JNR Resources Inc JNRRF

NEW Uranium Hit - NWT, FRG, ASX

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Breaking down the players: NWT - 36 million shares @ $0.65 - 50% on spending $5 million FRG - 31 million shares @ $0.86 - carried for 25% ($500,000 spend) ASX - 30 million shares @ $0.22 - carried for 25% NORTHWESTERN AND FRONTEER (VIA ASX) INTERSECT HIGH GRADE URANIUM IN DRILL PROGRAM Northwestern Mineral Ventures Inc. and Fronteer Development Group Inc. have confirmed that a recent drill program on their 50:50 joint venture Longtom property in the Bear province of Canada's Northwest Territories has intersected high-grade uranium mineralization. Drilling intersected: 1.68 per cent U3O8 over one metre at a downhole depth of 80 metres. This uranium intercept was part of a broader interval that returned 0.56 per cent U3O8 over three metres; and 0.16 per cent U3O8 over one metre was intersected at a depth of 51 metres in the same hole. Previous drill campaigns by other operators focused on the copper-gold potential of the property but also intersected anomalous to high-grade uranium. Within a 300-metre radius of the new high-grade discovery, eight historic drill holes intersected uranium mineralization with indicated values ranging between: 0.21 per cent U3O8 over 0.6 metre at a downhole depth of 44.5 metres; and 0.48 per cent U3O8 over 1.5 metres at a downhole depth of 59 metres. Based on recent drill hole results and historical records in the surrounding area, there are indications of a near-surface uranium system, that has both size and high-grade potential. The world average grade from producing uranium mines is 0.15 per cent U3O8. "Northwestern is encouraged by the strength of these results indicating the existence of high-grade uranium mineralization at our joint venture Longtom property," said Kabir Ahmed, president and chief executive officer of Northwestern Mineral. "Over the next decade, uranium supply is expected to fall short of demand and the current production shortfall is more than 300 million pounds. As such, there is a very real need for new primary mine production. We look forward to working with Fronteer to further define and develop this project." The summer 2004 program at the Longtom property completed 2,100 metres of drilling to test the copper-gold-silver-uranium targets based on surface mineralization, geophysical data and historic drilling results. Other significant results include: 0.19 per cent copper over 15 metres at a downhole depth of 37 metres; and 0.14 per cent cobalt over six metres at a downhole depth of 185 metres. Northwestern is earning a 50-per-cent interest in the Longtom property by completing $5.0-million in exploration work by September, 2008. Based on the current and projected price of uranium, Northwestern's management team has asked Fronteer, as operator, to prepare a follow-up program on the Longtom property. This program will explore and expand uranium targets over the course of the next year.