VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 22, 2008) - Mesa Uranium Corp. ("Mesa") (TSX VENTURE:MZU) and Energy Fuels are pleased to announce that the companies have signed a definitive agreement (following the Letter of Intent released in a June 5, 2007 news release) to form an exploration joint venture, West Lisbon JV, LLC ("West Lisbon"). The venture was formed to explore the DAR property in the Lisbon Valley Mining District of San Juan County, Utah. The northern boundary of the DAR property is located approximately two miles south of Energy Fuels' Energy Queen Mine which is currently being refurbished in preparation for production.
As previously released, the DAR property consists of 60 mining claims (approximately 1,240 acres) located one mile northwest of the North Alice Mine. The property is in a geologically similar environment and on trend with thick mineralization recently announced by Vane Minerals in a press release dated 11/16/2007. Vane's best intercepts ranged between 6.5 and 16.5 feet thick, and graded between 0.14 and 0.22% eU3O8.
Historic production from this district was reported in 1990 by the Utah Geological and Mineralogical Survey to be approximately 77,900,000 pounds of U3O8 between 1948 and 1977. Further, the U.S. Atomic Energy Commission reports production before 1967 from the North Alice Mine alone of 3,071,365 pounds of U3O8 at a grade of 0.275%.
The Joint Venture contemplates a 50-50 shared expenditure agreement to conduct exploration drilling on the DAR property. Previous exploration work in the 1980's by Energy Fuels Nuclear, Inc. identified strong uranium mineralization in several drill holes. Energy Fuels will be the operator of West Lisbon and will conduct the initial exploration work consisting of permitting and drilling. Should an economic uranium deposit be discovered on the claims held by West Lisbon, Energy Fuels will operate any mine that is developed.
About Mesa Uranium
Mesa is a uranium exploration company focused on exploration in proven uranium mining districts in the western United States. Mesa has 100% ownership of 46 square miles of uranium exploration lands in the Lisbon Valley Mining District in Utah and the Arizona Strip Mining District in northern Arizona. For further information please visit our website at www.mesauranium.com.
This Press Release has been prepared and revised under the supervision of Gregory French, P. Geo., Technical Advisor for Mesa, a Qualified Person as defined by National Instrument 43-101 guidelines.
ON BEHALF OF THE BOARD MESA URANIUM CORP.
Foster Wilson, President and CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mesa Uranium Corp.
President and CEO
Toll Free: 1-866-699-9888