Contract Awarded for
Airborne Radiometrics / Magnetics
Vancouver, British Columbia,
March 30, 2006 (TSX-V: UUL) - Universal Uranium Ltd. is pleased
to announce that it has awarded a contract for approximately 10,000-line km of
helicopter borne radiometrics and magnetics to Fugro Airborne Surveys of
Toronto, ON. The 4,963 claims, totaling approximately 124,000
hectares or 1240 sq km, in the Central Mineral Belt (CMB) of Labrador make
Universal Uranium the second largest claim holder in the CMB. The
properties are being explored jointly under an agreement with Silver Spruce
Resources (SSE), of Nova Scotia. Under the terms of the agreement,
Universal can earn a 60 per-cent interest in the properties by spending $2
million on exploration over a three year period. Silver Spruce is
the operator during the earn-in period.
The properties cover anomalous government
uranium in lake sediment values ranging from 10 to 213 ppm against a background
of approximately 5 ppm hosted in geological units which are favorable as hosts
for uranium deposits. The sample spacing in the survey is approximately 1
sample per 5 square km.
The properties lie along strike and in
proximity to properties held by Aurora Energy Inc. (Fronteer/Altius Group),
Crosshair Exploration and Mining Corp. and the Santoy/Monster Copper JV.
These companies staked known uranium showings and deposits, and then carried out
airborne radiometric / magnetic surveys, which resulted in the location of new
uranium showings in a number of areas (company press releases - November 05 to
January 06). As a result of the exploration results and the rise in
price of uranium, the CMB has seen extensive claim staking and exploration over
the past couple of years making it the second most active area for uranium
exploration in Canada. Targets are: unconformity type uranium
deposits related to sedimentary contacts; IOCG type deposits and shear hosted
uranium mineralization associated with felsic volcanism, similar to the Michelin
deposit of Aurora Energy.
An exploration budget of $ 1 million for
the regional exploration has been approved by Universal. This work
will consist of data compilation, airborne radiometric / magnetic survey
followed by prospecting, and sampling to evaluate targets located by the
survey. Gridding, trenching and drilling will follow when targets
have been defined. The field work will begin in the spring when
weather permits.
This release has been approved by Peter
Dimmell, P.Geo., Vice President of Exploration for Silver Spruce, who is a
Qualified Person (QP) as defined in National Instrument 43-101.
Universal Uranium Ltd. is a publicly held
Canadian uranium exploration company focused on acquiring, exploring and
developing uranium properties located in favorable geo-political climates. The
Company is led by a highly skilled, experienced board and management team with
significant successes in managing early stage mineral exploration
companies.
ON BEHALF OF THE BOARD:
For further information contact:
(signed) "Clive H. Massey,"
President
Bill Galine Investor
Relations
Telephone: (604) 662-3903
Email: bgaline@universaluranium.com
The TSX Venture Exchange does not
accept responsibility for the adequacy or accuracy of this release. In
addition, this release is not for distribution to U.S. newswire services or for
dissemination in the United States.
