Uranium Bay samples 0.51% U3O8 at Lac Georges

2008-01-22 13:07 ET - News Release

Mr. Bernard Tourillon reports

URANIUM BAY OBTAINS UP TO 5,109 PPM U308 (10.2 LBS / TON) IN SURFACE SAMPLES AND IDENTIFIES A LARGE URANIFEROUS GRANITIC MASS ON THE LAC GEORGES PROPERTY IN THE WAKEHAM BASIN

Uranium Bay Resources Inc. is providing laboratory results from 21 surface grab samples taken during the corporation's fall prospecting campaign on its 100-per-cent-owned Lac Georges property, situated in the Wakeham basin, north of Havre St-Pierre, in the province of Quebec.

Work completed to date

During July, 2007, the corporation completed the 100-per-cent acquisitions of five uranium properties, totalling 197 claims, in the geologically prospective area for uranium of the Wakeham basin, in the MRC de Mingamie, on the north shore of eastern Quebec. The concessions are identified as Lac Georges (100 claims), Lac Forget (24 claims), Ruisseau Lebrun (38 claims), Maurice (19 claims) and block extension 06 (16 claims).

In order to assess the potential of these properties, the corporation mandated Geophysics GPR International Inc. to execute a helicopterborne magnetic, gamma-ray spectrometry and VLF geophysical survey during August, 2007. A total of 1,202 line kilometres were flown over the corporation's properties. Initial results from the helicopterborne gamma-ray spectrometry data enabled the identification of multiple uranium anomaly target areas.

The corporation chose to orient its ground prospecting activities on a 14.85-square-kilometre uranium targets, on a portion of the Lac Georges property, identified by the helicopterborne spectrometry work. In order to facilitate the exploration of the target, the area was divided into 10 exploration blocks. Using the RS-125 ground spectrometer from Radiation Solution, the corporation mobilized, between Sept. 18 and Oct. 29, 2007, a team of seven people, including one geologist, to screen the concession. The prospecting was limited to block 1 and partially to blocks 3 and 4. The groundwork enabled the identification of multiple ground uraniferous targets on a 1.2-square-kilometre area, with total radioactivity (in CPS) ranging from 400 CPS up to 15,000 CPS. Twenty-one surface grab samples were collected and sent to ALS Chemex facilities in Val d'Or, Que. The analytical process used was the NE-MS41.

     SUMMARY OF U308 RESULTS FOR THE 21 SURFACE GRAB SAMPLES

Laboratory                               U308 content     Pounds
No. (1)               Sector      PPM               %    per ton

435751               block 1    4,295           0.43%        8.6
435752               block 1      156           0.02%        0.3
435753               block 1    3,575           0.36%        7.2
435754               block 1      359           0.04%        0.7
435755               block 1      806           0.08%        1.6
435756               block 1    1,090           0.11%        2.2
435757               block 1    1,292           0.13%        2.6
435758               block 1    2,419           0.24%        4.8
435759               block 1       97           0.01%        0.2
435760               block 1      123           0.01%        0.2
435761               block 1      131           0.01%        0.3
435762               block 1       43           0.00%        0.1
435763               block 4    1,451           0.15%        2.9
435765               block 4      490           0.05%        1.0
435766               block 1    1,233           0.12%        2.5
435767               block 1      648           0.06%        1.3
435768               block 4    5,109           0.51%       10.2
435769               block 3      837           0.08%        1.7
435770               block 1    1,035           0.10%        2.1
435774               block 3    1,581           0.16%        3.2
435775               block 3      258           0.03%        0.5

(1) All samples sent to the laboratory came from chosen areas 
where ground spectrometer readings varied from 400 CPS up to 
15,000 CPS. The surface grab samples were obtained either using 
the Boulder Buster or a small portable dill.

While still at an early stage of the prospecting work on the large uranium target identified on the Lac Georges property, combining the geological observation with the laboratory results enabled the corporation to model a large and shallow uraniferous granitic mass on the concession under the metasediments that are prevalent on the surface.

Bernard Tourillon, UBR's president and chief executive officer, comments: "Results to date on the Lac Georges claims, in the Wakeham basin, are very encouraging... they allow us to visualize the presence of a sufficiently large mass containing uranium, that could be exploited using a low-grade, high-volume model, like the one being presently exploited in Namibia at the Rossing uranium mine. ... The work program completed in the Wakeham region validates the corporation's decision of geographically diversifying its geological risk... with both its Uskawanis and Lac Georges uranium projects, the corporation is well positioned to identify, in Quebec, the presence of the bulk-type uranium mineralization, similar to the Rossing uranium deposit in Namibia. ... Concerning the Uskawanis exploration project, the corporation would like to inform its shareholders that 231 drilling samples were sent to ALS Chemex facilities in Val d'Or, Que., to be analyzed using their ME-MS61 process, and that results are anticipated for the beginning of March, 2008."

Eric Hurtubise, PGeo, a mineral exploration consultant and qualified person, as defined by National Instrument 43-101, supervised the preparation of the information in this news release.

In other corporate news, the corporation would like to inform its shareholders that Francois Champagne has resigned from the board, with immediate effect. The corporation is presently seeking a replacement and shareholders will be informed as soon as a new director has been chosen.