Suite 408 - 1199 West Pender St.
Vancouver, B.C., V6E 2R1
Phone: (604) 629-0293
Fax: (604) 684-9365
Trading Symbol TSX-V - ESO
Frankfurt - E2G
FOR IMMEDIATE RELEASE
Vancouver, Canada, July 31st, 2007: ESO Uranium Corporation
ESO COMPLETES FIRST 10 DRILL HOLES IN THE 100 HOLE CLUFF LAKE URANIUM PROGRAM IN SASKATCHEWAN
ESO Uranium Corporation (TSX-V: ESO), the Company, is pleased to announce that the first 10 holes (in a program of approximately 100 drill holes for a total of about 10,000 meters) have been completed on the Hathor Exploration Ltd (TSX-V: HAT) Option, adjacent to the Cluff Lake Mine lease in Saskatchewan.
Drilling on the 67,000 acre (27,000 hectare) Carswell property is focused on finding structurally controlled uranium deposits similar to several ore bodies that were the source of more than 60 million pounds of uranium oxide produced by the former Cluff Lake Mine of AREVA Resources Canada Inc.
Two of the first three holes in the Bridal Lake Zone each had intervals of alteration and anomalous radioactivity. The alteration included strong haematization and bleaching and the anomalous radioactivity was contained within the alteration. Samples are being sent to Loring Laboratories in Calgary for assaying.
A further group of 7 drill holes were targeted at electromagnetic conductors located on the Grid 8 ground electromagnetic survey, approximately 1000 meters east of the Bridal Lake Zone in an area with similar magnetic signatures to that seen over the Cluff Lake Mine lease. All 7 holes intersected conductive graphitic metasediments and graphite is considered to be an important component for the formation of uranium deposits. The next 10 diamond drill holes are targeted in areas of radon anomalies, some of which are close to similar conductors.
Radon, which occurs as a highly mobile gas, is one of several natural decay products of uranium. Its distribution in soils and water has been used together with other exploration methods to focus on areas with higher potential for uranium mineralization. The largest of the radon anomalies, lies up-ice and possibly in a source area for radioactive boulders that reported assays up to 0.85% uranium oxide (17lbs U3O8 per st.). The radon anomalies are indicating anomalous uranium sources either in bedrock or overburden and soils material in the target areas.
ESO estimates that the expenditures for the next 10 drill holes will complete the work commitment requirements and will allow the formation of a joint venture between the parties as described in the option agreement with Hathor. With capital resources of over $6 million ESO is continuing to advance its exploration of approximately 1 million acres of claims in and around the Athabasca Basin.
For reference, the current spot price quoted by uxc.com for uranium is US$120 per pound of U3O8; an assay reported as 1.0% of U3O8 is equal to 20 pounds of uranium oxide per short ton - the conversion of percent metal or metal oxide from percent to pounds per short ton is done by multiplying the % value by 20.
On behalf of the Board of Directors of ESO Uranium Corp.
Vice President, Exploration
For corporate communications please contact:
Tom Corcoran or Bob Meister
ESO Uranium Corp.
Phone: (604) 629-0293
Toll Free: 1-866-629-0293
Please refer to the ESO Uranium website for further and updated information.
The Toronto Venture Exchange has not reviewed nor accepted responsibility for the adequacy or
accuracy of the contents of this news release which has been prepared by management. Statements contained in this news release that are not historical facts are forward looking statements as that term is defined in the private securities litigation reform act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filing with the Securities and Exchange Commission.