International Ranger Enters Into Joint Venture Agreement on Four Corners Project
VANCOUVER, BRITISH COLUMBIA, Jun 6, 2007 (CCNMatthews via COMTEX) -- International Ranger Corp. (Ranger) (PINK SHEETS:IRNG) is pleased to announce that it has entered into a joint venture agreement with Thelon Ventures Ltd. (TSX VENTURE:THV) on its Four Corners Uranium Property which consists of 2,027 unpatented load claims covering 47,120 acres (190 square miles) located east of the San Rafael Reef mining District.
The general geographic area of the project lies north of Interstate 70 in Emery County, Utah, about 15 miles west of the City of Green River, Utah, at the base of the San Rafael Swell and to the east of the San Rafael Reef. In the past numerous Uranium mines were worked by Atlas Corporation and others in the past to the south of the Project area.
In the District, located 9 miles south of the Four Corners Project, located there was the Sahara Mine which had production of approximately 1,000,000 lbs U3O8. Approximately 2.5 miles southeast of the Four Corners Project is the Conoco Trend (a school land trust section and adjacent claims) which reports over 1,000,000 lbs U3O8 indicated as a non NI 43-101 resource estimate but they are considered indicative of exploration potential in the general area, now owned by Energy Metals Corp. and farmed out to Mesa Uranium. Within the bounds of the Four Corners Project, as well as on land contiguous to the Project on the south, are mines formerly operated by Atlas Corporation.
Terms of the agreement are as follows:
In order to earn a 50% interest in the properties, Thelon must:
- make payments totalling up to $650,000 in staking and BLM fee's, of which $100,000 is payable on a refundable basis at signing;
- make payments totalling $650,000 over 4 years, consisting of $130,000 in year 1, $130,000 in year 2, $195,000 in year 3, $325,000 in year 4;
- issue 650,000 common shares of Thelon to Ranger upon receipt of approval of the TSX Venture Exchange;
- issue 650,000 shares on each anniversary for four years thereafter;
- incur exploration expenditures on the Mining claims in an amount of not less than $250,000 on or before the first anniversary of this agreement;
- incur additional exploration expenditures on the Mining claims in an amount of not less than $250,000 on or before the second anniversary of this agreement;
- incur additional exploration expenditures on the Mining claims in an amount of not less than $350,000 on or before the third anniversary of this agreement;
- Thelon will receive 100% of the proceeds of any future production until exploration expenses incurred by Thelon are paid back.
In addition, Thelon has the right of first refusal to purchase an additional 15% to be negotiated at fair market value.
The Project comprises ten Utah State Metalliferous leases, covering over 6,580.24 acres, and 2,027 unpatented lode mining claims of 40,540 acres, totalling 47,120 acres (over 46 square miles). The large acreage position is in very prospective uranium producing country, and includes (1) extensive old mine workings, (2) many referenced occurrences of mapped significant uranium showings shown on Plate 2 accompanying Bulleting 113 (referenced below) and (3) favorable sedimentary geologic settings for uranium ore genesis in the paleo-riverine environments in which much of the Colorado Plateau ore deposits in Utah are found. These are historic references and not the product of Canadian National Instrument 43-101 compliant studies or reports.
On page 33 of the report entitled Geology and Recognition Criteria for Sandstone Uranium Deposits of the Salt Wash Type, Colorado Plateau Province, Final Report, dated January, 1981, by the US Department of Energy, the authors state that the Green River District had historic production of 670,000 tons of ore, containing 2,532,000 lbs of U3O8, of an average grade of 0.20%, with an equivalent content of vanadium. The authors attributed the source of this to W. L. Chenoweth, by personal communication in 1980 (Mr. Chenowerth is a consulting geologist, and former AEC geologist, who has extensively published on uranium mining production in the Colorado Plateau). The historic production came in part from the mines adjacent to and on the Project.
The authors specifically state that "Significant resources are known to remain in ... Green River district."
Bulletin 113 of the Utah Geological and Mineral Survey, entitled Geology and Uranium-Vanadium Deposit of the San Rafael River Mining Area, Emery County, Utah, contains extensive mapping of the paleo-riverine environment, the three recognized paleo-river trunk channels and the commingled deltas of each as they discharged into a paleo lacustrine uplift environment caused by an anticline cross-cutting the channels. It is in these channels and deltas that the minable zones were found in the past. The deltas of several trunk channels have not been explored beyond the occasional drill hole that encountered interesting uranium values. Exploration was abandoned on these promising uranium intersects in the aftermath of Three Mile Island and Chernobyl.
The technical information in this news release was reviewed by J. T. Shearer, M.Sc., P. Geo. The QP for the Company under NI 43-101.
Safe Harbour Statement under the Private Securities Litigation Reform Act of 1995: The Statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, risks detailed from time to time in Rangers filings with the Securities & Exchange Commission.
On behalf of the Board,
Raymon Paquette
SOURCE: International Ranger Corp.
CONTACT: International Ranger Corp.
Kevin Beaulieu
(604) 608-6314
Website: www.internationalranger.com
Copyright (C) 2007 CCNMatthews. All rights reserved.
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