Arni Johannson, President and CEO of Uranium Standard Resources Ltd. announced that it has entered into a purchase agreement with Energy Ventures Ltd. of Perth, Australia to acquire a 100 per cent interest in the Aurora Uranium Project, located in southeast Oregon, USA. The Aurora Project has a historical resource comprised of an Indicated Resource of 65.7 Mt at a grade of 253 ppm eU3O8 for a total of 36.7 Mlb eU3O8, and an Inferred Resource of 3.6 Mt at a grade of 151 ppm eU3O8 for a total of 1.2 Mlb eU3O8. The Indicated Resource includes a higher grade zone of mineralization of 18.4 Mt at a grade of 444 ppm eU3O8 or 300 ppm eU3O8 cut-off grade, for 18 Mlb eU3O8 and occurs in the upper part of the deposit. This historical resource was completed in 2011 for Energy Ventures Ltd.
The term eU3O8 refers to an equivalent uranium oxide grade that is based on the conversion of a radiometric gamma log determination of radioactive mineral abundance to calculated uranium content. True U3O8 values are obtained from direct chemical assay results which have only been completed on a small portion of the drill holes. Readers are cautioned that a qualified person has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves as defined by NI43-101. The Company is not treating the historical estimates as current mineral resources or reserves as defined by NI43-101. Further compilation of the historic geological and drilling data, resource modelling and confirmation drilling will be necessary to convert the historic estimates outlined above to NI43-101 resources and reserves.
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