Featured Stock: Bancroft Uranium Inc (OTC BB: BCFT)
Current Price (0.75)
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Bancroft Announces More Drilling Results and Begins Engineering for N.I. 43-101 Report
Scottsdale AZ, June 11, 2008 -- Bancroft Uranium Inc. (OTCBB: BCFT) (“Bancroft” or the “Company”) is pleased to announce the third in a series of drilling results from the Spring 2008 surface drill program conducted at the Monmouth Uranium Project, near Bancroft Ontario. The Company today is releasing assay results from drill holes 08-29 through 08-40 as outlined below.
The Company anticipates having all drilling results by next week to begin calculating the uranium resource at Monmouth. Bancroft is the process of preparing a detailed engineering report on the Monmouth Uranium Project to comply with N.I. Policy 43-101, a recognized world mining standard.
The 2008 Exploration Phase 1 drill program commenced on February 25th and was designed to focus on areas in and around the historical drill results from the 1969 program. The drilling was also designed to extend the known strike length of the skarn which hosts the uranium mineralization with the aim of expanding the current estimated 1,800,000 lbs U3O8 potential at Monmouth.
This third series of drilling assays and intervals are from holes drilled over an additional 400 feet of strike length exposure of the host rock skarn (altered limestone) as follow up to results released on May 29th and June 4th from the initial 500 feet. In total, the combined results cover drilling conducted over 900 feet of strike on the deposit. The historical drilling in 1969 covered a zone approximately 1,500 feet in length.
Assays of 0.794lb/41.8’ and 0.614lb/46.3’ in holes 08-29A and 08-39 represent the best results from this series of holes. Significant results are as follows. Assays are noted as lb representing lbs/ton U3O8 over feet:
08-29 - 0.357lb/18.7’ from 50.2 to 68.9 feet
08-29A - 0.832lb/7.7’ from 31.0 to 38.7 feet; 0.794lb/41.8’ from 53.3 to 95.1 feet including 1.107lb/26.7’ from 53.3 to 80.0 feet
08-30A - 0.274lb/7.4’ from 42.7 to 50.1 feet; 0.557lb/3.6’ from 143.7 to 147.3 feet
08-31 - 0.440lb/18.7’ from 60.2 to 78.9 feet including 0.563lb/12.0’ from 60.2 to 72.2 feet; 1.226lb/7.4’ from 114.0 to 121.4 feet
08-32 - 1.231lb/11.0 ‘from 9.7 to 20.7 feet
08-33 - 0.510lb/15.8’ from 4.3 to 20.1 feet and 0.443lb/6.3’ from 23.0 to 29.3 feet; 0.443lb/25.0’/4.3 to 29.3 feet
08-35 - 0.644lb/0.8’ from 15.6 to 16.4 feet; 0.667lb/2.8’ from 110.8 to 113.6 feet
08-36 - 0.854lb/4.4’ from 68.8 to 73.2 feet and 0.371lb/7.1’ from 91.5 to 98.6 feet
08-37 - 0.406lb/7.1’ from 3.6 to 10.7 feet; 0.331lb/13.1’ from 26.5 to 39.6 feet including 0.710lb/4.7’ from 30.0 to 34.7 feet and 0.306lb/16.7’ from 89.7 to 106.4 feet
08-38 - 0.669lb/21.8’ from 39.7 to 61.5 feet and 0.409lb/20.8’ from 89.7 to 110.5 feet
08-39 - 0.614lb/46.3’ from 98.2 to 144.5 feet including 0.325lb/6.2’ from 98.2 to 104.4 feet and 1.124lb/16.4’ from 105.5 to 121.9 feet and 0.393lb/20.2’ from124.3 to 144.5 feet
08-40 - 1.085lb/0.7’ from 124.3 to 125.0 feet and 1.314lb/5.4’ from 313.9 to 319.3 feet
To date, Company engineers have verified the location, thickness and flat lying geometry of the uranium bearing skarn system intersected in the historical drilling. U3O8 assays have been returned from both uraninite bearing bright orange-colored calcite alteration in the skarn and from several pegmatite bodies in and adjacent to the skarn package. Initial assay results from the skarn rocks appear to validate the historical data. The geological modeling of the deposit is now coming into focus with the alteration zone rock package dipping at a fairly consistent 25-30 degrees, amenable to a potential open pit scenario.
All of Bancroft Uranium’s exploration programs are designed and supervised by Qualified Persons (“QP”) under the N.I. Policy 43-101, who ensure that programs are carried out using current industry “Best Practices”. The spring 2008 drilling program was supervised by Murray McGill P.Geo (QP). The NQ size core was logged by Mr. McGill and split on-site. Half core samples were analyzed using standard Delayed Neutron Counting (DNC) methods by Activation Laboratories in Ancaster, Ontario. Activation Laboratories employs rigorous in-house QA/QC procedures in the DNC process.
Bancroft will release a fourth series of drill results shortly.
For inquiries from the public and media concerning the Monmouth Uranium Project please contact Greenspirit Strategies at 1-877-54 GREEN or 1-877-544-7336. For shareholder and investor information please contact investor relations at 1-866-860-2995
ABOUT BANCROFT URANIUM INC. (OTCBB: BCFT)
Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft’s initial asset, the Monmouth Uranium Project is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements", as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of our exploration program at our uranium properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the most recent fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Bancroft Uranium Inc.
- - - - - - - - - - - - - - - - - -
P. L. Hammond, C.A.
President and Chief Executive Officer
Public and Media Information: 1-877-544-7336
Shareholder and Investor Information: 1-866-860-2995
Source: Bancroft Uranium Inc.
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