Post by
omarculo on Sep 22, 2005 9:24am
MPM MONGOLIAN ASSETS skyrocket
Mongolian Uranium property update
MAPLE MINERALS CORP.: "MPM" (TSX-V)
ISSUED AND OUTSTANDING 31,288,133
COMMON SHARES:
TORONTO, Sept. 22 /CNW/ - Maple Minerals Corp. ("Maple") (MPM:TSX-V) and
UGL Enterprise Ltd. ("UGL") (UGS:TSX-V) are pleased to provide the following
update on UGL's Mongolian group of Uranium properties. As announced June 15,
2005, UGL is the 100% owner of 18 Mongolian uranium properties covering
339,000 hectares in which Maple Minerals has the right to earn a 50% interest
through the expenditure of US$1.5 million over three years, with a minimum of
US$350,000 to be expended within the first year. Upon earning a 50% interest,
a joint venture will be formed with the parties contributing pro-rata. Maple
will also have the option to increase its interest to 60% by expending a
further US$2 million over the subsequent three years.
UGL senior uranium staff recently met in Russia with several senior
Russian geologists who conducted the original uranium exploration programs on
a number of UGL's key uranium properties during the 1980's and 90's.
Significant original data on several of UGL's projects was obtained, in
addition to many key insights pertaining to drill targets, resource potential,
and areas for exploration expansion. This historical data in combination with
observations made on several of the properties during recent reconnaissance
trips further verifies the potential of UGL's properties to host significant
uranium mineralization.
The recent reconnaissance work on the properties has also enabled UGL to
confirm the accuracy of certain statements in existing Russian reports. UGL is
in the process of implementing phase 3 exploration including further ground
radiometric surveys to isolate targets for reverse circulation drilling.
Observations made during the reconnaissance trips and the information gained
during the trip to Russia have enabled UGL to prioritize several properties
for detailed exploration work and to select additional hectares for
acquisition through license applications and/or purchases.
UGL has recently engaged Pavel Dubchak, P.Geo. to assist UGL with its
Uranium portfolio in Mongolia. Mr. Dubchak has extensive uranium experience
including working with a major Russian Uranium company in Siberia and
possesses a wide network of professional contacts within the Russian/Mongolian
Uranium geological community.
In addition to UGL's current uranium portfolio of properties Maple and
UGL are cooperating (under the terms of the agreement) in the generation and
acquisition of further uranium properties inside Mongolia.
Stewart Taylor, Maple's Vice President, International Operations, is
acting as Maple's Qualified Person for the UGL Uranium Project.
Maple is a Toronto based resource company with property interests in
Australia, Argentina, Mongolia, Africa and Canada. For more information about
Maple, please visit the company's website at www.mapleminerals.com.
This news release contains forward-looking statements within the meaning
of the "safe harbour" provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to risks and
uncertainties and other factors that may cause Maple's results to differ
materially from expectations. These include risks relating to market
fluctuations, property performance and other risks. These forward-looking
statements speak only as of the date hereof. Maple disclaims any intent or
obligation to update these forward-looking statements and cautions investors
from placing undue reliance on forward-looking statements. Maple does have an
ongoing obligation to disclose material information as it becomes available.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information: L.M. (Gino) Falzone, President, (416) 643-7630