Northwestern provides update on Waterbury Uranium Project in Athabasca Basin, Saskatchewan
Monday June 5, 5:00 pm ET
TORONTO, June 5 /PRNewswire-FirstCall/ - Northwestern Mineral Ventures Inc. (TSX-V: NWT - News; OTCBB: NWTMF - News) is pleased to update its shareholders on recent activities at its Waterbury uranium project, located in Saskatchewan's prolific Athabasca Basin. A series of drill holes has been completed on the property and initial results provide indications of strong uranium alteration.
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"Management is pleased with the early findings at Waterbury as they justify our confidence in the property's potential to host significant uranium mineralization," said Marek Kreczmer, President and CEO of Northwestern. "We are currently in the process of conducting geochemical surveys on the core samples that were obtained during drilling. Following the receipt and analysis of the final results, we will be in a position to determine second phase drill targets, which could help us to further delineate potentially significant areas of uranium alteration."
As announced on March 31, 2006, the drill program was designed to evaluate unconformity-related uranium targets at depths of less than 820 feet (250 meters). Final drill results are pending and will be disclosed upon receipt and compilation.
Northwestern signed a Formal Option Agreement with CanAlaska Ventures Inc. to acquire up to 75% interest in the Waterbury Project on November 15, 2005. The nine non-contiguous claims total 30,683 acres (12,417 hectares) and are favorably located in close proximity to several of the world's largest uranium mines.
FIREFLY UPDATE
The Utah Bureau of Land Management has yet to provide Northwestern with a copy of its previously announced environmental study of the La Sal Creek area. Given the significant and positive progress that Northwestern is experiencing at Waterbury and at its other uranium properties in Niger and Quebec, the company's management team has elected not to proceed with the Firefly Project in Utah. As an option holder in the property, Northwestern will not incur any financial penalties in association with this cancellation.
ABOUT NORTHWESTERN:
Northwestern Mineral Ventures (www.northwestmineral.com) is an international natural resource exploration company with an experienced management team. The company is focused on properties in Niger and Canada with potential uranium targets. Northwestern also has a precious and base metal property in Mexico. Northwestern is listed on the NASD Bulletin Board under the symbol "NWTMF" 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 world wide 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.
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Source: Northwestern Mineral Ventures Inc.
