VANCOUVER, BC -- 04/15/08 --
Raytec Metals Corp. (TSX-V: RAY) (FRANKFURT: XZT) and Solitaire Minerals Corp. (TSX-V: SLT) wish to announce the
2007/2008 program involving extensive ground geophysics on the Little Cree
River "D" grid and the "C4" and "C5" grids, situated from 24 to 48 km
southwest of the McArthur River Uranium Mine, has been completed.
The services of Durama Enterprises Limited of La Ronge, Saskatchewan, were
contracted to establish and manage the program. The program involved the
establishment of camps, grid lines, level survey and support services.
Lamontagne Geophysics Ltd. of Kingston, Ontario, was contracted to conduct
the UTEM survey and carry out an interpretation of the data. Lamontagne
developed the UTEM system to pursue deep exploration beyond the
capabilities of other TEM systems. The UTEM system measures the EM response
while the transmitter field is changing, the only way to measure extremely
conductive targets. Interpretation of the data to pinpoint the strongest
conductive response will assist to plan possible drill targets.
"The targets that have already been identified through previous exploration
work are on a known geological trend close to on-going work performed by
Cameco and Denison Mines," says Charles Desjardins, President of Solitaire
Minerals, "With the increased precision of this UTEM survey, Lamontagne
Geophysics will look to identify existing and new targets at depth."
About the properties: The 10 claims under option total 18,328 hectares. The
Little Cree River 'D' grid is comprised of 3 contiguous claims, totalling
14,415 ha and is located approximately 40 km west of the McArthur River
Uranium Mine. The 'C' claims are 7 non-contiguous parcels, totalling 3913
ha, which stretch from "C7," located about 10 km west of the Cigar Lake
Uranium Mine, to 'C1,' about 25 km west of Camecos' Key Lake Uranium Mill.
All of the 'C' claims are located within the Athabasca Basin, underlain by
favourable rocks of the Western 'transition zone' of the Wollaston Domain,
which hosts most of the major deposits in the eastern portion of the basin.
During 2006, GeoTech carried out airborne VTEM and magnetic surveys over
all of the claims. Condor Consulting Ltd., recognized experts in the field
of airborne electromagnetics, performed detailed interpretation of the
results and provided final conclusions regarding the significance of the
survey in respect to each grid.
Condor reports that on the Little Cree River 'D' grid, a prominent magnetic
low extends through the central and eastern part of the block with
localized highs on the western and eastern sides of the survey area. A VTEM
anomaly sits directly over a portion of the magnetic low where the strike
changes from NNE to ESE suggesting there may be an underlying folding event
in the basement. The CDS section shows that the conductive zone is very
close to the unconformity surface and is seen as the best chance of
representing a basement conductor.
The 'C4' and 'C5' grids are situated 48 km and 24 km SW of the McArthur
River uranium mine, within Cameco's Wheeler River project, now being
explored by their partner Denison Mines Corp. Numerous uranium zones and
deposits have been identified from the Wheeler River in the southwest, to
the McArthur River uranium mine in the northeast. The Wheeler River
project area is situated along the P2 rift, which extends NE through the
basin and hosts the McArthur River Uranium mine, and most of the major
deposits in the eastern portion of the basin.
The 'C4' grid is situated adjacent to the Wheeler 'O' zone and along strike
from the 12 km long 'K' zone which hosts up to 0.11% U3O8 over 6.5 m in
basement rocks within the K1a conductor. Here the 'C4' VTEM response
appears to extend deeper into what is interpreted to be basement rock. This
deeper target is 4.5 km south of the 'K' zone, and has never been drill
tested.
The 'C5' grid is situated over 4.5 km of the 9 km long Wheeler 'WV' trend.
On 'C5' the main structural feature is a thrust fault that vertically
offsets the unconformity by approximately 72 m. This type of structure
typically forms the locus for the circulation of hydrothermal alteration
and mineralizing fluids. A series of basement step faults, which are
reflected in the sandstone by a series of splay faults, have resulted in
the basal sandstones being fractured into a series of rotated blocks. These
all offer excellent targets for the precipitation of uranium
mineralization. The VTEM results show a conductive response that appear to
extend well above the indicated unconformity level but as well extends
deeper into what is interpreted to be bedrock. This deeper target has never
been drill tested.
Further results will be released upon completion of the interpretation.
About Raytec Metals Corp.
Raytec Metals Corp. (TSX-V: RAY) is a junior exploration company focused on
Canadian mineral projects in the agriculture (potash), iron ore, and
uranium sectors. The Company is focused on maximizing shareholder value
through acquiring projects with historical reserves.
Saskatchewan Potash exploration:
The Company has a 100% interest in a total of 290,880 acres of prospective
potash ground under permit application within the extensive Middle Devonian
Prairie Evaporite formation of south-central Saskatchewan.
Ontario Iron Ore exploration:
The Company has several iron ore projects in Ontario with advanced historic
exploration in well known historic iron ranges.
Saskatchewan Uranium exploration:
The Company has a carried joint venture interest with Triex Minerals Corp.
on its Keylake Properties (Highrock & Riverlake Projects).
The Company has a carried joint venture interest with Solitaire Minerals
Corp. (TSX-V: SLT) on its "C" claims and has retained a royalty on its "D"
block claims.
For More information on Raytec Metals Corp. Please visit the website
www.raytecmetals.com
On Behalf of the Board of Directors
Brian Thurston, President and Director
THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS
RELEASE.
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. The company has filed a National Instrument 43-101 report on
the Key Lake properties. Any and all other 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:
Brian Thurston
President
(604) 669-9330
