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JNR Resources Inc (C-JNN) - News Release

JNR budgets $3-million for 2008 winter drilling

2007-12-19 08:39 MT - News Release
Shares issued 81,892,509
JNN Close 2007-12-18 C$ 1.86

Mr. Rick Kusmirski reports

JNR ANNOUNCES DRILLING PROGRAMS FOR 2008

JNR Resources Inc. has provided the following update on its 100-per-cent-owned uranium projects located in the Athabasca basin of Northern Saskatchewan.

The 2008 winter exploration program will be drill intensive. The company has budgeted $3-million to carry out 15,000 metres of diamond drilling on the Way Lake, Yurchison Lake, Black Lake and Newnham Lake projects. The permitting process is well under way, with drilling expected to begin early in the new year. Total meterage allocation to each project will be results driven.

At Way Lake the program will target the original Hook Lake showing, as well as radioactive showings discovered during the 2007 summer prospecting program and about 60 kilometres of virtually untested EM (electromagnetic) conductors interpreted over the past two years from airborne and ground geophysical surveys.

Targets at Yurchison Lake include a number of EM conductors identified by an airborne VTEM survey and several surface showings identified by the 2006 summer exploration program.

Drilling at Black Lake will target EM conductors identified over the past three years that are associated with a minimum 40-kilometre-long fault zone, which represents the northern strike extension of the mineralized Virgin River shear (Centennial zone).

At Newnham Lake the program will target a number of conductive and structural trends associated with metasedimentary rocks and radioactive granitic pegmatites, in an area characterized by a large number of surficial geochemical anomalies in lake sediments, peat and soils.

To facilitate the drilling program, the company recently purchased two Heliportable diamond drills (Reference: Oct. 30, 2007, news release in Stockwatch) and entered into an agreement with Dynamic Drilling Inc. of Saskatoon to operate the drills and provide the crews. Recent correspondence with all the concerned parties indicates that the drills should be on site by year-end.

The company is still awaiting analytical results from the summer diamond drilling, prospecting and till sampling programs completed this year on the Way Lake and Yurchison Lake projects. The Saskatchewan Research Council Laboratory (SRC) is currently experiencing a 12- to 15-week backlog.

The company has also recently completed a high-resolution gradient magnetic survey over its Crackingstone project and is in the process of flying the same over Black Lake and Newnham Lake. The results of this survey will be used to better define drill targets.

JNR's vice-president of exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release.