VANCOUVER, March 22 /PRNewswire-FirstCall/ -- ESO Uranium Corp. (ESO.TSX-V), the Company, is pleased to announce that permits have been granted for the programme of reverse circulation and/or percussion drilling on properties optioned from Hathor Exploration Limited (HAT.TSX-V) and International KRL Resources Corporation (IRK.TSX-V) in the Cluff Lake area of the Athabasca Basin, Saskatchewan. The drilling of approximately 10,000 meters in 100 holes is planned for the 2007 programme, with a budgeted cost of over $1,500,000. The claims adjoin the Cluff Lake mining lease of AREVA, the world's largest integrated uranium company and successor company to the former mine operators.
The Cluff Lake mines, mostly shallow, open pit operations, produced 63 million pounds of uranium oxide with an average grade of 0.93% and significant gold values. Historical work on the Bridle Lake Zone, located 2km north of the Cluff Lake Mines on the Hathor option, included two percussion drill holes completed by the mine operator, AMOK (MOKTA), in 1979. These holes intersected 0.112% uranium oxide over 1.5 meters from 17.2 to 18.7 meters (CAR 316A) and 0.12% uranium oxide over 0.4 meters from 52.6 to 53 meters (CAR 278).
Airborne and ground electromagnetic surveys on the Bridle Lake Zone defined several conductors. These conductors were located immediately up-ice from a radioactive boulder field reported by AMOK to have values up to 0.85% uranium oxide. Radon surveys by ESO have identified two areas of strongly anomalous radon gas in soils, close to the conductors. One of the ESO anomalies correlates with a radon anomaly reported, but not drill tested, by AMOK, the other was in an area previously unsurveyed. Radon gas, a product of the radioactive decay of uranium, is a measure of the presence of uranium at depth in the bedrock.
An additional priority target area for drilling is located on the International KRL option that flanks the east side of the Cluff Mine lease. It includes a radioactive boulder field with values up to 16.9% uranium oxide and 2.9 g/t gold reported in assessment filings of AMOK. The boulder field is close to several conductors indicated by airborne and ground electromagnetic surveys carried out by ESO in 2006.
For reference, the current spot price of uranium is US$91 per pound of U3O8; an assay reported as 1.0% of U3O8 is equal to 20 pounds of uranium oxide per short ton - the conversion of percent metal or metal oxide from percent to pounds per short ton is done by multiplying the percent value by 20.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
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Vice President, Exploration
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The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.
CONTACT: For corporate communications please contact: Tom Corcoran or Bob Meister, ESO Uranium Corp., Vancouver, BC, Phone: (604) 629-0293, Email:
