Uranium Mining and Exploration

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Thelon completes first two holes at White River Valley

2006-07-25 10:42 ET - News Release

Mr. Jason Walsh reports

SUMMER EXPLORATION UPDATE

Thelon Ventures Ltd. has provided an exploration update on its three projects.

Ely, Nev.

The company has completed the first two holes of its proposed 10-hole 2006 exploration and confirmation drill program. This program is designed to further define the sandstone system and to confirm and expand the known mineralized zones. Results are pending; Thelon has an option to earn up to an 80-per-cent interest in the White River Valley uranium property from Energy Metals Corp. The White River Valley property, formerly held by Wold Nuclear and Union Carbide, is located in Nye county, Nevada, approximately 55 miles south of Ely. See news in Stockwatch May 1, 2005.

Pasfield Lake, Athabasca

Triex Minerals has informed the company that exploration is under way at the Pasfield Lake property. A camp is established on the northwest shore of Pasfield Lake for the three-week program. Empulse Geophysics has been contracted to complete 25 line kilometres of audiomagnetotellurics at Moss Creek. The grid covers a northerly trending conductor seven kilometres long located on the eastern flank of a prominent magnetic low as detected by a VTEM survey flown over the property in January (see news in Stockwatch Feb. 10, 2006). Previous exploration at Pasfield Lake in the 1970s identified uranium stream sediment anomalies and radon in spring water anomalies in Moss Creek west of the conductor, and radon and helium soil gas anomalies in the headwater area of Moss Creek southwest of the conductor.

A detailed bathymetry and lake sediment survey is also being conducted over Pasfield Lake itself. The lake will also be covered by an airborne gravity survey scheduled for December, 2006, followed up by an extensive audiomagnetotellurics survey.

Digital compilation and integration of all historic data sets from previous exploration in the 1970s are complete. Third party processing and interpretation of the airborne VTEM survey were contracted to two separate geophysical consultants and reports are now in hand to augment interpretations provided from Geotech Ltd.

A winter drill program will be considered for the Pasfield Lake property in the first quarter of 2007 once all surveys are complete and targets are prioritized for the Pasfield Lake and Moss Creek based on integration of all historic and current data sets.

Triex has the right to acquire an 80-per-cent interest in Thelon's Pasfield Lake property, eastern Athabasca basin (see news in Stockwatch March 28, 2006).

The Pasfield Lake property is approximately 60 kilometres northwest of the Cigar Lake mine, the second-largest high-grade uranium deposit in the world. It is 50 kilometres southwest of the northern extension of Highway 905 that connects Points North and Stony Rapids. The property consists of two mineral prospecting permits that cover a total area of 86,804 hectares.

Lac De Gras

The company has received a summary of the winter exploration program from Peregrine Diamonds which consisted of ground geophysical surveys (mag and EM) over a number of targets on both the Lac de Gras East and West properties. Two targets were drill tested (no kimberlite) and two holes were drilled into the DI-02 kimberlite to allow Peregrine its own evaluation of the pipe.

An airborne Fugro Resolve mag and EM survey was flown over all previously unsurveyed claims (75-metre line spacing).

Field crews are on site and are ground truthing and prospecting geophysical anomalies both from earlier surveys (include ground surveys) and this newly flown survey and collecting additional indicator mineral samples to give better coverage.

Data will be compiled and more drilling is planned for this winter.