Anglo Canadian Uranium Corp.: Princeton Copper Soil Sampling Program Initiated
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Anglo Canadian Uranium Corp.: Princeton Copper Soil Sampling Program Initiated
Anglo Canadian Uranium Corp. (TSX-V: URA) (the “Company”) is pleased to announce it has initiated a soil sampling program at its Princeton Copper Project. This Project is located less than 1 km from the Copper Mountain Project, which is expected to commence full production in June 2011. This grid sampling program will focus on areas north and west of previous sampling which demonstrated a copper anomaly extending to the northwest. This zone of intrusive rocks has also demonstrated increased magnetic intensity. The majority of areas to be tested lie closest to the Copper Mountain proposed super pit. Copper Mountain has recently signed debt financing agreements for $322 million to continue the development and construction of the proposed mine to produce 105 million pounds of copper per year by June 2011.
A map detailing the previous exploration work, proposed exploration work and proximity to the Copper Mountain mine can be viewed on the Company web site at: www.anglocanex.com.
The Company completed its Phase One exploration program in 2009 and announced results on March 4th, 2010. Encouraging results from this initial exploration program have assisted in defining the additional exploration areas. In addition, the Company has identified two drill targets at locations which will not require timber cutting, road work and have minimal environmental impact. These proposed drill locations are in areas of extensive copper showings and trenching.
This work program will be under the supervision of Warner Gruenwald, P. Geo.
Copper Mountain History and New Developments
The Copper Mountain district has a lengthy history of exploration beginning in the 1890's. Production commenced in 1923, and has been suspended and restarted as new ore bodies were discovered in the area. Initial production was initiated by Granby Consolidated Mining, Smelting and Power Company with 31.5 million tonnes of ore grading 1.08% Copper extracted from underground excavations from 1925 to 1930, and from 1937 to 1957. Additional exploration commenced in 1966 by Newmont Mining Corporation of Canada, with production commencing in 1972 from the Ingerbelle deposit. The entire deposit was sold again in 1988 to Cassiar Mining Corporation which operated under the name Similco Mines Ltd. The mine closed down in November 1996, due to low strip ratio reserves, rising production costs, and additional necessary capital expenditures. Historic production from the district to 1993 was 1.7 billion pounds of copper, 8.4 million ounces of silver and 0.62 million ounces of gold. Recent activity has been documented by Copper Mountain Mining Corp. (CUM-TSX), with new discoveries identified, and a 25% equity interest sold to Mitsubishi Materials Corporation.
In a Feb 8, 2010 news release Copper Mountain Mining Corporation announced that construction work on the Copper Mountain Project was proceeding on schedule with the concentrator building foundations approximately 92% completed. To date the Company has incurred a total of $285 million in spent and committed expenditures out of a planned $438 million on the project. Copper Mountain stated that “full production is expected to be achieved by June 2011 at the rate of 35,000 TPD”.
The measured and indicated resources based on a 0.15% Cu cut-off are 518.6 million tons grading 0.31% Cu containing 3.2 billion pounds of copper. The anticipated mine life is 17 years.
About Anglo-Canadian Uranium Corp.
Anglo Canadian Uranium is a junior mineral exploration company with uranium, copper, and gold properties in Quebec, Colorado, Utah, British Columbia, and Yukon. For more information on the Company and its projects, please visit the website at www.anglocanex.com
ON BEHALF OF THE BOARD OF DIRECTORS:
“Len J.Harris”
Len J. Harris, President
T: 604 669 6807
Toll Free: 866 488 3838
E: len(at)anglocanex.com
Neither 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.
Leseranfragen:
Anglo Canadian Uranium Corp.
The Marine Building
530 - 355 Burrard Street
Vancouver, BC
Kanada V6C 2G8
Tel.: +1 604.669.6807
Fax: +1 604.669.5715
Len Harris
President & CEO
len(at)anglocanex.com
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Datum: 28.07.2010 - 14:16 Uhr
Sprache: Deutsch
News-ID 24488
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