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International Ranger Corp. Acquires Two Utah Uranium Projects
VANCOUVER, BRITISH COLUMBIA, Nov 28, 2006 (MARKET WIRE via COMTEX) -- International Ranger Corp. (PINK SHEETS: IRNG) is very pleased to announce it has entered into an "agreement of purchase and sale" to aquire 100% interest in two Utah Uranium projects. Under the terms of the agreement Ranger can purchase a 100% interest in the two projects by making cash payments of $400,000 cash and issuing 7 million shares over three years. The projects are the "Hot Rocks Uranium Prospect" and the "Koorsharem Uranium Prospect".
The Hot Rocks Uranium Prospect is located 18 miles south-southeast of the Town of Hanksville in the Orange Cliff Mining Area of the Henry Mountains mining district, in Garfield County, Utah.
The Prospect comprises 7 separate assemblages of properties in the same geologic and geographic environment, all within 10 miles of one another. The total acreage of the present claims and pending leases is 5,661 acres, or 8.85 square miles. Six of the assemblages are outside the historic Hot Rocks site.
A report by the US Bureau of Mines, date 4, April 1974, speaking of the vicinity of the Hot Rocks site, stated: "Fourteen prospects and mines not including the Hot Rock claim group area were reported to the Utah Geological Survey in 1974. Ten of... these areas reported what was then considered reserves, based on private exploration to include drilling, indicating a total of 166,625 tons with an average grade of 0.2% U308 totalling over 630,000 pounds of uranium in the ground. The fourteen prospect and mines mentioned in the US Bureau of Mines report, as well as the prospects being acquired by International Ranger, are both in the Monitor Butte formation in the Orange Cliff mining area. At the time the report was written, the properties being acquired by International Range had not yet been identified as containing radioactive resources." These reserves were estimated prior to the implementation of NI 43-101 and have not been verified by the company. They are quoted as historical reference. but the company believes they are relevant to the exploration potential of the project and is planning an exploration program to investigate the mineralization.
The Koorsharem Uranium Prospect consists of six mining claims located east of the Marysvale Mining District in Piute County, Utah approximately 195 miles south of Salt Lake City. The Prospect is covered with volcanic rocks, locally known as the Bullion Canyon Volcanics and contains many zones of pervious tuffs and volcanic debris.
Importantly, this area shows similarity to the zone of uraniferous rocks, also in the Bullion Canyon Volcanics less than six miles to the west, in the Central Mining District east of Marysvale, Utah, where Phillips uranium drilled and radiometricly logged over 190 exploratory holes between 1978-1981 The Bullion Canyon Volcanics are found in the Marysvale Volcanics Field, and historically, these volcanics produced high-grade uranium with values ranging as high as 10% U308. The anomalous readings on the Project claims ranged from 0.03 MR/HR to 0.085 MR/HR covering large areas. Background readings for the area average at 0.015 to 0.0185 MR/HR (equivalent to an average grade of 0.04% to 0.17% U3O8). These reserves were estimated prior to the implementation of NI 43-101 and have not been verified by the company. They are quoted as historical reference, but the company believes they are relevant to the exploration potential of the project and is planning an exploration program to investigate the mineralization.
The company is excited about these projects and feels they will be an important part of the continuing growth of the company as a Uranium Junior.
Jo Shearer M.Sc, P.Geo., a Qualified Person under NI 43-101 has approved the technical content of this news release.
On Behalf of Board of Directors
Jason Walsh
Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995: The Statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, risks detailed from time to time in Rangers filings with the Securities & Exchange Commission.
Contacts:
International Ranger Corp.
Kevin Beaulieu
1-877-324-7245
Website: www.internationalranger.com
