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Message: 2009 Uranium Exploration Program Gets Underway
| April 28, 2009 |
| Waseco Resources Inc.: 2009 Uranium Exploration Program Gets Underway |
| TORONTO, ONTARIO--(Marketwire - April 28, 2009) - Waseco Resource Inc. ("WRI") (TSX VENTURE:WRI)(FRANKFURT:WSE) is pleased report that it has received a Report from AREVA Quebec, Inc. updating the Uranium exploration programs being carried out on our Quebec Labrador Trough joint venture properties in northern Quebec. Twenty of the samples gathered during last year's program on the Du Portage Claims (formerly Blocks I and II) assayed for Uranium at levels greater than 500 cps (scintillometer). These samples were sent to Activation Laboratories Ltd. for Analysis by Neutron Activation / Mass Spectrometry (INAA/MS). Of these samples, 5 returned Uranium values greater than 0.1%, 4 returned Uranium values of between 0.05% and 0.1%, and 11 samples returned Uranium values of between 0.019% and 0.05%. (Note: the maximum reading from multi-elements analysis done on the samples is 0.1%) AREVA Quebec's Exploration Director, Loic Garnier, commented: "The assay results confirm the classic association of chemical elements showing both a hydrothermal process that facilitated the mobilisation (or remobilisation) of Uranium and a geochemical environment that is favourable for the Uranium concentration." In addition, the analysis for other mineral elements showed copper, vanadium and cobalt enrichment as well as a very high ratio of Uranium to Thorium (greater than 40:1). A detailed petrographic study is now being carried out to assist in identifying the exact mineralogy of the anomalous rocks and the chronology of the Uranium deposition. By way of follow-up, a $1,100,000 exploration program has been budgeted for 2009. This program is already underway with a helicopter borne electromagnetic (VTEM) survey which was completed in March 2009 by Geotech Ltd. The survey was supervised on the ground by AREVA Quebec personnel and overseen by geophysicists from AREVA NC in France. In total, 282 of the 304 Du Portage claims in this block were surveyed during this program. A total of 65 lines of 3 km to 9 km in length and spaced approximately 400 m apart were flown over the Du Portage Claims. The line spacing was reduced to 200 m on 40 % of the block (133 claims). Future drilling is planned over the approximately 13 square kilometer area where the uranium targets are interpreted as most prospective. The interpretation of the results is currently being completed by Geotech Ltd. and will be followed by a further review by the geophysicists at AREVA NC. Preliminary results have identified a number of conductors and assisted in establishing the physical properties of the different geological formations. When combined with the geological observations of last year's field work, the alteration zones where the hydrothermal fluids circulated can be identified (by providing a higher radiometric background). A drill and related equipment have been been airlifted to the base camp preparatory to initiating drilling on the Du Portage Claims in late June. Loic Garnier, Geo. and Exploration Director of AREVA Quebec, Inc. is the Qualified Person under NI 43-101 who has reviewed and approved the technical contents of this release. A.C.A.(Peter) Howe, P.Eng. and Qualified Person, has reviewed the contents of this release on behalf of the Company. Waseco Resources Inc. is an exploration company focused primarily on Uranium exploration in the Quebec Labrador Trough where it is working with the AREVA group. The Company is profitable, debt free and trading on the TSX Venture Exchange and the Frankfurt Stock Exchange. There are currently approximately 30.8 million shares issued and outstanding. About AREVA With manufacturing facilities in 43 countries and a sales network in more than 100, AREVA offers customers reliable technological solutions for CO2-free power generation and electricity trans- mission and distribution. AREVA is the world leader in nuclear power and the only company to cover all industrial activities in this field. AREVA's 75,000 employees are committed to continuous improvement on a daily basis, making sustainable development the focal point of the group's industrial strategy.For further information on AREVA, please visit the company web site at www.areva.com. For further information on Waseco, please visit the Waseco company web site at www.wasecoresources.com. |
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