TORONTO, Sept. 27 /CNW/ - NWT Uranium Corp. (TSX-V: NWT; OTCBB: NWURF) is pleased to provide an update and overview of recent corporate activities.
Quebec Drilling Continues
Drilling is ongoing at the North Rae uranium project in the Ungava Bay region of northern Quebec, Canada. Seven holes totaling 1,696 feet (517 meters) have so far been completed.
The drill program at North Rae remains focused on determining the presence of potentially economic mineralization in recently identified radioactive targets. Drilling will continue until the onset of winter conditions in the Ungava Bay region, after which selected samples will be sent to the Saskatchewan Research Council for analysis. Results from a significant number of rock grab samples, which were collected during 2007 ground exploration, are also pending.
NWT believes that North Rae has the geological potential to become Canada's newest uranium district. A total of seven radioactive zones have so far been identified for follow-up work and grids have been completed on four of these areas. Values ranging from 1,000 to 100,000 counts per second (cps) were registered in these areas of elevated radiometry, in sharp contrast with background values of approximately 120 cps.
Niger Uranium Commences Trading
Niger Uranium Ltd., the joint venture company formed by NWT Uranium and UraMin Inc. (which has since been acquired by Areva), is now trading on the Alternative Investment Market (AIM), which is a sub-market of the London Stock Exchange. NWT Uranium is the largest shareholder in Niger Uranium. Niger Uranium holds a total of eight highly prospective uranium concessions in the same geological setting as producing Areva mines, which together yield approximately 7.5% of annual global uranium production.
CFO Appointment
Mr. William (Bill) David Thomas has been elevated to the position of Chief Financial Officer of NWT Uranium Corp. effective September 1, 2007. Mr. Thomas joined NWT Uranium as Controller on July 16, 2007, as reported in a press release issued that same date.
Picachos Property
NWT continues to evaluate its 19,000-acre (7,700-hectare) Picachos silver-gold project in Durango, Mexico. A Conceptual Study, independently prepared in 2005 by Watts, Griffis and McOuat Limited ("WGM"), concluded that Picachos contains an exploration target with the potential to host a deposit in the order of 10 to 20 million tonnes with metal grades in the order of 200 to 500 grams per tonne (g/t) silver and 1.0 to 3.0 g/t gold. NWT has an option to earn a 70% interest in Picachos.
ABOUT NWT URANIUM:
NWT Uranium Corp. (www.northwestmineral.com) is an international resource exploration company with an experienced, highly technical management team. Since its inception, NWT has concentrated on the acquisition of properties with potential uranium targets. NWT Uranium is listed on the NASD Bulletin Board under the symbol "NWURF" and the TSX Venture Exchange under the symbol "NWT."
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.
The potential quantity and grade in the Picachos Conceptual Study is conceptual in nature. There has not been sufficient exploration at Picachos to define a mineral resource and it is uncertain if further exploration will result in discovery of a mineral resource on the property.