Logan Resources Ltd. and ESO 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. 11 /CNW/ - Logan Resources Ltd (TSX-V:LGR), Logan, and\nESO Uranium Corporation (TSX-V: ESO), (ESO), are pleased to announce that the\ncompanies have signed an agreement that will set the stage for further\nexploration on the Cluff Lake area claims staked by Logan in 2003. Under the\nagreement Logan will transfer a further 30% interest in the claims to ESO\nwhich shall result in ESO having an 80% undivided interest in the property.\nESO shall produce a bankable feasibility study with Logan having a carried\ninterest until the feasibility study is delivered at which time Logan will\nhave the choice to take on a 20% participating interest in a new company to\noperate the production facility or take on a 2% gross over-riding royalty for\nall uranium mineral products and a 2% net smelter returns royalty for all\nother metals. ESO will return all of its interest in any of the claims to\nLogan upon a decision by ESO to terminate work thereon.\n\n\nThe Logan claims lie within the Carswell Dome structure about 12 km north\nof the former producer, Cluff Lake, which mined about 65 million pounds of\nuranium from shallow deposits with open pits and near surface underground\noperations. The deposits had an average grade of about 0.73% U(3)O(8)\n(14.6 lbs per s.ton) with significant gold byproduct.\n\n\nDrilling was carried out by ESO in 2006 on the Gorilla Lake zone where\nwork in 1981 by Amok had returned drill core values in their CAR 425 drill\nhole of 0.89% U(3)O(8) (17.8 lbs/s.ton) over 2.6 meters of core length.\n\n\nThe ESO holes encountered extensions to the known mineralization with two\nadjacent holes reporting as:\n\n\nCLU No.01 with 0.46% U(3)O(8) (9.2 lbs/s.ton) over 1.5 meters from 174.0\nto 175.5 meters drill interval. CLU No. 07 had two mineralized intervals. The\nupper interval from 153 meters to 160 meters (7 meters of drill interval)\nreturned 0.17% U(3)O(8) (3.4 lbs/s.ton), including 0.82% U(3)O(8) (16.4\nlbs/s.ton) over 1 meter. The lower interval assayed at 0.2% U(3)O(8)\n(4lbs/s.ton) over 2.0 meters from 175.0 meters to 177.0 meters.\n\n\nLogan Resources Ltd. is a mineral exploration company that specializes in\nacquiring, exploring and advancing early-stage Canadian mineral properties.\nFor more information on the Company's diversified property portfolio and the\nCompany, please visit www.loga...

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