Bonaventure ships K9 core samples to lab

2009-01-28 12:33 ET - News Release

Mr. Jean Lafleur reports

BONAVENTURE ENTERPRISES PROVIDES UPDATE FROM THE K9 URANIUM PROPERTY

Bonaventure Enterprises Inc. has provided shareholders with an update of the recent exploration work at the company's K9 uranium property in Northern Quebec's James Bay mining district, located 125 kilometres north-northeast of Radisson, Que., at the northeastern edge of the Robert-Bourassa reservoir (formerly the LG-2 hydro-electric reservoir). Radisson is located 1,400 km north of Montreal (Quebec).

The Rossing Uranium Model and Highlights from the 2007 Phase 1 Program at K9

The 165 km2 K9 has one of the highest uranium lake-bottom sediment anomalies in Quebec (0.19% U3O8). Bonaventure is of the opinion that K9 has the potential to host a large area of disseminated uranium mineralization akin to a Rossing-style uranium system within any number of kilometricscale airborne eU anomalies uncovered to date.

Rossing lays claim to 140 million pounds of historical production over 30 years, with current production running at around 8% of global uranium output (www.rossing.com). At Rossing, the uranium mineralization is located at surface; it is disseminated over large near surface areas; and is linked to large bodies of alaskites (or pegmatites). With a uranium price of US$50 or more per pound, lower mining costs due to a volume effect and favorable geographic and regulatory environments, this type of uranium mineralization offers the best scenario for higher volume open pit mining. The current mineral resources at Rossing stand at 225 million tonnes at 0.025% (0.5 lbs/ton) U3O8. Current mining is being done via a 5 km long, 500 m wide and 350 m deep open pit.

In 2007, Bonaventure completed the Phase 1 exploration work, involving uranium model validation that included detailed airborne magnetics, EM and radiometrics surveys; a ground spectral survey (522 readings); blasted bedrock sampling (94 samples) and assaying; compilation, synthesis, Phase 2 planning and reporting.

Bonaventure identified 5 significant airborne eU anomalies, with the 7 km by 675 m combined "A" and "B" Zones showing the best potential at this time. The U3O8 bedrock footprint at surface of the combined "A" and "B" Zones averaged 0.14% (2.80 lbs/ton) U3O8; whereas the spectral readings average 0.05% eU3O8 (1 lbs/ton).

2008 Phase 2 Drill Program at K9 - January to May 2008

Bonaventure initiated the first 10,000 m of the Phase 2 - 20,000 m delineation drilling program in January 2008. Due to more difficult drilling conditions, only 4,265 m in 25 drill holes (Phase 2A) of the B zone portion of the anomaly were completed by May 2008 (refer to the Bonaventure news release dated July 10, 2008). Priority sampling on 15% of the drill core assayed at the time showed that:

- 23 of 25 drill holes intersected uranium mineralization with 19 holes showing grades of 0.10 kg/t U3O8 or better;

- 5 drill holes (K9-03, 09, 11, 13 and 21) intersected 50 m to 100 m wide of 0.01% (0.2 lbs/ton) U3O8;

- K9-03 intersected 0.025% (0.5 lbs/ton) U3O8 over 5.1 m and 0.013% (0.26 lbs/ton) U3O8 over 11.2m; and the

- uranium uncovered in the 2007 surface sampling continues at depth, 125 m to 150 m below surface, as a series of uranium enriched zones of variable widths, five of which are minimum 50 m wide set in the least prospective "B" zone portion of the K9 Uranium Corridor.

Bonaventure has now completed the sampling on the remaining 85% of the drill core in 1.5 m intervals from the initial Phase 2A drilling, producing an additional 2,430 drill core samples.

2008 Phase 2 Drill Program at K9 - July to November 2008

Drill crews returned to K9 in Q3-2008 and drilled an additional 3,711 m in 34 holes in the Phase 2B campaign to test the more prospective 2.5 km long by 1 km wide "A" Zone. A total of 2,420 drill core samples were taken.

All 4,850 drill core samples from the Phases 2A and 2B (7,940 m in 59 holes) were just shipped to the ALS Laboratory Group facilities in Val-d'Or (Quebec) for sample processing and eventual uranium-thorium assaying with additional laboratory standards, blanks and duplicates at their Vancouver (British Columbia) facility. Assay results are pending.

Mr. Jean Lafleur, P. Geo., President and CEO, stated, "Bonaventure made a major transition in 2007 going from gold-only assets in Nevada to gold and uranium assets across North America. Bonaventure is in the second year of a 3 year business plan set out in 2007, focused on the exploration, discovery and development of projects located in major mining districts with the potential of discovering low cost uranium and gold mineral resources exceeding 100 million pounds of U3O8 and greater than 1 million ounces of gold - energy for the future with a precious metal hedge."

"Bonaventure acquired K9, where there is evidence of a near surface, larger volume and lower grade uranium system. Phase 2 drilling to date will be instrumental in establishing a three-dimensional geological and mineralization model for the A-B Zones of a 4.5 km segment of the 7 km long K9 Uranium Corridor. There are still four other kilometric sized radiometric uranium anomalies at K9 that will require testing during the 2009 summer campaign."

"Bonaventure's commanding land position in the James Bay and North Shore uranium areas of Quebec with district sized potential, coupled with Quebec's lucrative and friendly regulatory framework conducive to mineral exploration, makes these areas a priority in the longer term strategic development of the Company."

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