Bancroft Uranium Begins Drilling Program at Monmouth Uranium Project Bancroft Uranium Begins Drilling Program at Monmouth Uranium Project
Friday February 22, 8:05 am ET
SCOTTSDALE, AZ--(MARKET WIRE)--Feb 22, 2008 -- Bancroft Uranium Inc. (OTC BB:BCFT.OB
- News) ("Bancroft" or the "Company") is pleased to announce
that the Company has begun a surface drilling program on the Monmouth Uranium
Project near Bancroft Ontario.
The program, estimated to total 20,000 feet, will commence drilling operations
on February 25th and is anticipated to take approximately six weeks. Drilling
will focus on areas in and around the historical drill results from the 1969
program to bring it into modern N.I. Policy 43-101 compliance, a recognized
world mining standard. In addition, the drilling will endeavor to extend the
known strike length of the skarn which hosts the uranium mineralization in the
aim of expanding the current estimated potential at Monmouth.
Uranium was discovered at Monmouth in the early 1950s. The operators at that
time conducted surface trenching across approximately 1,000 feet that showed
grades 0.14% U3O8 (2.8 lbs per ton) over 35 trenches and had limited follow-up
drilling. The geology at Monmouth is comprised of uranium crystals disseminated
in an altered limestone (skarn) with a thickness of 15-60 feet. This skarn horizon
has been mapped for a length of 6,000 feet. Only 1,500 feet of the strike length
has been explored to some detail. All historical drill holes cut uranium mineralization
ranging from 1/10 pound to over 6 pounds of uranium per ton.
Previous operators estimated from drilling the potential of 2 million tons
containing 0.045% (0.9 pounds per ton) or 1,800,000 pounds of U3O8. The Monmouth
Uranium Project is open along strike to the northeast and southwest and down
dip to the southeast. The Company believes that the low cost mining factors
due to proximity to infrastructure, combined with the 1970 metallurgical test
that shows 80 plus percent recovery by simple gravity separation, demonstrate
a potential for a reliable low cost producing uranium deposit. Bancroft is currently
processing a metallurgical test sample of the Monmouth rock with SGS Mineral
Services Laboratory located in Lakefield, Ontario.
In related news, Company management wishes to announce the appointment of Mr.
David Naylor as Director and Chief Financial Officer for the Company. Mr. Naylor
is a Certified Management Accountant (CMA). From September 2002 until October
2003 he was employed by the British Columbia, Canada Ministry of Provincial
Revenue based in Victoria, BC. From October 2003 until the present, he has served
as a director and CFO of several listed public companies.
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 1-888-293-5660.
Visit our website at www.bancrofturanium.com
ABOUT BANCROFT URANIUM INC. (OTC BB:BCFT.OB - News)
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.
