More Mega news re: MongoliaMega Uranium Ltd (C-MGA) - News Release
UGL, Mega begin 2006 uranium field season in Mongolia
2006-03-28 08:36 ET - News Release
Shares issued 44,272,894
MGA Close 2006-03-27 C$ 10.10
From News Release (C-UGS) UGL Enterprises Ltd
Mr. Paul McKenzie of UGL Enterprises reports
2006 MONGOLIAN URANIUM FIELD ACTIVITIES COMMENCED BY UGL AND PARTNER MEGA URANIUM LTD.
UGL Enterprises Ltd.'s joint venture with Mega Uranium Ltd. has commenced its 2006 uranium field season. Field activities in Mongolia will be directed at examining the uranium potential of a number of priority target areas on five of the UGL-Mega joint venture's 14 Mongolian uranium properties.
Detailed records of previous Russian exploration on the UGL-Mega joint venture's uranium properties were obtained from official sources in Irkutsk, Russia, in the last quarter of 2005. This material was extensively studied by UGL's Russian, Mongolian and Canadian geologists, as well as by two Russian consultants (respectively Irkutsk and Vancouver based) who are highly experienced in uranium exploration and project development in Russia and Mongolia. Based on their review, five properties have been selected for detailed investigation in 2006: the Jargalan, Baganurat, Maikhan Tolgoi, Shorvog Gol/Adag Usni Khudag and Ganga properties. With the exception of Maikhan Tolgoi, these properties all contain radiometric anomalies, uranium showings and favourable geological settings within Cretaceous stratigraphy, with potential for flat-lying stratabound sandstone-hosted uranium bodies at shallow depths, generally less than 100 metres.
On the Maikhan Tolgoi property the target is shallow structurally controlled uranium within Cretaceous volcanic host rocks. The 2006 field season will see specific identified target areas in the five priority properties studied and advanced through the use of ground-based radiometric surveys, vertical electrical sounding (VES) surveys, induced polarization (IP) surveys, (AlphaCard -- patented) radon surveys, and soil and rock sampling.
The UGL-Mega joint venture has budgeted to drill test the most favourable anomalies and showings later this year. All programs will be overseen by UGL's exploration manager, Glenn S. Griesbach. On-site field operations will be managed by Russian uranium expert, Grigory Kislyuchenko, who previously worked for 19 years with the Sosnovgeologia Uranium Company in Mongolia and Siberia. UGL holds a 100-per-cent interest in 14 uranium properties, a 136.4-million-tonne hard high-volatile bituminious coal resource and three gold and copper properties inside Mongolia. The uranium portfolio consists of 16 exploration licences covering a total area of 2,325 square kilometres. Uranium licence applications are currently being prepared for other exploration areas where Mr. Kislyuchenko, as a result of his research in Irkutsk archives, has identified additional uranium anomalies and mineralization.
Since July 12, 2005, Mega Uranium has had an option to earn up to a 60-per-cent interest in UGL's Mongolian uranium portfolio (including future acquisitions) by expending up to $3.5-million (U.S.). Mega Uranium brings considerable uranium expertise to UGL's exploration programs. During the current 2006 uranium field and drill programs it is anticipated that a total of $1-million (U.S.) will be spent.
The qualified person responsible for summarizing the technical material presented in this news release is Glenn S. Griesbach, PGeo. Mr. Griesbach has acted as UGL's geological manager in Mongolia for over three years and has 28 years of international geological experience including previous experience in uranium exploration.