Press Release Source: Bluerock Resources Ltd.
Bluerock Resources Signs Option Agreement on Hidden Splendor Uranium Mine, Utah
Tuesday April 10, 7:45 am ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 10, 2007) - Bluerock Resources Ltd. (TSX VENTURE:BRD - News; the "Company") announces an option agreement has been signed on the Hidden Splendor Mine located in the Delta Mining District, Emery County, Utah.
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The Hidden Splendor Mine has been intermittently mined since discovery in 1952. Randy Mecham, the current owner, was involved in mining the deposit in the 1970's until market conditions caused a cessation of operations. Historical production at the Hidden Splendor Mine graded 0.20% U3O8 (4.4 lb per ton of yellow cake). Data obtained by the Company indicates a historical resource(i) of 180,000 lb U3O8 in 37,000 tons with an average grade of 0.25% U3O8. Mineralization is open on strike of the deposit and is the primary exploration target.
(i)Estimates of uranium resources are historical in nature, predate and are noncompliant with NI 43-101. Bluerock is not treating the historical estimate as current mineral resources or reserves. Bluerock has not undertaken any independent investigation of the resource estimates nor has independently analyzed the results of the previous exploration work in order to verify the resources, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. However, Bluerock believes that these historical estimates provide a conceptual indication of the potential of the occurrences and are relevant to ongoing exploration. Paul D. Gray, P.Geo., is the Qualified Person with respect to the Hidden Splendor Mine Project.
Prior to the mine closure in the late 1970's a lower lens of mineralization was identified in the course of normal production activities. 10,000 tons of ore was produced from this zone at a grade of 0.30% U3O8. This lens remains untested and represents a second target for the Company's exploration.
Under the terms of the option agreement which is subject to due diligence and exchange approval, Bluerock Resources Ltd. will earn 100% interest by paying US$40,000 in cash payments and US$150,000 in advanced royalties, and spending US$400,000 on exploration over three years. The Project is also subject to a 5% Royalty in favour of the vendors of the Project.
Bluerock President Michael Collins commented: "The Hidden Splendor Mine builds the Company's activities at the PSC Project and the corporate goal of developing a nucleus of significant resources in south central Utah."
Bluerock Resources Ltd. is a uranium exploration company focused on discovering tomorrow's energy today through the acquisition and development of conventional uranium resources.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael Collins, CEO, President and Director
Statements contained in this document that are not historical facts are forward-looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the B.C. Securities Commission. We seek safe harbour.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
Contact:
Cary Martin
Bluerock Resources Ltd.
Manager of Investor Relations
(604) 687-2471
(604) 687-2472 (FAX)
Email: cmartin@bluerockresources.com
Website: www.bluerockresources.com
