Blue Sky/Eagle Plains Execute Letter of Intent on Karin Lake Uranium Project
FEBRUARY 15, 2007 - 09:30 ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 15, 2007) - Blue Sky Uranium Corp. (TSX VENTURE:BSK)(FRANKFURT:MAL)(WKN:AOMKXP) and Eagle Plains Resources (TSX VENTURE:EPL) are pleased to announce that a Letter of Intent has been executed whereby Eagle Plains has agreed to grant Blue Sky the option to earn a 60% interest in the 35,000 ha Karin Lake property located 35 km east of Cameco's Key Lake mining operation in north-central Saskatchewan, Canada. The project area is contiguous to the 34,000 ha Eagle Lake property, owned 100% by Eagle Plains and currently under option to Blue Sky.
At the Karin Lake project, historical assays from the area returned values up to 8.0% U308 (AR 74A14-0023). Uranium mineralization at the project occurs both as a low-grade material in granitic pegmatites and associated granites, as well as higher-grade fracture controlled mineralization in pegmatites and metasediments.
Additional areas were targeted to cover known uranium and molybdenum showings, including a showing which comprises several trenches in a pegmatite stock containing disseminated and fracture-hosted uranium and molybdenum mineralization. Historical assays reported up to 0.226% U3O8, and 0.67% MoS2 (AR 74-A-11-NW-0026). A preliminary scintillometer survey conducted over the area this fall by Eagle Plain's suggests good size potential. Eagle Plains and Blue Sky intend to focus on exploration for basement-hosted uranium deposits in faults which are interpreted to have formed structural traps where uranium mineralization may have been preserved.
Acquisition of the property followed an airborne geophysical survey and ground geological program carried out during the fall of 2006 under the supervision of Eagle Plain's geologist Jarrod A. Brown, P.Geo. Under terms of the proposed agreement, Blue Sky will incur $2,500,000 in exploration expenditures by December 31st, 2011, issue 500,000 common shares to EPL, and reimburse EPL all acquisition costs. Blue Sky has agreed to issue Eagle Plains 150,000 shares and complete $100,000 in exploration expenditures during the first year.
This news release has been reviewed and approved by Tim J. Termuende, P.Geo., hereby designated as a "Qualified Person" under National Instrument 43-101.
ON BEHALF OF THE BOARD
Sean Hurd, President & C.E.O.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
2007 Number 5
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
CONTACT INFORMATION
Blue Sky Uranium Corp.
Sean Hurd
President & C.E.O.
(604) 687-1828 or Toll Free: 1-800-901-0058
(604) 687-1858 (FAX)
Email: info@blueskyuranium.com
Website: www.blueskyuranium.com
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