Waseco Resources Inc. - News ReleaseWaseco acquires Uranium prospects
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| Waseco Resources Inc. | "WRI" TSX-V | |
| January 17, 2005 | News Release | |
| Toronto , Canada- January 17th, 2005 . Waseco Resources Inc. (“WRI”-V) announces that it has acquired 210 claims, in five (5) blocks, covering approximately 105 square kilometres, in Quebec-Labrador , Canada . |
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The properties cover both vein-type and sedimentary related uranium occurrences. The strata-bound uranium occurrences are found in both sandstone and mudstone and siltstone. Quebec Department of Mines records indicate localised mineralization with values as high as 0.445% U3O8 near the contact with the sediments. Some spectacular values in boulders of recrystallised dolomite are recorded in the government files. Values of uranium ran as high as 38% U3O8 with other metals present, including copper, lead and zinc. . |
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| The properties are being acquired from Messrs. Stanley Hawkins and Peter Ferderber, subject to regulatory approvals, for $35,000 cash, 1 million common shares of Waseco, payable in two instalments within the first year, and a 2% NSR, of which 1% can be repurchased for $1,000,000 within one year of commercial production. An initial $150,000 work program is scheduled to commence immediately upon transaction approval. |
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| Waseco is a mineral exploration company with interests in gold, diamonds and uranium. Mr. Howe, Chairman has extensive prior experience with uranium, including the exploration and development of the world-class Jabiluka Uranium Mine in Australia . Waseco presently has 26,201,321 common shares issued and outstanding. Further corporate information can be found on the company’s web site at: www.wasecoresources.com. |
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| WASECO RESOURCES INC. |
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A.C.A. Howe |
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Contact: Richard Williams
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