New Highly Radioactive Zone Encountered in Area Not Previously Drilled or Trenched
LAS VEGAS, NEVADA, Sep 09, 2008 (MARKET WIRE via COMTEX) — Uranium 308 Corp.(URCO) (the “Company”) is pleased to announce the resumption of its drilling program at Janchivlan, Mongolia, about 70 kilometers southeast of Ulaan Baatar (see previous update in news release dated July 24, 2008 at www.uranium308corp.com).
Diamond core drilling resumed after the drill rig moved to the North Block target area on August 19, 2008 with one drill rig. The first hole was completed on August 27, 2008 to a total depth of 495 meters and surveyed to a depth of 487 meters with a radiometric probe through drill pipe. Specific targets in this drill hole are uranium mineralization in zones, coincident with fracturing and brecciation, encountered in trenching and drilling from the 2007 program. These zones were penetrated and, in addition, a new and highly radioactive zone was encountered in an area not previously drilled or trenched.
Hole EDH-08-01 was drilled at -45 degrees, North 25 degrees East and encountered anomalous radioactivity, at least 2 times background in sixteen separate locations in the hole. Apparent thicknesses generally vary from 1 meter to as much as 8 meters. Two notable radioactive zones include a 23-meter thick zone at 27 meters depth that we believe coincides with significant uranium mineralization encountered in the 2007 drill program. In the other zone, located at 415 meters, the drill encountered an apparent thickness of 5 meters of 20 times background. This second zone is one that has not been encountered before in trenching or drilling, either during the 2007 program or by previous operators. The high radioactivity in this new zone is very encouraging and the zone will be tested again in the next drill hole.
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.
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.