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TORONTO, Aug. 8 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is pleased to report on the comprehensive program underway at its North Rae Uranium Project in the Ungava Bay region of northern Quebec, under option from Azimut Exploration Inc. In less than one month of field work performed in early July by a joint NWT Uranium-Azimut task team, crews have completed their initial ground evaluation and ranking of the property's 14 top-priority anomalies, selecting three large radioactive targets for trenching. Ongoing work will further refine targets for drilling, which is scheduled to commence this field season.
"Results at North Rae continue to underscore the property's significant uranium potential," said Marek J. Kreczmer, President and CEO of NWT Uranium. "Our most recent findings, coupled with earlier rock sample and lake sediment results, highlight the area's potential to host a new uranium district. NWT Uranium is committed to rapidly advancing the property, and we look forward to commencing a drill program to further test the newly identified radioactive targets and other high-priority areas."
The 2007 ground exploration program currently underway at North Rae has been designed to further delineate, refine and rank drill targets using a combination of geophysics, trenching and geochemical sampling. Radioactivity is being measured and results are being mapped on a comprehensive geophysical grid.
Crews have completed their initial ground evaluation and ranking of the 14 top-priority anomalies, which were discovered during an airborne geophysical survey conducted in the 2006 field season. Seven anomalies have so far been selected for follow-up field work. These include Tasialuk, Tasik and Torrent, three large radioactive targets identified for extensive sampling, trenching, and geological and radiometric ground detail surveys using 328-foot (100-meter) line spacing, with tighter 164-foot (50-meter) and 82-foot (25-meter) line spacing in anomalous areas.
The Tasialuk zone contains a radioactive area measuring 3,280 feet (1,000 meters) by 656 to 984 feet (200 to 300 meters). Tasik covers an area of elevated radiometry measuring 3,280 feet (1,000 meters) by 328 to 492 feet (100 to 150 meters). Torrent contains a radioactive area measuring 5,577 feet (1,700 meters) by 164 to 492 feet (50 to 150 meters). Uranium mineralization appears to be hosted mainly by gneissic, granitic and granitic pegmatite lithologies.
Areas with elevated radiometry registered values ranging from 1,000 to 40,000 counts per second (cps) in sharp contrast to background values of approximately 120 cps.
The only follow-up field work conducted previously was on a showing coincident with a 3.1-mile (5.0-kilometer) long airborne anomaly. This follow-up work on the ground led to the definition of the Rae-1 Zone, a 2.0-mile (3.3-kilometer) mineralized zone that has returned rock sample values up to 0.59% U(3)O(8), as reported in a press release dated November 29, 2006. The Rae-1 Zone will also be subject to a systematic ground radiometric survey and sampling.
Grab samples from all zones, collected during 2007 ground evaluation, have been submitted to Saskatchewan Research Council of Saskatoon for analysis using Aqua Regia Partial digestion followed by ICP.
NWT Uranium has budgeted a total of C$1.5 million for 2007 exploration in Quebec on its two uranium properties under option from Azimut. Work at North Rae is scheduled to include helicopter-borne geophysics, prospecting and sampling, mapping and diamond drilling at a cost of C$1.2 million. At Daniel Lake, NWT Uranium proposes to spend C$300,000 on geophysics, lake-bottom sediment geochemistry and reconnaissance prospecting. At least 2,500 meters of drilling will be completed at North Rae by the end of 2007.
NWT Uranium has the right to acquire up to 65% interest from Azimut in the North Rae Uranium Project, where results to date have revealed the potential for a new uranium district. NWT Uranium also has an option to acquire up to 65% ownership in the Daniel Lake Uranium Project, which is contiguous with North Rae. North Rae and Daniel Lake cover a total area of more than 200,000 acres (81,000 hectares).
ABOUT NWT URANIUM CORP:
NWT Uranium Corp. (www.northwestmineral.com) is an international resource exploration company with an experienced management team. The company is focused on properties with potential uranium targets. NWT Uranium also has a precious and base metal property in Mexico. NWT Uranium is listed on the NASD Bulletin Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol "NWT." Formerly Northwestern Mineral Ventures Inc., the company adopted its current name on August 3, 2007.
Mr. Rejean Girard, P.Geo., of IOS Services Geoscientifiques Inc. based in Chicoutimi, Quebec, is the qualified person responsible for the current exploration program at North Rae and has verified the data reported above. Mr. Girard is a consultant to NWT Uranium, and has sufficient experience relevant to the style of mineralization and type of deposits under consideration and to the activity which he is undertaking to qualify as a Qualified Person for the purposes of the geological section in this report. Mr. Girard has no interest in NWT Uranium and has consented to the inclusion in this report of his name in the form and context in which it appears.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
This news release includes certain "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the worldwide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
Additional information about NWT Uranium's Quebec properties is contained in press releases dated January 29, 2007, November 29, 2006, October 11, 2006, October 5, 2006, September 5, 2006, August 9, 2006 and March 6, 2006.