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======================================================================= Re: News Release - Wednesday, May 09, 2007 Blue Sky Options New Grass Roots Uranium Discovery in Argentina ======================================================================= Santa Barbara Project - Values in excess of 10,000 ppm (1%) uranium Blue Sky Uranium Corp. (TSX-V: BSK, WKN: AOMKXP) is pleased to announce that as a result of the ongoing review of the uranium property portfolio of Argentina Uranium Corp. a letter of intent has been signed to earn a 75% interest in the 60,000 hectare Santa Barbara uranium property in the Province of Rio Negro, located in the northern portion of the Patagonia region of Argentina. The Santa Barbara uranium project is a new discovery made by Dr. Jorge Berizzo, an internationally recognized Argentine geologist who also played a leading role in the discovery of the Cerro Solo uranium deposit (10.14 million lbs. U at 0.3 to 0.5% U) in nearby Chubut Province. Sampling of outcropping yellow uranium-vanadium mineralization has returned values of >10,000 ppm (>1%) U and 797.8 ppm U (0.08%) U from two points 16.5m apart (1% U is equivalent to 1.18% U3O8 or 23.58 pounds/ton U3O8). Blue Sky is planning to complete an airborne radiometric survey to delineate the extent of the radiometric anomaly to and to identify others on the large Santa Barbara property. In addition, a surface program is planned to evaluate the zone of outcropping uranium mineralization. This work will include grid-based scintilometer surveying, radon gas detection, and hand trenching/pitting to collect rock samples. The uranium mineralization identified to date on the Santa Barbara property is hosted by continental fluvial Upper Cretaceous calcite-cemented conglomerate and sandstone interlayered between limonitic mudstones with high gypsum contents. These rocks are generally un-deformed and sub-horizontal in an area of subdued topography. Cerro Solo is hosted by Lower Cretaceous fluvial sedimentary rocks of the San Jorge Basin in a similar geological setting as that found in the Neuquen Basin in the Santa Barbara area. The uranium occurrences found to date are a new discovery and are located at the side of a secondary gravel road in the Province of Rio Negro. Blue Sky's exploration programs on the Santa Barbara project are expected to commence once full title to the land has been granted and all associated exploration permits have been obtained. The Santa Barbara claims have been applied for by Argentina Uranium Corp., have been plotted on government land tenure maps and final confirmation of concession of the tenure is expected shortly. The Company is very excited about the potential of the Santa Barbara project, however, work is at a very early stage and additional surface exploration and systematic sampling is required to confirm these encouraging initial results. On April 19, 2007 the Company announced that it had entered into an exclusive agreement with Argentina Uranium Corp. to review over 4,000 square kilometres of its prospective uranium property in Argentina. In conjunction with the acquisition of the 60,000 hectare Santa Barbara property Blue Sky is continuing its due diligence review of Argentina Uranium Corp.'s other projects. Argentina Uranium's land package has been assembled under the direction of Dr. Jorge Berizzo. All of Argentina Uranium's projects that Blue Sky will be evaluating have been selected by Dr. Berizzo for their potential to host economic uranium deposits. Dr. Berizzo is Argentina Uranium's Chief property scout. He has 22 years of experience in uranium exploration and production obtained as a senior exploration geologist and later on as mine manager for the Argentinean National Atomic Energy Commission ("CNEA"), as well as privately owned companies. In order to earn a 75% undivided interest in the Santa Barbara property Blue Sky must complete CDN $3.0 million in exploration expenditures over 4 year's, issue a total of 400,000 shares to Argentina Uranium, and maintain the property in good standing. A total of 100,000 shares are payable upon approval of the transaction by the TSX Venture Exchange and during year one there is a firm commitment to complete $CDN 200,000 of exploration expenditures. After completing the expenditure and share commitments, the parties will form a 75/25 joint venture. If Argentina Uranium fails to contribute its share to development of the project it would be diluted down to a 2% yellowcake royalty. The analytical results reported in this news release were carried out by SGS Del Peru S.A.C., an internationally recognized analytical service provider A set of 52 elements was analyzed by SGS using ICP-AES and ICP-MS techniques after digestion by aqua-regia. Scintillometer readings were taken using a Stel SPP2 scintillometer. The contents of this news release have been reviewed by Dr. Ron McMillan, P.Geo., a consultant to and director of the Company, and a Qualified Person as defined by National Instrument 43-101. Blue Sky is a newly listed uranium exploration company led by experienced management and technical teams. Blue Sky is actively exploring in the Athabasca area of Northern Saskatchewan, and seeking new opportunities in the Patagonia region of Argentina. Blue Sky is a member of the Grosso Group, a resource management group with over 15 years experience in exploring South America. ON BEHALF OF THE BOARD "Sean Hurd" ___________________________ Mr. Sean Hurd, President & CEO |
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| aus der Diskussion: | Blue Sky Uranium: Fakten und News |
| Autor (Datum des Eintrages): | diddsen (09.05.07 16:32:07) |
| Beitrag: | 37 von 101 (ID:29234269) |
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