Universal Uranium JV's Property Next to White Gold in Yukon
May 04 2010 - 8:15AM
Marketwired
Universal Uranium Ltd. (TSX VENTURE: UUL) (the "Company") is
pleased to announce the completion of an option and joint venture
agreement with Aldrin Resource Corp., whereby Universal can earn a
50% interest in Ryanwood Exploration's Brew property.
The Brew property is located in the White Gold District, Yukon
Territory and is comprised of 168 quartz mining claims covering an
area of 33 square kilometres. The project is 100 kilometres south
of Dawson City and 20 kilometres east of Underworld Resources
(Kinross) White Gold discovery.
The Brew property was originally staked by Shawn Ryan of
Ryanwood Exploration. It was optioned in June, 2009 to Aldrin who
has the right to acquire a 100% interest over a four year period by
paying Ryanwood $425,000, incurring $1.5 million in expenditures
and issuing 1,250,000 Aldrin shares to Ryanwood.
Universal may acquire its 50% interest in the Brew property over
a three year period by paying $125,000 to Aldrin, paying $300,000
to Ryanwood, incurring expenditures of $1.35 million and paying
Aldrin 50% of the Aldrin shares issuable by Aldrin to Ryanwood. The
payments in respect of the Aldrin shares are capped at $156,250 for
2011 and at $187,500 for 2012 and 2013 and these payments may be
paid either in cash or by the issuance of Universal shares at
Universal's option. If Universal chooses to issue Universal shares,
a 10% premium will be paid.
Preliminary soil sampling by Ryanwood has identified anomalous
gold values that appear to be related to a major regional northwest
trending structure Ryanwood has also completed a preliminary ground
magnetic survey over the area and the results indicate additional
work is warranted on the claim block.
Preliminary exploration completed on the Brew property by
Ryanwood is reconnaissance level work. Work planned by Universal in
2010 includes expanding the soil survey, completing an extensive
trench excavation program to better expose the structural setting
and completing detailed sampling of the soil anomalies. In addition
to the geochemical sampling, Universal intends to complete
geological mapping and expand the ground magnetiometer survey.
Ron Atlas, President and Chairman of the Board of Universal
stated, "We are very pleased and excited to be afforded this
opportunity to work with Shawn Ryan and Aldrin Resource Corp. in an
area as exciting as the Yukon and to be in such close proximity to
the White Gold discovery. It is also exciting to be in such close
proximity to where Kaminak will be drilling this summer. We have
been looking for exceptional opportunities since our major sale of
the uranium prospect, the Two Time Zone in Labrador, to Crosshair
Exploration. Our experience in the timely development and sales of
excellent prospects should help us immensely in this project. We
are encouraged to become involved in the Brew property as
preliminary data indicate similar key geological features are
present on the Brew that were important guides for targeting
drilling Underworld's White Gold property."
Universal Uranium Ltd. (TSX VENTURE: UUL) is a publicly held
Canadian exploration company focused on acquiring, exploring and
developing mineral properties located in favorable geo-political
climates. The company is led by a highly skilled, experienced board
and management team with significant successes in managing early
stage mineral exploration companies.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
Standard & Poor's Listed
Issued Share Capital: 47,284,068
The Company seeks Safe Harbour.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Universal Uranium Ltd. William Galine Executive Vice
President (604) 662-3903 bgaline@universaluranium.com
www.universaluranium.com
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