For Thursday
May 29th, 2008
THIS JUST IN....
Bancroft Uranium Initial Drilling Results, Monmouth Uranium Project
SCOTTSDALE, AZ--(MARKET WIRE)--May 29, 2008 -- Bancroft Uranium Inc. (OTC BB:BCFT.OB - News) ("Bancroft" or the "Company") today is pleased to announce the first drilling results from the Spring 2008 surface drill program being conducted at the Monmouth Uranium Project, near Bancroft, Ontario. Noteworthy assay results from the first 13 holes are outlined below.
The 2008 Exploration Phase 1 drill program commenced on February 25th and was designed to focus on areas in and around the historical drill results from the 1969 program bringing it into modern N.I. Policy 43-101 compliance, a recognized world mining standard. The drilling is also designed to extend the known strike length of the skarn which hosts the uranium mineralization with the aim of expanding the current estimated 1,800,000 lbs U3O8 potential at Monmouth.
Initial drill assays and intervals are from holes drilled from the most southwesterly exposure of the host rock skarn (altered limestone) and are spaced approximately 100 feet apart. Significant results are as follows. Assays are noted as lb representing lbs/ton U3O8 over feet:
08-1 0.803 lb/12.5' from 55.3 to 67.8 feet in skarn, 0.344 lb/30.5'from 182.1 to 212.6 feet in pegmatite and 0.805 lb/13.8' from 276.2 to 290.0 feet in skarn including 1.02 lb/9.3' from 280.7-290.0 feet. Visible uraninite was noted
08-5 0.139 lb/34.8' from 235.6 to 270.4 feet in pegmatite
08-6 0.466 lb/10.0' from 16.0 to 26.0 feet in pegmatite
08-7 0.291 lb/7.9' from 44.0 to 51.9 feet in skarn with visible uraninite
08-8 0.540 lb/60.6' from 15.0 to 75.6 feet in skarn
08-9 0.596 lb/51.9' from 31.0 to 82.9 feet including 0.315 lb/14.9' from 31.0 to 45.9 feet and 0.923 lb/24.5' from 51.0 to 82.9 feet with visible uraninite, molybdenum
08-10 0.740 lb/52.2' from 12.8 to 65.0 feet including: 0.915 lb/32.0' from 12.8 to 44.8 feet and 0.616 lb/15.0' from 50.0 to 65.0 feet in skarn with visible uraninite
08-12 0.513 lb/49.9' from 6.3 to 56.2 feet in skarn with visible uraninite noted
08-13A 0.332 lb/25.1'from 9.3 to 34.4 feet with visible uraninite noted
The above holes represent testing across the initial 300 feet of historical strike length which totals 1,500 feet. Early results have verified the location, thickness and flat lying geometry of the uranium bearing skarn system intersected in the historical drilling. U3O8 assays have been returned from both uraninite bearing bright orange-colored calcite alteration in the skarn and from several pegmatite bodies in and adjacent to the skarn package. Initial assay results from the skarn rocks appear to validate the historical data. As drill holes progress through the central portion of the deposit, the historical intersected thicknesses of the uranium bearing skarn appear to increase as do grades based on limited assay data. Initial assays returned from the pegmatitic rocks are better than expected based on the historical work.
The geological modeling of the deposit is now coming into focus with the alteration zone rock package dipping at a fairly consistent 25-30 degrees, amenable to a potential open pit scenario.
All of Bancroft Uranium's exploration programs are designed and supervised by Qualified Persons ("QP") under the N.I. Policy 43-101, who ensure that programs are carried out using current industry "Best Practices." The spring 2008 drilling program was supervised by Murray McGill P.Geo (QP). The NQ size core was logged by Mr. McGill and split on-site. Half core samples were analyzed using standard Delayed Neutron Counting (DNC) methods by Activation Laboratories in Ancaster, Ontario. Activation Laboratories employs rigorous in-house QA/QC procedures in the DNC process.
Bancroft will release a second series of drill results shortly.
For inquiries from the public and media concerning the Monmouth Uranium Project please contact Greenspirit Strategies at 1-877-54 GREEN or 1-877-544-7336. For shareholder and investor information please contact investor relations at 1-866-860-2995
ABOUT BANCROFT URANIUM INC. (OTC BB:BCFT.OB - News)
 Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft's initial asset, the Monmouth Uranium Project is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.
Recent unprecedented rises in the price of Uranium have been over $90 per pound recently with extraordinary fluctuations exceeding $135/lb. These prices reflect a 1000% increase over the past 7 years - with most of these gains occurring within the past 2 years.
In response, Bancroft Uranium has moved to quickly develop a portfolio of Uranium projects that includes the Monmouth Uranium Deposit - an extremely significant project due to the historical work previously performed but not fully developed due to low prices during the original work.
The Company has also begun early stage efforts in the Long Lac area as well as the prolific Elliot Lake Uranium camp.
ECONOMICS
“Source: The Ux Consulting Company, LLC”
Existing global supply does not meet current demand thereby creating significant opportunities for long-term growth.
Currently, 439 active reactors, 34 new power reactors are under construction and 304 plants are on order/planned or proposed.
COMPARATIVE
Example: Energy Comparison
Fuel consumption and waste production comparison
A 1000 megawatt reactor can provide enough electricity for a modern city of up to one million people.
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1000 Mw coal fired power station
- Consumption: 3,000,000 tons of coal per year
- Waste: 7,000,000 tons of waste per year, mostly in the form of carbon CO2 plus 150,000 tons of solids.
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1000 Mw nuclear power station
- Consumption: 25 tons of Uranium each year
- Waste: 1 ton of waste per year.
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PROCESSING
Example: Typical processing cycle for Uranium ore
Source: Cameco Corporation
HEALTH, SAFETY & SOCIO-ENVIRONMENTAL ISSUES
Bancroft Uranium Inc. strives to keep our team, contractors and partners safe, while also safeguarding and improving the physical and social environments we work in. We follow a number of principles designed to continually improve our actions regarding the health, safety, environmental and social aspects involved in our day-to-day business.
- We respect the physical environments we work in by complying with all environmental laws and regulations, by identifying how our activities could impact the environment, and by minimizing this impact through ecologically sensitive exploration, development and production techniques. Further to this end, the Company has engaged the services of Earth Tech Canada (http://www.earthtech.com/) as our environmental consultant in these matters.
- Healthy working conditions are formed by complying with all applicable regulations and laws, managing occupational hazards, and dedicating the financial resources necessary to ensure a healthy workplace.
- We work to develop sustainable, positive relationships with the communities and stakeholders that may be affected by our operations at the local level.
As we grow, we recognize that our future employees will be key to ensuring these principles are followed in day-to-day operations—each employee will have the obligation and opportunity to report and stop any activities that conflict with our safety, health and socio-environmental principles. Employee evaluation will include an assessment and recognition of these principles in action. To maintain the principles' relevance, Bancroft Uranium management will regularly evaluate their effectiveness.
URANIUM FACTS & ARTICLES
Uranium; how it is used, how it is mined and processed. Here are some basic facts:
- Uranium is a common heavy element, found in most rocks and sea water.
- There are many sources of natural radiation, including radiation from the sun, and from sources such as uranium in rocks and water.
- Radiation exposure is reduced to very low levels (well below international exposure guidelines) by minimizing handling time, maximizing distance to radioactive materials, regular hand washing and wearing of protective equipment — including gloves, safety glasses and coveralls.
- Radiation is easily monitored by wearing thermoluminescent dosimeter devices (TLD badges) which measure radiation exposure. These are the same as those badges worn by x-ray technicians in hospitals.
- Typical background radiation — which everyone experiences — is approximately 2 milli sieverts (mSv) per year.
- If you were to take an eight-hour flight from coast-to-coast… at an elevation of 30,000 feet — the dose of radiation would be approximately 0.043 milli sieverts. By comparison, the highest expected public dosage from a high-grade uranium mine is between 0.025 and 0.032 milli sieverts for a four-month period (annually from 0.075 to 0.096 milli sieverts). In other words, living near a high-grade uranium mine, for one year, is comparable to taking one round trip flight from New York to Los Angeles.
- Uranium’s primary commercial use is to provide fuel for nuclear power reactors, which generate electricity.
- One ton of natural uranium can produce more than 40 million kilowatt-hours of electricity. This is equivalent to burning 16,000 tons of coal or 80,000 barrels of oil.
- When processed into fuel for nuclear reactors, uranium produces significant quantities of safe energy, economically and with zero greenhouse gas emissions.
- Nuclear energy has the lowest impact on the environment of any major energy source.
- 17% of world electricity is generated from uranium in nuclear reactors.
Company Essentials:
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DISCLAIMER:
This profile is not without bias, and is a paid release. IWSR has been compensated for dissemination of company information on behalf of a third party. (IWSR has been compensated 10k by a third party Equity Alliance International for the coverage of Bancroft Uranium Inc. (OTC BB:BCFT.OB). IWSR may receive shares for extension of its services. Any shares will be disclosed at such time that IWSR is aware of a clients desire to extend the original services. IWSR may have received shares of a company profiled in this release prior to the dissemination of the information in this release. IWSR may immediately sell some or any shares in a profiled company held by IWSR and may have previously sold shares in a profiled company held by IWSR. IWSR's services for a company may cause the company's stock price to increase, in which event IWSR would make a profit when it sells its stock in a company. In addition, IWSR's selling of a company's stock may have a negative effect on the market price of the stock.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a companies' annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and IWSR undertakes no obligation to update such statements. |
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