Supports Near-Term Production Strategy
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2008) - Western Prospector Group Ltd. (TSX VENTURE:WNP) ("Western") today reported its Gurvanbulag project in Mongolia is now operating on electric power supplied through the recently completed 120 kilometre power line from the thermal power station at Choibalsan, Mongolia.
"Completion of the power line project represents a key infrastructure milestone for Western," said Eric Bohren, President and CEO. "It eliminates time and cost uncertainties in providing power for production and will result in significantly lower operating costs."
The power line project represents an investment of over $7 million by the joint venture of Western and XinXin Mining ("XXM"), which is developing a mine seven kilometres from Gurvanbulag. The project began in 2006 with joint venture discussions, engineering design, environmental studies, construction planning and permitting. In 2007, the power line and substations were built, and in 2008 it was tested and cleared for operation.
The power line, which has a transmission capacity of 30 megawatts and 110,000 volts, ensures a low cost, predictable electricity supply to support full scale production at Gurvanbulag (see Figure 1). The cost savings are significant; at its peak last winter, Western was spending approximately $200,000 per month in diesel fuel for Gurvanbulag exploration, camp operations, and dewatering activities. Costs for an equivalent level of electricity over the power line are estimated to be approximately $50,000 per month.
The power line extends 120 kilometres from the Mongolian town of Choibalsan to the Gurvanbulag site. From the Gurvanbulag substation, the joint venture has constructed an internal distribution network to supply power to Western's camp site and deposit site. The design allows for incorporation of additional facilities to expand the power distribution to all the locations that will eventually serve an operating mine and processing plant.
To view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/wnpfig.pdf
Western's decision to move ahead with the power line project was based partly on the need for sufficient electrical capacity to sustain future operations. Beyond the 10 megawatts of power committed to each of Western and XXM, there is no substantive additional capacity at the existing power plant in Choibalsan. Without a costly and lengthy process to expand the Choibalsan plant, Western believes there would be insufficient electrical capacity to support a major expansion of its project or to support another mine in the district.
Through its joint venture, Western and XXM have agreed to allocate the estimated one megawatt of surplus power capacity to the local communities of Bayandun-soum, Dashbalbar-soum, and Gurvanzagal-soum, which will be connected to the electric grid for the first time. These connections will be made under a Mongolian government program of funding for rural electrification. With severe winters in northeast Mongolia, these communities will be able to switch from high cost diesel powered generators to lower cost electric power, which will substantially reduce the cost of living.
"The power line represents a major infrastructure milestone for Western in that it clears the path to production, eliminates the risk of securing electrical power capacity in Choibalsan and reduces exposure to uncertain diesel fuel costs in the future," said Gerald Harper, Senior Vice President of Western. "Along with the benefits to three local communities, it also provides Western with substantial experience with local contractors that will enable us to execute the other large-scale technical projects in our production plan."
Western has pushed forward to build a production ready infrastructure that includes the power line, a 200-person camp, a cellular phone connection to the national network and various Mongolian-national training programs and scholarships. Western has spent over $71 million to date in project exploration, development and infrastructure investments.
Note Regarding Forward-Looking Statements
This press release and other written or oral communication from the Company may include certain statements that may be considered "forward-looking statements" within the meaning of that phrase under Canadian securities laws. Statements other than historical facts that address possible future events, plans or developments are forward-looking statements. Such statements may be identified by the use of words such as "will", ""may", "expects", "estimate", "intend" or the use of the future or conditional tense. Certain material factors or assumptions were applied in drawing our conclusions and making those forward-looking statements. Forward-looking statements reflect management's current views with respect to possible future events and conditions and, by their nature, are based on management's beliefs and assumptions and subject to known and unknown risks and uncertainties, both general and specific to the Company. Although the Company believes the expectations expressed in such forward-looking statements are reasonable, such statements are not guarantees of future performance and actual results or developments may differ materially from those in our forward-looking statements. Readers are cautioned that risks may change or new risks may emerge. Additional information regarding the material factors and assumptions that were applied in making these forward looking statements as well as the various risks and uncertainties we face are described in greater detail in the "Risk Factors" section of our annual and interim Management's Discussion and Analysis of our financial results and other continuous disclosure documents and financial statements we file with the Canadian securities regulatory authorities which are available at www.sedar.com and available on the Company's website at www.westernprospector.com. The Company undertakes no obligation to update this forward-looking information except as required by applicable law.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Thursday, June 5, 2008
China turns to coal for oil, may fuel controversy
5 Jun, 2008,
ERDOS: With oil prices at historic highs, China is moving full steam ahead with a controversial process to turn its vast coal reserves into barrels of oil. Known as coal-to-liquid (CTL), the process is reviled by environmentalists who say it causes excessive greenhouse gases.
Yet the possibility of obtaining oil from coal and being fuel self-sufficient is enticing to coal-rich countries seeking to secure their energy supply in an age of increased debate about how long the world’s oil reserves can continue to meet demand.
The United States, Australia and India are among those countries looking at CTL technology but are constrained by environmental concerns associated with the process which releases excessive amounts of carbon gases into the atmosphere and consumes huge amounts of water.
But China, which lacks the powerful environmental lobbyists that might stymie any widescale initiative elsewhere, is building a major complex on the grasslands of Inner Mongolia.
"Those countries with large coal reserves, like South Africa, China or the United States, are very keen on CTL as it helps ensure energy security," said Yuichiro Shimura at Mitsubishi Research Institute (MRI) in Tokyo.
"However, the problem is that it creates a lot of carbon dioxide. Also you need a huge amount of energy for liquefaction, which means you end up wasting quite a lot of energy," the chief consultant at MRI in charge of energy said.
In Erdos, Inner Mongolia, about 10,000 workers are putting the final touches to a CTL plant that will be run by state-owned Shenhua Group, China’s biggest coal mine.
The plant will be the biggest outside of South Africa, which adopted CTL technology due to international embargoes on fuel during the apartheid years. "We cannot fail," Zhang Jiming, deputy general manager at Shenhua Coal Liquefaction, said.
"If things go smoothly, we will start with the expansion next year," he said.
The plant will start operating later this year and is expected to convert 3.5 million tonnes of coal per year into 1 million tonnes of oil products such as diesel for cars. That’s the equivalent of about 20,000 barrels a day.
If all goes well, then Inner Mongolia will push on with an ambitious plan to turn half of its coal output into liquid fuel or chemicals by 2010. This would be around 135 million tonnes, or about 40% of Australia’s annual coal output.
The region, as big as France, Germany and England put together, hopes CTL will propel development while contributing to Beijing’s plan to have CTL capacity of 50 million tonnes by 2020.
That would be about 286,000 barrels a day, or about four percent of China’s energy needs based on current consumption.
CTL is also being considered by a number of coal-rich countries such as the United States, which has the world’s largest coal reserves. The relatively low cost of CTL produced oil given current oil prices, plus the chance to be more energy self-sufficient is a powerful incentive.
The technology is being seen in some quarters as offering an opportunity for the US to reduce its dependency on other countries for oil and a small US CTL industry is emerging.
DRKW Advanced Fuels plans to start construction on a plant in Wyoming next year in partnership with Arch Coal and with technologies licenced by General Electric and Exxon Mobil.
The defense department is experimenting with CTL in an effort to cut reliance on fuel from countries unfriendly to the United States.
But CTL is highly controversial. Experts say the whole lifecycle releases about twice as much carbon dioxide, the most common greeenhouse gas, as fossil fuel.
Liquefying coal also requires large amounts of energy and drains water supplies. The fuel produced through this method has a shelf life of up to 15 years, unlike other motor fuels which is attractive to the military and to governments keen to ensure fuel security.
Though CTL technology was developed about 100 years ago, it has been little used, except in Nazi Germany and apartheid South Africa, which had difficulty accessing then-inexpensive oil. Oil prices, which have more than quadrupled this decade to above $130 a barrel, have reignited interest in CTL.
The Oil and Gas Journal in April suggested it costs $67 to $82 a barrel to produce CTL fuel, based on the experiences of South Africa’s Sansol. Exact prices would depend on a range of factors including coal and water prices and of course it is very expensive to build CTL plants.
Shenhua will be the first to use direct CTL technology on a large scale. It is different from indirect CTL, proven in Nazi Germany and by South Africa’s Sasol, and converts coal directly into liquid fuel, skipping gasifying coal into syngas.
"CTL happened only twice in world history, and both times it’s been in nations facing some kind of state of emergency with respect to energy. It should sound an alarm bell," said Gary Kendall, from the WWF conservation group.
"There are two defining issues in the 21st century: one is carbon dioxide and one is water. And the (CTL) process is horrifically carbon intensive. It is also very water intensive."
The ‘holy grail’ for CTL enthusiasts is to find a way to turn coal into liquid without releasing carbons into the air. The idea is that the carbon dioxide, the main global warming gas, would be captured and stored deep under ground.
Carbon capture and storage, which is still the subject of much research, would alleviate the environmental impact of carbon dioxide being released into the environment, the main argument against CTL by critics. This could spur CTL development in the United States and other western countries.
Coal lobbyists in the US have been clamouring for more research into CTL but they have failed to override environmental concerns due to the carbon emissions of the process. Pro-CTL amendments were dropped from the 2007 US energy bill.
"If there is no good solution for CO2, the (CTL) industry will not flourish," Chen Linming, executive vice president at Sasol China, told a conference last month, urging the government to support carbon capture and storage technology.
Shenhua and Sasol are conducting a feasibility study to build two more CTL plants in the provinces of Shaanxi and Ningxia. Whether CTL technology could ever be used on a large-scale will depend on how coal companies deal with the massive amount of water used in the process.
China faces serious water shortages and the Gobi desert, which spans across Inner Mongolia, is expanding rapidly.
There are drinking water shortages in northwest China and ground water levels are sinking every year. Shenhua plans to use ground water and recycled water from coal mines to supply the 8 million tonnes it will need a year.
Yet Zhang said it would need to tap other sources, such as the Yellow River, in the second phase. He would not disclose how much the company spent to build the complex, or how much carbon dioxide it is expected to emit.
"There’s no doubt with oil at over $100 a barrel, CTL is very economic. However the constraint is the availability of water," said Michael Komesarroff from Urandaline Investments.
"The Yellow River often dries up. In some parts of China, 30 years ago, the water table was 5 metres below the ground. Today it is 35-40 metres below the ground because they take the ground water in an unsustainable way."
Environmentalists say that rather than invest in a process that will probably never be environmentally sound, China and other countries should move towards running cars on batteries rather than liquid fuel.
"If China’s primary concern is energy security, then I think you would want to take the most efficient way of using the resources," said WWF’s Kendall.
"If you turn coal into electricity at high efficiency, and charge electric vehicles, you can get three times as many kilometres per unit of coal.
ERDOS: With oil prices at historic highs, China is moving full steam ahead with a controversial process to turn its vast coal reserves into barrels of oil. Known as coal-to-liquid (CTL), the process is reviled by environmentalists who say it causes excessive greenhouse gases.
Yet the possibility of obtaining oil from coal and being fuel self-sufficient is enticing to coal-rich countries seeking to secure their energy supply in an age of increased debate about how long the world’s oil reserves can continue to meet demand.
The United States, Australia and India are among those countries looking at CTL technology but are constrained by environmental concerns associated with the process which releases excessive amounts of carbon gases into the atmosphere and consumes huge amounts of water.
But China, which lacks the powerful environmental lobbyists that might stymie any widescale initiative elsewhere, is building a major complex on the grasslands of Inner Mongolia.
"Those countries with large coal reserves, like South Africa, China or the United States, are very keen on CTL as it helps ensure energy security," said Yuichiro Shimura at Mitsubishi Research Institute (MRI) in Tokyo.
"However, the problem is that it creates a lot of carbon dioxide. Also you need a huge amount of energy for liquefaction, which means you end up wasting quite a lot of energy," the chief consultant at MRI in charge of energy said.
In Erdos, Inner Mongolia, about 10,000 workers are putting the final touches to a CTL plant that will be run by state-owned Shenhua Group, China’s biggest coal mine.
The plant will be the biggest outside of South Africa, which adopted CTL technology due to international embargoes on fuel during the apartheid years. "We cannot fail," Zhang Jiming, deputy general manager at Shenhua Coal Liquefaction, said.
"If things go smoothly, we will start with the expansion next year," he said.
The plant will start operating later this year and is expected to convert 3.5 million tonnes of coal per year into 1 million tonnes of oil products such as diesel for cars. That’s the equivalent of about 20,000 barrels a day.
If all goes well, then Inner Mongolia will push on with an ambitious plan to turn half of its coal output into liquid fuel or chemicals by 2010. This would be around 135 million tonnes, or about 40% of Australia’s annual coal output.
The region, as big as France, Germany and England put together, hopes CTL will propel development while contributing to Beijing’s plan to have CTL capacity of 50 million tonnes by 2020.
That would be about 286,000 barrels a day, or about four percent of China’s energy needs based on current consumption.
CTL is also being considered by a number of coal-rich countries such as the United States, which has the world’s largest coal reserves. The relatively low cost of CTL produced oil given current oil prices, plus the chance to be more energy self-sufficient is a powerful incentive.
The technology is being seen in some quarters as offering an opportunity for the US to reduce its dependency on other countries for oil and a small US CTL industry is emerging.
DRKW Advanced Fuels plans to start construction on a plant in Wyoming next year in partnership with Arch Coal and with technologies licenced by General Electric and Exxon Mobil.
The defense department is experimenting with CTL in an effort to cut reliance on fuel from countries unfriendly to the United States.
But CTL is highly controversial. Experts say the whole lifecycle releases about twice as much carbon dioxide, the most common greeenhouse gas, as fossil fuel.
Liquefying coal also requires large amounts of energy and drains water supplies. The fuel produced through this method has a shelf life of up to 15 years, unlike other motor fuels which is attractive to the military and to governments keen to ensure fuel security.
Though CTL technology was developed about 100 years ago, it has been little used, except in Nazi Germany and apartheid South Africa, which had difficulty accessing then-inexpensive oil. Oil prices, which have more than quadrupled this decade to above $130 a barrel, have reignited interest in CTL.
The Oil and Gas Journal in April suggested it costs $67 to $82 a barrel to produce CTL fuel, based on the experiences of South Africa’s Sansol. Exact prices would depend on a range of factors including coal and water prices and of course it is very expensive to build CTL plants.
Shenhua will be the first to use direct CTL technology on a large scale. It is different from indirect CTL, proven in Nazi Germany and by South Africa’s Sasol, and converts coal directly into liquid fuel, skipping gasifying coal into syngas.
"CTL happened only twice in world history, and both times it’s been in nations facing some kind of state of emergency with respect to energy. It should sound an alarm bell," said Gary Kendall, from the WWF conservation group.
"There are two defining issues in the 21st century: one is carbon dioxide and one is water. And the (CTL) process is horrifically carbon intensive. It is also very water intensive."
The ‘holy grail’ for CTL enthusiasts is to find a way to turn coal into liquid without releasing carbons into the air. The idea is that the carbon dioxide, the main global warming gas, would be captured and stored deep under ground.
Carbon capture and storage, which is still the subject of much research, would alleviate the environmental impact of carbon dioxide being released into the environment, the main argument against CTL by critics. This could spur CTL development in the United States and other western countries.
Coal lobbyists in the US have been clamouring for more research into CTL but they have failed to override environmental concerns due to the carbon emissions of the process. Pro-CTL amendments were dropped from the 2007 US energy bill.
"If there is no good solution for CO2, the (CTL) industry will not flourish," Chen Linming, executive vice president at Sasol China, told a conference last month, urging the government to support carbon capture and storage technology.
Shenhua and Sasol are conducting a feasibility study to build two more CTL plants in the provinces of Shaanxi and Ningxia. Whether CTL technology could ever be used on a large-scale will depend on how coal companies deal with the massive amount of water used in the process.
China faces serious water shortages and the Gobi desert, which spans across Inner Mongolia, is expanding rapidly.
There are drinking water shortages in northwest China and ground water levels are sinking every year. Shenhua plans to use ground water and recycled water from coal mines to supply the 8 million tonnes it will need a year.
Yet Zhang said it would need to tap other sources, such as the Yellow River, in the second phase. He would not disclose how much the company spent to build the complex, or how much carbon dioxide it is expected to emit.
"There’s no doubt with oil at over $100 a barrel, CTL is very economic. However the constraint is the availability of water," said Michael Komesarroff from Urandaline Investments.
"The Yellow River often dries up. In some parts of China, 30 years ago, the water table was 5 metres below the ground. Today it is 35-40 metres below the ground because they take the ground water in an unsustainable way."
Environmentalists say that rather than invest in a process that will probably never be environmentally sound, China and other countries should move towards running cars on batteries rather than liquid fuel.
"If China’s primary concern is energy security, then I think you would want to take the most efficient way of using the resources," said WWF’s Kendall.
"If you turn coal into electricity at high efficiency, and charge electric vehicles, you can get three times as many kilometres per unit of coal.
Uranium 308 Corp.: Company Annouces Progress of Drilling Program at Janchivlan, Mongolia
LAS VEGAS, NEVADA, Jun 04, 2008 (MARKET WIRE via COMTEX) ----Uranium 308 Corp. (OTCBB: URCO) (The "Company") is pleased to announce the progress of its drilling program at Janchivlan, Mongolia about 70 kilometers southeast of Ulaan Baatar (see news release dated April 24, 2008).
Diamond core drilling began on the South Block target area on April 17, 2008 with one drill rig. A second diamond drill rig was added on May 15, 2008. To date, four holes have been completed for a total of 2170 meters drilled. Specific targets in the drill holes are radiometric zones, coincident with fracturing and brecciation, encountered in trenching from last year's program. Upon completion, each hole is radiometrically probed through the drill pipe, sometimes with an additional thickness of casing, using an uncalibrated, down hole instrument. Results received so far are qualitative in nature, but are encouraging nonetheless. A number of zones of significant radioactivity were encountered. These are accompanied in the core by fracturing, brecciation, iron oxide staining, purple fluorite, and other mineralization. Radiometric logging of the core with a hand-held gamma ray spectrometer has also revealed radiometric anomalies, especially beta radiation, in the same zones.
Hole UDH-08-01 was drilled at -45 degrees, S 15 degrees E to a total depth of 667 meters. Significant radioactivity, at least 2x background, was encountered in 9 zones, at 10 meters, 58 meters, 93 meters, 142 meters, 201 meters, 363 meters, 477 meters, 505 meters, and 610 meters. Apparent thicknesses vary from 1 meter to as much as 60 meters. This hole was ended in radioactive material because of drill problems. Many of the zones are known from nearby trenches, but the most significant zone was unexpected and may constitute a new discovery zone. This zone begins at 610 meters and extends to the bottom of the hole, an apparent thickness of 60 meters.
Hole UDH-08-02, located about 125 meters to the northwest of hole UDH-08-01, was drilled at -45 degrees, S 15 degrees E to a total depth of 504 meters. Significant radioactivity was encountered in 14 zones, at 15 meters, 55 meters, 90 meters, 154 meters, 198 meters, 213 meters, 250 meters, 303 meters, 313 meters, 381 meters, 410 meters, 427 meters, 454 meters, and 465 meters. Apparent thicknesses range to as much as 40 meters.
Hole UDH-08-03, located about 164 meters to the northeast of hole UDH-08-01, was drilled at -45 degrees, due south to a total depth of 581 meters. Significant radioactivity was encountered in 4 thick zones, a complex zone beginning at 5 meters and ending at 52 meters, another complex zone from 64 meters to 76 meters, another complex zone from 98 meters to 144 meters, and 270 meters.
Hole UDH-08-04, located about 400 meters to the southwest of hole UDH-08-01, was drilled at -45 degrees, due south to a total depth of 418 meters. It encountered zones of significant radioactivity at 5 meters, 14 meters, 23 meters, 57 meters, 75 meters, 97 meters, 127 meters, 143 meters, 172 meters, a complex zone beginning at 256 meters and ending at 310 meters, another simple zone at 338 meters, and a complex zone beginning at 376 meters and ending at 397 meters.
Activation Laboratories of Canada will prepare and process the drill core samples at its facilities in Ulaanbaatar. Activation will conduct the final analysis in its labs in Ontario, Canada.
Although, no quantitative uranium grades are known for the above radioactive zones at this time as the analytical results are pending, management is very encouraged by the results so far. Due to the apparent success of the drilling in the South Block target area, the second drill rig remains in the south for the present. Additional drill rigs are planned for the near future.
This work is being done to Canadian National Instrument 43-101 standards and is being supervised by Dr. Earl W. Abbott, a Qualified Person under NI 43-101.
On behalf of the Board of Directors,
Dennis Tan, CEO and Director
About Uranium 308 Corp.
Uranium 308 Corp. is a mineral exploration and development company engaged in the acquisition, exploration and development of large scale low-cost, high-value properties internationally. Uranium 308 Corp.'s current primary focus is uranium exploration in Mongolia.
FORWARD LOOKING STATEMENTS: This news release may include "forward-looking statements" regarding Uranium 308 Corp., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Uranium 308 Corp. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Uranium 308 Corp. does not undertake any obligation to update any forward looking statement, except as required under applicable law.
From
http://www.foxbusiness.com/story/markets/industries/industrials/uranium--corp-company-annouces-progress-drilling-program-janchivlan-mongolia/-635155553
Diamond core drilling began on the South Block target area on April 17, 2008 with one drill rig. A second diamond drill rig was added on May 15, 2008. To date, four holes have been completed for a total of 2170 meters drilled. Specific targets in the drill holes are radiometric zones, coincident with fracturing and brecciation, encountered in trenching from last year's program. Upon completion, each hole is radiometrically probed through the drill pipe, sometimes with an additional thickness of casing, using an uncalibrated, down hole instrument. Results received so far are qualitative in nature, but are encouraging nonetheless. A number of zones of significant radioactivity were encountered. These are accompanied in the core by fracturing, brecciation, iron oxide staining, purple fluorite, and other mineralization. Radiometric logging of the core with a hand-held gamma ray spectrometer has also revealed radiometric anomalies, especially beta radiation, in the same zones.
Hole UDH-08-01 was drilled at -45 degrees, S 15 degrees E to a total depth of 667 meters. Significant radioactivity, at least 2x background, was encountered in 9 zones, at 10 meters, 58 meters, 93 meters, 142 meters, 201 meters, 363 meters, 477 meters, 505 meters, and 610 meters. Apparent thicknesses vary from 1 meter to as much as 60 meters. This hole was ended in radioactive material because of drill problems. Many of the zones are known from nearby trenches, but the most significant zone was unexpected and may constitute a new discovery zone. This zone begins at 610 meters and extends to the bottom of the hole, an apparent thickness of 60 meters.
Hole UDH-08-02, located about 125 meters to the northwest of hole UDH-08-01, was drilled at -45 degrees, S 15 degrees E to a total depth of 504 meters. Significant radioactivity was encountered in 14 zones, at 15 meters, 55 meters, 90 meters, 154 meters, 198 meters, 213 meters, 250 meters, 303 meters, 313 meters, 381 meters, 410 meters, 427 meters, 454 meters, and 465 meters. Apparent thicknesses range to as much as 40 meters.
Hole UDH-08-03, located about 164 meters to the northeast of hole UDH-08-01, was drilled at -45 degrees, due south to a total depth of 581 meters. Significant radioactivity was encountered in 4 thick zones, a complex zone beginning at 5 meters and ending at 52 meters, another complex zone from 64 meters to 76 meters, another complex zone from 98 meters to 144 meters, and 270 meters.
Hole UDH-08-04, located about 400 meters to the southwest of hole UDH-08-01, was drilled at -45 degrees, due south to a total depth of 418 meters. It encountered zones of significant radioactivity at 5 meters, 14 meters, 23 meters, 57 meters, 75 meters, 97 meters, 127 meters, 143 meters, 172 meters, a complex zone beginning at 256 meters and ending at 310 meters, another simple zone at 338 meters, and a complex zone beginning at 376 meters and ending at 397 meters.
Activation Laboratories of Canada will prepare and process the drill core samples at its facilities in Ulaanbaatar. Activation will conduct the final analysis in its labs in Ontario, Canada.
Although, no quantitative uranium grades are known for the above radioactive zones at this time as the analytical results are pending, management is very encouraged by the results so far. Due to the apparent success of the drilling in the South Block target area, the second drill rig remains in the south for the present. Additional drill rigs are planned for the near future.
This work is being done to Canadian National Instrument 43-101 standards and is being supervised by Dr. Earl W. Abbott, a Qualified Person under NI 43-101.
On behalf of the Board of Directors,
Dennis Tan, CEO and Director
About Uranium 308 Corp.
Uranium 308 Corp. is a mineral exploration and development company engaged in the acquisition, exploration and development of large scale low-cost, high-value properties internationally. Uranium 308 Corp.'s current primary focus is uranium exploration in Mongolia.
FORWARD LOOKING STATEMENTS: This news release may include "forward-looking statements" regarding Uranium 308 Corp., and its subsidiaries, business and project plans. Such forward looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Uranium 308 Corp. expresses or implies an expectation or belief as to future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Uranium 308 Corp. does not undertake any obligation to update any forward looking statement, except as required under applicable law.
From
http://www.foxbusiness.com/story/markets/industries/industrials/uranium--corp-company-annouces-progress-drilling-program-janchivlan-mongolia/-635155553
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