International KRL Resources Corp. and ESO Uranium sign agreement for Cluff Lake area property, in the West Athabasca Basin, Saskatchewan

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[{"type":"text","content":"\n\n\n\nVANCOUVER, Aug. 20 /CNW/ - International KRL Resources Corp. (TSX-V: IRK)\n(International KRL) and ESO Uranium Corp. (TSX-V: ESO) (the Company) are\npleased to announce that the companies have signed an agreement that will set\nthe stage for further exploration on the Cluff Lake area claim staked by\nInternational KRL in 2003. Under the agreement International KRL will transfer\na further 30% interest in the claim to ESO which shall result in ESO having an\n80% undivided interest in the property. ESO shall produce a bankable\nfeasibility study with International KRL having a carried interest until the\nfeasibility study is delivered at which time International KRL will have the\nchoice to take on a 20% participating interest in a new company to operate the\nproduction facility or take on a 2% gross over-riding royalty for all uranium\nmineral products and a 2% net smelter returns royalty for all other metals.\nESO will return all of its interest in any of the claim to International KRL\nupon a decision by ESO to terminate work thereon.\n\n\nThe International KRL claim lies within the Carswell Dome structure\nadjacent to the mining lease of the former producer, Cluff Lake, which mined\n65 million pounds of uranium from shallow deposits with open pits and near\nsurface underground operations. The deposits had an average grade of about\n2.5% U(3)O(8) (5 lbs per s.ton) with significant gold byproduct.\n\n\nEarlier work by Amok/Mokta on the International KRL Claim indicated the\npresence of radioactive boulder trains. These included a boulder with an assay\nof 16.9% U(3)O(8) and 2.9 g/t gold on the claim which is "up-ice" from the\nuranium orebodies mined on the adjacent Cluff Lake Mine lease. The ice\nmovement dragged outcropping materials at the ice-bedrock interface towards\nthe southwest from a shallow source to the northeast. Work carried out by ESO\nincluded airborne and ground geophysical surveys and radon surveys. These\nindicated important conductors and a magnetic structure that have not been\ndrill tested in earlier work.\n\n\nThis area will be a subject of a high priority for the next phase of\nwork.\n\n\nFor reference, the current spot price quoted by Uxc.com for uranium oxide\nis US$64.50 per pound of U(3)O(8), up from the June, 2008 low of $56/lb; an\nassay reported as 1.0% of U(3)O(8) is equal to 20 ...

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