JNR Resources Inc JNRRF

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Stock News: Top Story Wednesday February 13, 2008 7:53am ET Search Sources: Symbol Keyword Uranium Power Corp. Announces Major Drill Program for South Fork Uranium Project, Saskatchewan VANCOUVER, BRITISH COLUMBIA, Feb 12, 2008 (Marketwire via COMTEX) -- (CCN Mathews) Uranium Power Corp. ("Uranium Power" "UPC") (TSX VENTURE:UPC) is pleased to report that it has signed a contract with Layne Christensen Drilling, of Aurora, CO, to complete a major drill program on the South Fork uranium project in southwest Saskatchewan. UPC can earn up to a 65% interest in the South Fork property from JNR Resources (TSX VENTURE:JNN), by reimbursing JNR for prior expenditures (completed) and by spending $2,500,000 on exploration activities by January 25, 2011. UPC is the project operator. The contract calls for the use of 2 drill rigs (one top head rotary and one percussion hammer). Interpretation of the previously announced Fugro TEMPEST airborne EM survey shows a number of what appear to be well-developed paleochannels in the Frenchman and Ravenscrag Formations. These are the formations that have the potential to host roll front style uranium mineralization, similar to that found on the Powder River Basin of Wyoming. Drilling is planned to commence in mid-late April, 2008. The projected cost of the planned program is $1.3 million. The area was explored in the late 1970's and early 1980's by Saskatchewan Mining Development Corporation (SMDC), a predecessor company of Cameco Corporation. SMDC carried out regional geochemical and geophysical surveys, followed by reconnaissance drilling programs. These field activities resulted in the identification of several extensive regional redox systems that were never adequately followed up. SMDC dropped the project after the 1982 field season due to depressed uranium prices. Reconnaissance-scale drilling by SMDC intersected anomalous uranium concentrations over widespread areas. Chris M. Healey, P.Geo, President UPC, is the qualified person responsible for the technical content of this release. In addition, UPC reports that it has signed a letter of intent with Mega Uranium Ltd ("Mega") (TSX:MGA), whereby Mega will have the right to acquire 50% of UPC's interest. Mega must pay the first $1,000,000 of UPC's earn-in commitment to earn the interest. The balance of the commitment will be shared on a 50:50 basis. Chris Healey, President, UPC commented, "Having identified a significant number of potential paleochannels on the project, we are keen to move to the next step and drill these excellent targets. Also we are very excited to have a major player in the uranium business, Mega, as our new partner on the project." URANIUM POWER CORP. CHRIS M. HEALEY, President WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. SOURCE: Uranium Power Corp. Uranium Power Corp. Chris M. Healey President [phone] [phone] (FAX) Website: www.uraniumpowercorp.com Copyright (C) 2008 Marketwire. All rights reserved.