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ESO Signs Option Agreement for Nevada Uranium Property. |
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ESO Uranium Corporation (TSX-V: ESO), the Company is pleased to announce that it has signed an option agreement to acquire 36 claims in Mineral County, Nevada that cover potential extensions of playa type uranium mineralization contiguous to its Marietta property. The property is optioned from Sedi-Met Ltd a private holding company, subject to approval by the Toronto Stock Exchange. The terms of the option include cash payments totaling, US $100,000 over 4 years and the issuance of 300,000 shares over the same period. The Company has agreed to work commitments of US$300,000 over four years.
The Marietta property was first mined for silver copper ores in the late 1800's. Shear structures up to a few meters in width carrying bornite and oxide copper were the principal source of ore mined. After World War II it was discovered that these high grade ores carried uranium values and were hosted in a radioactive granitic intrusive. The East flank of the intrusive terminates against extensional faulting that dropped the adjacent shales and volcanic rock down and much of this regional structure is obscured by piedmont gravels and sands that lie on the west side of a small playa basin. Uranium deposition from ground waters draining into the playa is targeted.
The claims under option lie on the west end of the playa and on the east side of the granitic intrusive. An additional 36 claims have been staked adjoining to the east of the Sedi-Met property and these become part of the property under the terms of the agreement.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
Vice President, Exploration
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Email:
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Please refer to the ESO Uranium website for further and updated information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
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Last Updated on Tuesday, 08 December 2009 04:22 |
