News
TRIBUNE SIGNS LOI WITH ATHABASCA DEVELOPMENTS TO OPTION
FIVE PROPERTIES IN THE ATHABASCA BASIN, SASKATCHEWAN
August 7, 2007
Tribune Uranium Corp. (the “Company”) (TSX.V: TCB) (Frankfurt: S8QA) is pleased announce that it has entered into a letter of intent (LOI) with Athabasca Developments Corp. (“Athabasca”) whereby Tribune will have the right to acquire a 90% interest in five properties (the “Properties”) owned by Athabasca in Saskatchewan.
Under the terms of the LOI, Tribune can earn a 90% undivided interest in the Properties by paying Athabasca $250,000, incurring expenditures with respect to the Property of $1-million over 3 years and issuing an aggregate of 1,500,000 common shares to Athabasca over the same period. Upon a successful earn-in by Tribune, and the establishment of a joint venture between Tribune and Athabasca in respect to the Properties, Tribune will grant Athabasca a 2% net smelter returns royalty. The LOI provides for Tribune to have a period of 30 days in which to conduct due diligence with respect to the property.
The Properties encompass approximately 11,000 hectares along the Wollaston domain and 10,190 hectares in the Virgin Lake area.
Three of the properties are in the heart of the Wollaston Lake uranium district of the eastern Athabasca basin. Deposits within 25 kilometers of the property collectively have resources and production of more than 317 million pounds of U3O8. Since the Rabbit Lake discovery in 1968, numerous exploration prospects have been located on or near the property by previous operators, including Cameco. Excellent infrastructure is developed that includes Highway 905, a network of mine service roads, and several nearby airstrips. The Rabbit Lake and Jeb Mills, located on nearby properties, are fully functional uranium ore processing mills operated by Cameco and AREVA Resources Canada Inc. (formerly COGEMA Resources Inc.) To the south, UEX’s Hidden Bay project is building uranium resources consistently.
The Virgin Lake area properties are located adjacent to Cameco's Virgin River uranium project. As recently announced, drilling on Cameco's adjacent ground has resulted in the new discovery of the Centennial zone, where it intersected 18.3 per cent U3O8 over 5.3 meters in drill hole VR-22W2 and 6.72 per cent U3O8 over 5.2 meters in drill hole VR-024. Tribune's management team is encouraged by the results encountered by Cameco and others, in that Athabasca’s properties offsets and is adjacent to the properties surrounding the Centennial discovery zone.
A finder’s fee of 125,000 common shares of Tribune will be issued to an arm’s length party in connection with the LOI. The transaction is subject to final TSX approval.
This news release has been prepared under the supervision of Ed Kruchkowski, P. Geol., who is a Qualified Person under National Instrument 43-101.
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).
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.
