ATLANTA, GA , Royale Energy Inc. (NASDAQ: ROYL), Level 3
Communications Inc. (NASDAQ: LVLT) and Speedus Corp. (NASDAQ:
SPDE).
Investors need to be watching Bancroft Uranium Inc. (OTCBB:
BCFT) this AM! Bancroft Uranium is an emerging mining company
focused on the exploration and development of previously
identified, historically significant, yet undeveloped known uranium
properties. Bancroft controls an extensive regional play totaling
over 9,000 acres of mineral claims in Ontario, Canada that are
prospective for uranium. 2,700 acres are currently under lease and
being explored at the Monmouth Project (two hours north of
Toronto). 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. Uranium was discovered at
this prospect in the early 1950s when prices were less than $10.00
per pound. The Bancroft area is well known for its long history in
uranium mining, having produced a total of 14,862,653 lbs U3O8
between 1956 and 1982 from four local mines. In 1968, an
engineering report by S.W. Evans was filed as a listing prospectus
to the Toronto Stock Exchange for Northern Nuclear, the owner at
that time. The report estimated from drill results the potential of
2 million tons containing 0.045% (0.9 pounds per ton) or 1,800,000
pounds of U3O8. Bancroft commenced a 2008 surface diamond drilling
program on February 25th that was designed to drill in areas that
returned historic drill results from the 1968 program. Once the
drill program is complete, engineers will undertake a geological
report which will ultimately lead to a uranium resource calculation
of the in-situ tons and contained pounds of uranium. The company
has also begun early stage efforts in the Long Lac area and the
prolific Elliot Lake Uranium camp. Recent unprecedented rises in
the price of Uranium have been over $90 per pound recently with
extraordinary fluctuations exceeding $135/lb. These prices reflect
a 1000% increase over the past 7 years -- with most of these gains
occurring within the past 2 years. Currently, 439 active reactors,
34 new power reactors are under construction and 304 plants are on
order/planned or proposed. Existing global supply does not meet
current demand thereby creating significant opportunities for
long-term growth. The company is led by a highly skilled and
experienced board with noteworthy success in managing mineral
exploration projects from early stage to production. Bancroft
Uranium is poised to become a significant player in the uranium
industry! Bancroft Uranium just had excellent news out in a press
release before today's opening bell announcing further drilling
results from the spring 2008 surface drill program conducted at the
Monmouth Uranium Project, near Bancroft, Ontario! Bancroft Uranium
said it will release a third series of drill results shortly and so
far initial assay results appear to validate the historical data!
Investors should be watching this one closely!
Bancroft Uranium Inc. (OTCBB: BCFT) is pleased to announce
further 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 08-16
through 08-28 as are outlined below.
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 bringing it into
modern N.I. Policy 43-101 compliance, a recognized world mining
standard. The drilling is 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 second series of drilling assays and intervals are from
holes drilled over an additional 200 feet of strike length exposure
of the host rock skarn (altered limestone) as follow up to results
released on May 29th from the initial 300 feet. In total, the
combined results cover drilling conducted over a 500 foot of strike
on the deposit. The historical drilling in 1969 covered a zone
approximately 1,500 feet in length.
Assays of 0.747lb/51.4' and 1.134lb/23.9' in holes 08-24 and
08-25 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:
08-16 - 0.309 lb/ 29.6' from 49.6 to 79.2 feet
08-17 - 0.337lb/10.9' from 35.2 to 46.1 feet and 0.469lb/2.4'
from 92.1 to 94.5 feet
08-18 - 0.316lb/5.2' from 15.1 to 20.3 feet; 0.125lb/4.6' from
37.1 to 41.7 feet and 0.467lb/8.0' from 55.0 to 63.0 feet
08-19 - 0.397lb/49.2' from 5.2 to 54.4 feet including
0.365lb/9.0' from 5.2 to 14.2 feet and 0.646lb/10.4' from 18.9 to
29.3 feet and 0.565lb/14.5' from 34.0 to 48.5 feet. Also
0.595lb/17.3' from 71.0 to 88.3 feet
08-22 - 0.717lb/18.5' from 73.0 to 91.5 feet
08-23 - 0.401lb/9.8' from 39.4 to 49.2 feet; 0.374lb/7.7' from
55.4 to 63.1 feet; 0.794lb/33.3' from 81.6 to 114.9 feet and
0.486lb/3.9' from 125.7 to 129.6 feet
08-24 - 0.495lb/19.8' from 56.0 to 75.8 feet and 0.747lb/51.4'
from 104.9 to 156.3 feet
08-25 - 1.134lb/23.9' from 103.7 to 127.6 feet
08-25A - 0.420lb/55.1' from 69.0 to 124.1 feet including
0.363lb/26.7' from 73.9 to 100.6 feet and 0.656lb/19.2' from 104.9
to 124.1 feet
08-26 - 0.389lb/31.9' from 46.8 to 78.7 feet; 0.526lb/5.0' from
119.0 to 124.0 feet and 0.507lb/17.1' from 143.4 to 160.5 feet and
0.369lb/21.1' from 188.7 to 209.8 feet
08-26A - 0.633lb/36.7' from 135.9 to 172.6 feet including
0.788lb/18.1' from 135.9 to 154.0 feet and 0.683lb/13.0' from 159.6
to 172.6 feet
08-27 - 5.377lb/2.1' from 38.2 to 40.3 feet and 0.611lb/10.2'
from 66.2 to 76.4 feet
08-28 - 0.643lb/5.1' from 52.5 to 57.6 feet; 0.352lb/14.2' from
124.0 to 138.2 feet including 0.304lb/5.0' from 124.0 to 129.0 feet
and 0.521lb/6.5' from131.7 to 138.2 feet; 0.525lb/26.3' from 168.0
to 194.3 feet including 1.618lb/3.3' from 172.8 to 176.1 feet and
0.578lb/13.7' from 180.6 to 194.3 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 third 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.
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. To find out more about
Bancroft Uranium Inc., visit our website at
www.bancrofturanium.com.
Stocks in the news and acting well as of late include: Royale
Energy Inc. (NASDAQ: ROYL), Level 3 Communications Inc. (NASDAQ:
LVLT) and Speedus Corp. (NASDAQ: SPDE).
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