UrAmerica, South America's Leading uranium exploration and development company announce the commencement of a massive drill campaign across their San Jorge Basin exploration area in Chubut, Argentina.
UrAmerica implements a 30,000 meter drill program, surrounding CNEA`s Cerro Solo Uranium Deposit in the San Jorge Basin, Province of Chubut, Argentina.
UrAmerica is pleased to announce the commencement of a 30,000 meter drill program on its uranium exploration licensed areas within the Province of Chubut, Argentina.
This drill program and the related budget have been prepared and approved by the Joint Technical Committee (“JTC”), in accordance to the Strategic Alliance Agreement, signed on October 12, 2011, between UrAmerica and Cameco Global South America Inc. (“Cameco”). The JTC consists of 2 members from UrAmerica and 2 members from Cameco.
The 30,000 meters drill target is a combined reverse circulation and diamond drilling program, covering 7 drill target areas, out of 16 target areas identified throughout UrAmerica’s land position in the Province of Chubut. These 7 drill targets are directly adjacent to the high grade Cerro Solo Deposit, the historic Los Adobes Open Pit and other mineralized bodies, all held by the National Commission of Atomic Energy (“CNEA”) and located within the same paleochannel system.
The objectives of the drill program are:
- To define the extensions of the CNEA’s mineralized bodies, as well as the Cerro Solo Deposit, onto UrAmerica’s licensed areas.
- To define new areas of mineralization within these targeted areas.
This only represents the first phase of a broader exploration plan that aims to test all drill targets and demonstrate the further presence of uranium mineralization. UrAmerica’s ultimate goal is to develop the area into a world class uranium district.
To date, more than 3,600 meters of this drill program have been completed and the down-hole radiometric gamma probe results are promising. Geochemical results from the drill hole sampling program are pending.
Omar Adra, Founder and CEO of UrAmerica Ltd., said:
“I am proud to say that after having signed the Strategic Alliance with Cameco on the 12th of October 2011, we were able to quickly and successfully kick off the drill program on the 5th of December. This was and is being carried out with the highest environmental and social standards, with the support and involvement of the local community, and in a safe, efficient and cost-effective manner. In addition, I am very pleased to note that the initial indications are positive.”
For further information:
UrAmerica Limited
+ (54) 11 4804 2115
info@uramerica.co.uk
This press release contains forward-looking statements and information within the meaning of applicable securities laws. When used in this press release, the words “potential”, “indicate”, “expect”, “intend”, “hopes,” “believe,” “may,” “will,” “if” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of UrAmerica to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, the risks and hazards associated with the business of mineral exploration, development and mining, the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits, changes in national and local government, legislation, taxation, controls or regulations and political or economic developments in Argentina, risks concerning UrAmerica’s title to properties; potential effects on UrAmerica’s operations of environmental regulations in Argentina; risks due to legal proceedings; risks relating to political and economic instability Argentina. Although UrAmerica has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, UrAmerica assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.
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