Trading Symbol TSX-V - ESO
Frankfurt - E2G
VANCOUVER, Nov. 4, 2011 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO"), has announced a non-brokered private placement that consists of 3,000,000 flow-through units ("FT Unit") to be issued at a price of
.10 per FT Unit (the "offering"), for a total of $300,000. The private placement is subject to Exchange acceptance, and all securities shall be subject to a four (4) month hold period.
Each FT Unit consists of one flow-through common share and one share purchase warrant (a "Warrant"), where each Warrant entitles the holder to purchase one non-flow-through common share at a price of
.12 per share for a period of 12 months.
The proceeds of the placement shall fund the immediate drill program on the Patterson Lake South Property in the Athabasca Region of Saskatchewan. The Patterson Lake South property is a 50%/50% Joint Venture held with Fission Energy Corp. (TSX-V: FIS). The project covers 13,497 ha (more than 30,000 acres) in 12 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake - Patterson Lake area. The Patterson Lake South Property is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine (approximately 60 Million pounds Uranium produced), and passes through the nearby UEX-Areva Shea Creek discoveries (approximately 100,000,000 lbs uranium in a combined indicated and inferred resource estimate from 2010) located 50km to the north, currently under continuing active exploration and development. The Patterson Lake South Joint Venture project is jointly operated by Fission Energy Corp. and ESO.
On behalf of the Board of Directors of ESO Uranium Corp.
"Ben Ainsworth"
Director
Please refer to the ESO Uranium website for further and updated information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
For further information:
For corporate communications please contact:
Robert (Bob) Meister
ESO Uranium Corp.
Vancouver, BC
Phone: (604) 629-0293
Toll Free: 1-866-629-0293