VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2005) - Magnum Uranium Corp. ("Magnum" or the "Company") (TSX VENTURE:MM) is pleased to announce that it has acquired two state mineral leases in Emery County, Utah, totaling 1,160 acres. The Big Muddy property ("Big Muddy") lies on the western border of the San Rafael Swell adjacent to Muddy Creek, approximately 25 miles northwest of Hanksville, Utah. Originally discovered in 1950, uranium mineralization occurs with black seams of carbonaceous matter and irregular blebs of asphalt in sandstone and conglomerate near the base of the Upper Triassic Shinarump conglomerate. According to available historic production figures, nearly 50,000 pounds of U3O8 and just over 13,000 pounds of V2O5 were produced from the Big Muddy between 1955 and 1962.
Historic surface and underground sample data augmented by sample location maps indicate that a 1-foot thick, 260-foot-long continuously mineralized zone with an average grade of 0.73% U3O8 and 0.40% V2O5 exists on the south side of the property. Additionally, samples taken from a 2.8-foot-thick zone of mineralized conglomerate exposed in workings 1,200 feet to the east assay 0.21% to 0.35% U3O8 and average 0.10% V2O5.
Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets. Currently, the Company's primary exploration assets are located in the Western United States, with properties in Idaho, Utah, and Washington.
ON BEHALF OF THE BOARD
Craig T. Lindsay, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Magnum Uranium Corp.
Craig T. Lindsay
President & CEO
(604) 683-2506 (FAX)