Uranium City Resources Receives Final VTEM Geophysical Survey Results
TSX - Toronto Stock Exchange
TSXV: UCR
TORONTO, Oct. 24 /CNW/ - Uranium City Resources ("UCR") is pleased to announce that it has received the final results of the VTEM airborne geophysical survey which was conducted during April of 2005. The survey was flown over properties owned by UCR in the Uranium City Mining District of Northern Saskatchewan. Historic uranium production from the Uranium City district was in excess of 65 million pounds in a span of over 30 years. The helicopter-borne VTEM survey is deeply penetrating (~500-700 m depth) and gives highly accurate positioning. The VTEM survey was chosen to complement a Geoterrex-Dighem survey (combined magnetic, electromagnetic and radiometrics) which was completed in 1997 by GLR Resources Inc. Several thousand flight line kilometers (at 200 metre centres) were flown during the survey. The VTEM survey produced more than 2,000 electromagnetic anomalies covering an area of several hundred square kilometres. UCR will be compiling these results in order to confirm existing known EM anomalies and potentially outline new targets. The purpose of conducting this survey is to aid drill targeting in areas associated with known historic mineralisation (fracture/vein-type mineralisation) and the potential for Athabasca unconformity-type mineralisation within UCR's landholdings. Uranium City Resources is a dedicated Uranium Exploration Company with its current main asset being its large land holdings in the past producing and logistically well located Uranium City area of Northern Saskatchewan. Saskatchewan is currently the largest uranium-producing region in the world with annual production of approximately 30 million pounds of uranium. The Company is well financed with over $3 million in the treasury. Kian Jensen, P. Geo, is the qualified person responsible for reviewing the contents of this news release
Forward looking statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond UCR's ability to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although UCR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
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