Energy Metals Acquires 16 New Mexico State Leases
Vancouver, British Columbia, December 5, 2005: Energy Metals Corporation (TSXV: EMC) ("Energy Metals") is pleased to announce that it has acquired, by competitive sealed bid, 16 New Mexico State Land Office Mining Leases for General Mining. These leases are primarily located within the Grants Uranium District of northwestern New Mexico, principally in McKinley County. None of the leases are on the Navajo Indian Reservation. All of the properties are considered to have potential to host uranium mineralization. The properties consist of 16 separate leases totaling 8792.76 acres. Several of the properties have seen past exploration indicating the potential for significant uranium mineralization.
The principal parcel of interest, Section 32, is a 640 acre tract that was identified as part of the Nose Rock Project uranium deposit, formerly held by Phillips Uranium Corporation, in an Internal Correspondence report from Union Carbide Corporation, dated December 17, 1982. This correspondence noted a presentation made by Phillips on November 11th of the same year where the Phillips' Nose Rock Project was reviewed. The Nose Rock Project encompassed parts of 7 Sections with historically identified uranium resources, including Section 32 which was reported to contain 8 million pounds of U3O8. The overall resource calculations were done by a number of methods and that Phillips Uranium Corporation was satisfied with the numbers calculated for the entire deposit. The data were computerized and statistical analysis had been completed. Drill holes were spaced at 125 to 150 foot intervals, with close spaced drilling on selected fences. The overall grade of the larger deposit was calculated to be 0.143% U3O8 fully diluted, based on a cutoff of 8 feet at 0.075% U3O8. The ore thickness of the deposit averaged 10 feet. The resource calculations were based on more than 550 drill holes of which at least 10% were core holes. The mineralization occurs as roll front deposits in the Westwater Canyon Member of the Morrison Formation and shows no apparent disequilibrium, with no reported vanadium and trace amounts of molybdenum. The anticipated mining method was underground, although the deposits in this area may be amenable to ISL production.
Other leases are located in the Crownpoint, Rio Puerco, and Ambrosia Lake areas. The Grants Uranium District is considered one of the premier uranium mining districts in the world. It is the largest uranium producer in the United States with documented past production exceeding 340 million pounds U3O8.
Readers are cautioned that while the historical resource estimate is considered relevant, Energy Metals Corporation has not done the necessary work to verify the classification of the resource, and the reader should not rely upon the historical resource estimates. The Company's management and consultants intend to carry out a mineral resource estimate to National Instrument 43-101 requirements in due course.
The Company is also pleased to announce it has completed the sale of 2,000,000 shares at a price of $3.10 per share for gross proceeds of $6,200,000. The Shares are subject to hold a period under Canadian securities laws and the policies of the TSX Venture Exchange, and may not be traded in Canada until April 2, 2006.
Energy Metals Corporation is a Canadian listed company involved in developing resources to power the 21st century. The Company has adopted a corporate strategy to focus on the acquisition and development of uranium assets in politically favorable and mining-friendly jurisdictions within the United States to take advantage of the continuing growth in the U.S. and worldwide of demand for electrical energy. This increasing consumption is occurring at a time when uranium mine supplies are dwindling and inventories are being depleted.
The Company is targeting advanced uranium prospective properties in Wyoming, Texas and New Mexico that are amenable to ISL (in-situ leaching). This form of uranium mining was pioneered in Texas and Wyoming. It utilizes water wells and oxygen-fortified groundwater to mine the uranium in place. Energy Metals Corporation is also actively advancing other conventional mining and ISL opportunities for uranium properties in the States of Utah, Nevada, Oregon and Arizona.
Andrew W. Gourlay, P. Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in the release.
For further information contact:
Paul Matysek, CEO and President of Energy Metals Corporation
Tel: (604) 684 - 9007
Email: pm@energymetalscorp.com
Or
William M. Sheriff, Director of Corporate Development
Tel: (972) 333-2214
Email: wms@energymetalscorp.com
ON BEHALF OF THE BOARD OF
DIRECTORS OF ENERGY METALS CORPORATION
Per: "signed"
Paul Matysek, M.Sc., P.Geo.
CEO and President
