YCKM:Yellowcake JV Receives Another Permit to Drill Second Major Project in Wyoming
May 01, 2007 09:00 AM Eastern Daylight Time
RIVERTON, Wyo.--(BUSINESS WIRE)--Yellowcake Mining Inc. (“Yellowcake”) (OTCBB:YCKM) is pleased to announce that its joint venture partner, Strathmore Minerals Corp (“Strathmore”), has obtained approvals from the Wyoming Department of Environmental Quality (DEQ) Land Division and the U. S. Bureau of Land Management (BLM) to conduct drilling at its Jeep Project located in Freemont County, Wyoming. A drilling contract has been awarded to a Wyoming drilling company and all required bonding is in place. Yellowcake/Strathmore will commence drilling activities in July Funding for the drilling will be provided by Yellowcake which recently received the exclusive right to earn a 60% interest in the Jeep property in consideration of US$10 million in expenditures (please see Yellowcake’s news release dated April 19, 2007).
As part of the joint venture plans, Strathmore plans to drill up to forty (40) exploratory holes to extend a known roll front into untested ground. Mr. John DeJoia, Strathmore’s Vice President of Technical Affairs, stated that “this exploratory drilling will allow us to determine the viability of this project as a new development site to add to our future mining portfolio in Wyoming.” Mr. Juan R. Velasquez, Strathmore’s Vice President of Environmental and Regulatory Affairs, added that Strathmore has already completed the archaeological and cultural resources as well as the Flora and Fauna surveys needed to support the project. “We have been working closely with the Wyoming Department of Environmental Quality and the United States Bureau of Land Management over the past several months to address their concerns.”
William Tafuri, Yellowcake’s CEO commented, “Jeep’s exploration potential is promising for Yellowcake’s goal of additional 'in-situ' recovery projects similar to the near term production of the Sky Project.. The Jeep property, along with our other projects in Wyoming, provide a great base for Yellowcake’s uranium exploration and development within the state.”
Yellowcake Mining Inc. (OTCBB: YCKM) is a Uranium company focused solely on exploring and developing Uranium properties in the United States. Current properties and potential future acquisitions give Yellowcake the expectation of near to medium term production. Yellowcake Mining successfully raised $6 million in February 2007, and there are currently 50,940,000 shares outstanding.
LEGAL NOTICE REGARDING FORWARD LOOKING STATEMENTS
Statements in this news release that are not purely historical are forward looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements regarding that Strathmore will drill up to 40 exploratory holes; that funding for the drilling will be provided by us; that we will provide US$10,000,000 in development expenditures; that ;drilling will allow us to determine the viability of the project; and that this project is promising for near to medium term production. It is important to note that the Company’s actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward looking statements from being realized include misinterpretation of data, that we may not be able to raise sufficient funds to complete the payment obligations; that weather, new equipment may not perform as anticipated; logistical problems or hazards prevent us from exploration, development or from fulfilling our joint venture obligations once formed; that any resource is available for exploitation on these properties; that we may not be able to attract or retain key employees or advisors in the current competitive environment; that results that we have found in any particular holes are not necessarily indicative of larger areas of our property; we may not be able to reach agreement with Strathmore on definitive agreements; and that despite encouraging data there may be no commercially exploitable mineralization on the properties based upon the applicable world uranium prices and the quality or grade of the resource. Readers should refer to the risk disclosures outlined in the disclosure of junior exploration reporting company reports filed from time to time with the Securities and Exchange Commission.
Contacts
Yellowcake Mining Inc.
William Tafuri, 877-338-4438
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