News
TRIBUNE SIGNS $10 MILLION OPTION AGREEMENT WITH FISSION ENERGY CORP TO ACQUIRE 60% INTEREST IN THE 280,000 ACRES NORTH SHORE PROPERTY
July 26, 2007
Tribune Uranium Corp. (the “Company”) (TSX-V: TCB) (Frankfurt: S8QA), Tribune Uranium Corp (“Tribune”) is pleased to announced that it has signed a formal Option Agreement with Fission Energy Corp (“Fission”); Tribune previously completed an LOI with Fission’s spin-out parent company, Strathmore Minerals Corp, as disclosed in the news release of May 9, 2007. Tribune will have a right to acquire 60% interest in Fission’s North Shore Property (the “Property”) , located north of Lake Athabasca, in northeastern Alberta.
Under the terms of the Option Agreement, Tribune may earn a 60% undivided interest in the property by incurring expenditures of $10 million over six years and issuing 600,000 common shares, which will be subject to a hold period restriction from which 150,000 shares will be released over four, six, eight and twelve months. If Tribune earns the 60% interest, Fission may buy back an 11% interest for $10,000,000. Tribune’s interest in the property will be subject to a net smelter royalty on yellowcake extracted from it. The rate of the royalty will vary depending on the market price of yellowcake. A finder’s fee of 125,000 common shares of Tribune will be issued to an arm’s length party in connection with the closing of the Option Agreement.
The Property encompasses approximately 280,000 acres along the northwestern margin of the Athabasca Basin, within 10 km to the west of the Maurice Bay Uranium Deposit of Cameco Corporation. At Maurice Bay, Uranium Mineralization is reported to be structurally controlled within basement rocks and at the sub-Athabasca unconformity.
Historic exploration at the North Shore Property, which has included drill testing of lithogechemical anomalies, and alteration zones; ground and airborne geophysics; prospecting and geologic mapping; has identified over 200 uranium occurences and showings. The property has potential for Unconformity, Sub-Unconformity and Beaverlodge Type mineralization.
Fission’s 2006/7 exploration program was intended to follow-up upon historic uranium occurences, to identify new alteration zones, or structures with potential to host significant uranium mineralization. Some highlights of Fission’s 2006 Exploration Program include:
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124 Rock Samples (Up to 1.39% U3O8)
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Over 90 locations with anomalous radioactivity
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18 Line-km of grid
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Max-Min and IP Resistivity Survey(s)
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Airborne VLF and Magnetic Survey
“Fission’s North Shore Property is a key addition to Tribune’s Athabasca Basin property portfolio and is an integral part of Tribune’s strategy to aggressively acquire and explore drill ready uranium properties.” states Graham Harris, CEO and Chairman of Tribune Uranium Corp.
Tribune Uranium Corp. is a Canadian exploration company committed to the strategic acquisition of drill ready uranium projects. Led by an experienced management team, the Company plans to aggressively explore its current portfolio of highly prospective uranium properties. The Company headquarters are in Vancouver, BC and shares are traded on the TSX Venture Exchange (TCB) and the Frankfurt Exchange (S8QA).
Fission is a TSX listed company trading under the symbol FIS.
For more information on Tribune Uranium Corp., call Graham Harris at 604-662-8183 or email investor@tribuneuranium.com.
TRIBUNE URANIUM CORP.
“Graham Harris”
Graham Harris
Chairman and CEO
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release
Forward-looking statements:
Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Tribune Uranium Corp 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 may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Tribune Uranium Corp’s management on the date the statements are made. Tribune Uranium Corp undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
