive uranium bearing Salt Wash sandstone member of the Morrison
formation. The hydraulic migration containing liberated uranium in solution
within oxygenated waters flow down-dip within the formation into the
trapped, oxygen free static waters within the basin, a reducing environment
which precipitates out ore grade uranium resulting in a zone of major ore
concentration, otherwise known as a roll-front environment.
The first discovery, known as the Tony M mine, was made in the 80s by
Plateau Resources, a division of Michigan Light and Power, and consists of
10,898,000 pounds of Uranium. Subsequently, the Bullfrog mine was
discovered adjacent and north of the Tony M mine by Imperial Oil
Corporation, and consists of an additional 12,924,000 pounds of Uranium.
These mines are currently owned by Denison Mines and are collectively known
as the Henry Mountains complex, one of the largest known uranium resources
in the Colorado Plateau district.
About the company
Utah Uranium Corporation is a Moab, Utah based junior exploration and
development company focused on the acquisition of past producing
underground uranium mines, highly prospective new uranium projects and
other conventional and non-conventional energy projects. All of the
uranium projects acquired to date, in addition to those under review by the
Company are within economic haul distances of the White Mesa Uranium
Vanadium Mill in Blanding, Utah owned by Dennison Mines.
On behalf of the Board,
Peter Dickie, President
Cautionary note: This report may contain forward looking statements,
particularly those regarding cash flow, capital expenditures and investment
plans. Resource estimates, unless specifically noted, are considered
speculative. Unless otherwise stated, any and all resource or reserve
estimates are historical in nature, and should not be relied upon. By
their nature, forward looking statements involve risk and uncertainties
because they relate to events and depend on factors that will or may occur
in the future. Actual results may vary depending upon exploration
activities, industry production, commodity demand and pricing, currency
exchange rates, and, but not limited to, general economic factors.
Cautionary Note to US investors: The U.S. Securities and Exchange
Commission specifically prohibits the use of certain terms, such as
"reserves" unless such figures are based upon actual production or
formation tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
Contact:
Utah Uranium Corp.
Unit B-9, 11850 South Hwy 191
Moab, UT, 84532
1-866-669-9377
info@utah-uranium.com
www.utah-uranium.com
