|
ESO Completes Megatem II Airborne Geophysical Survey on the Athabasca Basin... |
 |
 |
 |
ESO Completes Megatem II Airborne Geophysical Survey on the Athabasca Basin, Saskatchewan, and Closes Financing
Vancouver, Canada, October 18th, 2005: ESO Uranium Corp. (ESO or "the Company") ESO:TSX-V announces that it has successfully completed a Megatem II airborne geophysical survey on it's Cluff Uranium Project located in the western Athabasca Basin, Saskatchewan.
The survey, consisting of 2052 line kilometers flown at 400 metres spacings, was designed to clearly define known conductors which trend on to the 170,000 acre Cluff property from the neighboring Shea Creek Project being advanced by UEX/COGEMA where a drill intersection grading 5.4% U3O8 over 37.7 metres was recently reported.
The Megatem II system with substantially advanced depth penetration capabilities was flown nearly perpendicular to previously known conductor axes and provides valuable new information on un-surveyed areas as well as a more refined definition of the basement structure at Cluff. As graphitic basement conductors are intimately associated with uranium deposits in the Athabasca Basin, this is considered one of the most valuable tools available to outline drill targets.
An evaluation and interpretation of the Megatem II geophysical survey coupled with geochemical results will assist ESO's technical team to define further areas for drill testing. The company will commence its first phase of drilling later this year in the Gorilla Lake area of the Cluff property, where past operators encountered 0.85% U308 (not 8.5% as previously stated) over a 2.3 metre intercept in drill hole CAR 425.
The company also announces that a geochemical ground survey will start this week and will consist of boulder sampling to outline areas of alteration which are also associated with uranium deposits. After collection, the boulders are analyzed for both their clay alteration products and uranium content. Three boulder fields with up to 19.3% U308 and 2.9 grams per tonne gold were identified by past operators on the Cluff project; however, their source has never been determined.
The Company confirms that it has completed a non-brokered private placement consisting of the sale of 5,030,998 units at a price of C$0.45 per unit and has issued 5,030,998 common shares and 2,515,499 non-transferable share purchase warrants with each warrant exercisable at C$0.75 per share for 24 months. All securities are subject to a four month hold period, and the proceeds of $2,263,949.00 from the financing will be used to explore for uranium on the company's mineral properties located in the Athabasca Basin, Saskatchewan and for general working capital. Finder's fees consisting of 290,000 shares were issued in connection with the financing. With the closure of this financing the ESO Uranium treasury currently stands at approximately $2.7 million.
About ESO Uranium Corp.
ESO Uranium Corp. is a Canadian based mineral resource company exploring for uranium in the western Athabasca Basin of Saskatchewan and for gold in the Casa Berardi deformation zone in Ontario.
In the western Athabasca Basin the company is exploring three projects covering more than 369,000 acres, all with the potential to host significant new uranium discoveries. In Ontario, the company is exploring for gold on the Mikwam (100% owned) Gold Project totaling 12,864 acres, where results from a recently completed airborne geophysical survey will be utilized to select drill targets. Robert Beckett, BA Geology, is the Qualified Person who has approved the technical disclosure.
On behalf of the Board of Directors of ESO Uranium Corp.
"Jonathan George"
Jonathan George, President & CEO
For corporate communications please contact:
Tom Corcoran
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Email:
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Web site: www.esouranium.com
The TSX 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.
|
