Russell Industries Continues Acquiring Uranium Mining Claims -
Russell Industries, Inc. (RSDS) announces that it has acquired an additional 50 Uranium Mine Claims in San Juan County, UT. The claims are located in close proximity to the Company’s other Rage Claims.
This acquisition raises Russell Industries current total of San Juan County Uranium Claims to 254, covering an area of 5,080 acres.
The company plans to begin mining operations, with estimated reserves of up to 1,000 tons of Uranium, in May.
“We have elected to engage two independent geologists to issue NI 43-101 compliant reports to establish an economic valuation of the underlying assets of the claims we now have in house,” said Russell Industries President and CEO Mr. Rick Berman.
A National Instrument (NI) 43-101 report is the standard that Canadian Securities Administrators have developed to regulate how public companies or “issuers” can disclose scientific and technical information about mineral projects to the public. This report is also used in the EC as a standard that investment funds use when evaluating potential investments. The report is expected to be delivered during the fourth quarter of 2007.
Safe Harbor
Forward-Looking Statements: Except for historical information contained herein, ---- market volatility, product demand, market competition, and risk inherent to the company's research and development operations.
Russell Industries, Inc. Rick Berman, 713-446-7231 (Investor Relations) Fax: +1 281-298-9055 rusind@aol.com
Was the A-bomb uranium from the old Uranium mines - in close vicinity to the old Monticello mill - rumors told so? -
The old Monticello Uranium Mill - in the background - with mines and mill workers houses -
The old Uranium & Vanadium mines etc - East Canyon near Monticello, located in San Juan County, Utah -
The RSDS properties 204 mining claims covering a large uranium & vanadium mining area - all located in San Juan County, Utah -
The old mining claims covers an area where the favorable upper rims of the salt wash member of the Morrisson Formation (Jurassic in Age) exist almost intact -
Operating History - The Vanadium Corporation of America - opened a vanadium ore-buying station at Monticello - in late 1940 and began mill construction in 1941 -
In 1943, Vanadium Corporation - began producing uranium-vanadium - for the Manhattan Engineer District (ATSDR, 1997) -
A 1942 photo of Monticello shows housing for mill workers in the foreground and uranium mill in background. The mill closed in 1960 -
Construction of the Monticello plant - in addition to the mill proper, included the development of an adequate water supply, installation of a power plant, and construction of two large housing projects for workers -
The staff town site, on the hill opposite the mill - to the south, consisted of staff houses, manager's house, and family dwellings.
The other housing project consisted of family houses and bunkhouses and boardinghouses (ATSDR, 1997).
Intermediate owners and operators of the Monticello Mill Tailings Site included;
the War Assets Office; the Atomic Energy Commission (AEC); American Smelting and Refining Company; Galigher Company; Lucius Pitkin, Inc.; National Lead Company; the Bureau of Land Management (BLM); and the DOE (ATSDR, 1997). Mill operations were terminated on January 1, 1960.
The ore-buying station remained open until March 1962 (ATSDR, 1997).
The mill tailings were stabilized by grading and covering with dirt and rock between 1961 and 1962, and the actual mill building was dismantled in 1964 (DOE, 2002).
World War II brought further changes -
The Vanadium Corporation of America - (VCA) selected Monticello as a site for a wartime vanadium - processing mill.
It employed 200 workers until it closed in 1946 - only to reopen in 1949 as a converted vanadium and uranium plant -
During the 1950s, the mill processed large amounts of ore taken from the canyons of southeastern Utah; however, in 1960, the Atomic Energy Commission closed the plant.
Information obtained by the Atomic Energy Commission dating back to February and June 1955 the geo-statistical estimation of reserves with underground mining, estimated reserves from the Russell Industries 54 claim group would be 2 - 20 million pounds of Uranium (U308)
An additional benefit of this area is the high content of Vanadium within the ore. Based on historical records, shipping records and samples, the average Vanadium content is 2 - 3%.
The Company intends to fully maximize the advantage of its ownership of the only conventional uranium mill operating in the U.S.
To that end, in addition to processing its own ore and alternate feed material, the Company has entered into negotiations for toll milling arrangements with other mines in the region.
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