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JNR Resources talks about Topsail 2008 plans

2007-12-20 08:55 MT - News Release

Mr. Rick Kusmirski reports

JNR UPDATES PROGRESS ON NEWFOUNDLAND URANIUM PROJECTS

JNR Resources Inc. is releasing an update on its Newfoundland uranium joint ventures with partner Altius Minerals Corp.

The companies have approved in principle a 2008 exploration program budgeted at $1.7-million for the jointly held Topsails uranium project. The Topsails project is a 50-50 alliance that was established in the fall of 2007 to explore for volcanic-hosted uranium deposits in a defined area of central Newfoundland. It was acquired by staking 10,584 claims covering some 264,600 hectares. Recently, an additional 65 claims (1,625 hectares) were staked in an area of anomalous uranium in soils and added to the project lands.

Prior to acquiring the ground, field investigations confirmed the prospective geological setting. JNR's director of exploration, Dr. Irvine R. Annesley, comments, "Geologically, the Topsails property exhibits a number of similarities to the Streltsovka caldera, Russia's largest resource of uranium, and the McDermitt caldera in the western United States." Furthermore, a review of the limited reconnaissance work carried out previously at Topsails indicates significant radiometric anomalies associated with the volcanic rocks.

The 2008 program will be initiated early in the new year and consists of lake sediment sampling, a detailed airborne radiometric and magnetic survey, and an extensive prospecting campaign in areas identified as being anomalous.

The company is also pleased to announce that the fall diamond drilling and trenching program on the Rocky Brook property has recently been completed. JNR is earning a 70-per-cent interest in the project from Altius. The property features three distinct areas of unsourced, altered and mineralized sandstone boulders with reported values ranging from 1 per cent to more than 10 per cent U3O8, as well as very high-grade silver contents.

The fall drilling program consisted of 82 holes totalling 2,482 metres. Four areas were targeted, with focus on the Birchy Hill Brook and Wigwam Brook boulder anomalies. Prior drilling at Birchy Hill Brook identified radioactive zones associated with hematized sandstone and mudstone units. In the Wigwam Brook area, the results to date indicate a complex stratigraphic/structural control to the mineralization accompanied by geochemical enrichment. A trenching program in the Wigwam Brook area was also completed.

All core and trench samples have been sent to the Saskatchewan Research Council Laboratory in Saskatoon for analysis. The results will be released once all of the pertinent data is fully evaluated.

JNR's vice-president of exploration, David L. Billard, PGeo, is the qualified person responsible for the technical data presented in this release. All technical information for the company's exploration projects is obtained and reported under a formal quality assurance and quality control program, details of which are presented on the company's website. A glossary of the technical terms included in this release can be found on the company's website.