TIGRIS URANIUM CORP. COMMENCES TRADING AS "TU" ON THE TSX VENTURE EXCHANGE
TSX.V: TU
VANCOUVER, Sept. 2 /CNW/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris" or the" Company") is pleased to announce that it has received final approval of its qualifying transaction (the "Transaction") by the TSX Venture Exchange ("TSX-V") and has commenced trading as a Tier 2 Mining Issuer on the TSX-V. In connection with the Transaction, the Company has changed its name from "Dauntless Capital Corp." to "Tigris Uranium Corp.". The new trading symbol of the Company is "TU".
The Transaction was initially announced in the Company's news release on May 27, 2010, and more particularly described in a news release of August 23, 2010 and filing statement dated August 18, 2010 (the "Filing Statement"). As a result of the completion of the Transaction, the Company has ceased to be a Capital Pool Company (as defined in the policies of the TSX-V).
The Company completed the Transaction through the acquisition of an exclusive option (the "Option") to earn interests in the Crownpoint, Hosta Butte and McKinley uranium properties located in McKinley County, New Mexico, USA, subject to a sliding scale gross proceeds royalty. The Option was granted to the Company by NZ Uranium, LLC of Arizona.
In May 2010, Tigris received three technical reports for the Crownpoint Properties (Sections 19 and 29, and Section 24) as well as the Hosta Butte Property. The reports were prepared by Gregory Myers Ph.D., a Member and Chartered Professional Geologist of the Australian Institute of Mining and Metallurgy and a Washington State Professional Geologist.
All three properties are located in Northwestern New Mexico, approximately 125 miles northwest of Albuquerque and approximately 5 miles to the south of the small town of Crownpoint. Uranium mineralization at the properties is hosted in sandstone beds of the Westwater Canyon Member of the Morrison Formation. The mineralization represents secondarily enriched uranium bodies which are controlled by porous and permeable stratigraphic units and structural zones and is amenable to in situ leach (ISL) technology.
The resource estimations for the Crownpoint and Hosta Butte properties, which are outlined in the technical reports, have been prepared to meet National Instruments 43-101 standards and are summarized in Table 1, 2, and 3.
Table 1. Crownpoint Sections 19 and 29 Resource Statement, May 2010.
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Contained
Cutoff eU(3)O(8)
Resource Grade Million Grade (Million
Category eU(3)O(8)% Tons eU(3)O(8)% Pounds) Reference
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Crownpoint Indicated 0.04% 2.80 0.1006 5.634 Myers, 2010a(1)
Section 19
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Crownpoint Indicated 0.04% 4.26 0.0943 8.038 Myers, 2010a(1)
Section 29
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The Crownpoint Section 19 resource estimation was calculated using 162 drillholes (342,000 feet) drilled by Conoco by 1979. The Crownpoint Sections 29 resource estimate was calculated using 163 drillholes (325,000 feet) drilled by Conoco by 1979.
Table 2. Crownpoint Section 24 Resource Statement, May 2010.
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Contained
Cutoff eU(3)O(8)
Resource Grade Million Grade (Million
Category eU(3)O(8)% Tons eU(3)O(8)% Pounds) Reference
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Crownpoint Indicated 0.04% 4.75 0.1048 9.966 Myers, 2010b(2)
Section 24
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The Crownpoint Section 24 resource estimation was calculated using 157 drillholes (316,750 feet) drilled by Conoco in 1976 and 1979.
Table 3. Hosta Butte Resource Statement, May 2010.
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Contained
Cutoff eU(3)O(8)
Resource Grade Million Grade (Million
Category eU(3)O(8)% Tons eU(3)O(8)% Pounds) Reference
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Hosta Indicated 0.04% 6.598 0.1123 14.822 Myers, 2010c(3)
Butte
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The Hosta Butte Resource was calculated using 133 drillholes (324,285 feet) drilled by Conoco in 1976 and 1980.
Notes:
(1) The grade of the mineralized zone was calculated as an average, bench by bench, and did not utilize any weighting factors in the calculations. The calculated grade utilized the average grade of the 10 foot bench composite and includes 0.5 foot intervals below the 0.04% cutoff grade causing dilution of the grade average. The pounds of eU(3)O(8) for each bench were tabulated along with the area and calculated volume for each bench. Cross sections with drill hole eU(3)O(8)% values were generated in the Rockworks 2004 software program and the cross sections were then interpreted by hand on a section by section basis. The sectional data was transferred to bench plans, spaced every 10 feet, and the ore zones were interpreted and digitized in order to accurately measure the area of the mineralized body outline. The measured area and volumes calculated from the benches were used to calculate the tons contained on each bench.
(2) The dry density value of 15.8 ft(3)/ton was used for mineralized sandstone in this report.
(3) Radiometric logging of the drill holes was completed by Conoco, and the logs were examined by Greg Myers. Natural gamma (counts/second, or cps), self potential (millivolts), and resistance (ohms) were recorded at 1/2 foot increments on magnetic tape and then processed by computer to graphically reproducible form. The eU(3)O(8) % conversions from the gamma log data were calculated using the raw natural gamma counts multiplied by the K-factor times 2 (eU(3)O(8) % = (gamma cps) x (K-factor x 10-5) x (2)). A typical K-factor reported on a Hosta Butte log is 2.45 and the 10-5 factor is not included on the log header, therefore the corrected K factor would be 0.0000245.
Mineral Resources are not Mineral Reserves and do not have a demonstrated economic viability.
Dr. Gregory Myers, P. Geo. an independent Qualified Person as defined in NI 43-101 has reviewed and approved the technical information contained in this news release.
For more information, please refer to the Filing Statement, which is available on the Company's profile on SEDAR at www.sedar.com.
About Tigris Uranium Corp.
Tigris Uranium Corp. has assembled an elite staff and technical team with considerable experience in the uranium sector and is committed to providing shareholders with exceptional leverage to rising uranium prices through the acquisition of established resources. Tigris will achieve this through four value-enhancing strategies: acquisition of uranium projects with established resources in stable mining jurisdictions such as the United States and Canada; conducting geological and engineering work likely to expand resources, upgrade resources to reserves and improve recoverability; advancing existing resources into and through the permitting process to accelerate the potential uranium production timeline; and selling or partnering projects when they reach the production stage, to limit risk and share dilution.
References
(1) Myers, G., 2010a. Technical Report entitled, "Technical Report of the Section 19 and 29 Portions of the Crownpoint Property, McKinley County, New Mexico", dated May 26, 2010.
(2) Myers, G., 2010b. Technical Report entitled, "Technical Report of the Section 24 Portion of the Crownpoint Property, McKinley County, New Mexico", dated May 26, 2010.
(3) Myers, G., 2010c. Technical Report entitled, "Technical Report of the Hosta Butte Property, McKinley County, New Mexico", dated May 26, 2010.
Each of the above Technical Reports can be found under the Company's profile at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and Tigris Uranium Corp's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Tigris Uranium Corp. assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
For further information: Tigris Uranium Corp., William Sheriff, CEO, Phone: (604) 648-4653
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