Alberta Star Confirms Claim Ownership And Continues To Drill Uranium Targets At Eldorado
Alberta Star Development Corp., (the “Company”) listed on the TSX Venture Exchange (ASX) and on the OTCBB (ASXSF), is pleased to report that the Company has successfully confirmed its claim boundaries, its claim ownership and continues to drill uranium targets at the Eldorado & Contact Lake IOCG & uranium project. The Eldorado & Contact Lake permit area covers over 87,706 acres. The Eldorado & Contact Lake IOCG & uranium project includes the Echo Bay Mine which produced 23,779,178 ounces of silver, the Eldorado uranium Mine which produced 15 million pounds of uranium and 8 million ounces of silver (Normin NTGO:Senes report 2005). The Contact Lake silver and uranium mine, the Bonanza and El Bonanza silver & uranium mines. Due to the mapping updates being conducted by the Mine Recorders office, the Company has become aware that a small portion of its 100% wholly owned Cross claim (Crossfault Lake) which is 1497.44 hectares in size, (NR October 3, 2005) was reduced slightly in size due to government NAD 83 map conversions. With the continuing review being conducted by the Mine Recorders office, the Company believes this minor boundary correction on such a small surface area of its claim boundary, will have no impact whatsoever on any of Alberta Star’s current or future exploration and drilling operations.
Tim Coupland, President and CEO of the Company commented, “We continue to maintain one of the strongest competitive advantage’s in the Eldorado and Contact Lake region. The Company has worked tirelessly and is now in receipt of all required permits to undertake its 2007 drill program. We have worked closely with the Sahtu Dene First Nations and continue to garner strong support for the successful development of the project from within the local community. The Company is still the only fully permitted mineral exploration Company at Eldorado & Contact Lake. The Company’s camps, personnel and supporting infrastructure are now fully operational and have commenced drilling at two locations at Eldorado targeting IOCG & uranium targets.”
Follow up exploration drilling based on the Company’s previous drill programs will focus on expanding newly discovered zones, determining continuity and orientation, locating higher grade extensions of IOCG and uranium mineralization, and preliminary testing of the remaining, untested mineralized and altered zones within the Eldorado & Contact Lake project areas.
ELDORADO & CONTACT LAKE-5 YEAR CLASS “A” DRILLING PERMITS ISSUEDFULLY PERMITTED FOR 2007
The Company is now in receipt of all the required permits to undertake its 2007 drill program and intends to begin accelerating its uranium and poly-metallic exploration and drilling activities on all of its drill targets for 2007. The Company has been granted two five-year Sahtu Land & Water Board Class “A” Land Use Permits (Eldorado/Glacier Lake and Contact Lake) for long term diamond drilling at both the Eldorado & Contact Lake Projects. The Eldorado/Glacier Lake permit is valid until April 26, 2011 and the Contact Lake permit is valid until August 24, 2010. The Company has also submitted a formal application for a third drill permit to the Sahtu Land and Water Board (SLWB). This third “5-Year” drill permit application has requested 15,000 meters of drilling per year, over a five-year period for a total of 75,000 meters which includes the area of the recently discovered Eldorado South radiometric anomaly. This prospective uranium target is being prepared for reconnaissance and detailed sampling, mapping and subject to receipt of the third drill permit, drilling in 2007.
THE ELDORADO URANIUM MINE – ELDORADO URANIUM DISTRICT
The Eldorado Uranium Mine formerly mined and produced 15 million pounds of uranium at an average head grade of 0.75% U308 and 8 million ounces of silver plus, copper, nickel, radium, polonium and lead at the Eldorado - Port Radium area commencing in 1933. (Normin NTGO: SENES Report 2005) The Eldorado Uranium Mine has approximately 25 miles of existing underground workings developed on fourteen levels and was formerly one of Canada’s principal producers of high grade uranium pitchblende concentrates from the 1930’s to the 1960’s. The Echo Bay Mine produced over 23,779,178 million ounces of silver at an average head grade of approximately 66 ounces per ton prior to its closure in 1982. The Company has received a detailed technical library of property reports, datasets, historical data, drill logs, historical production records and uranium assay reports pertaining to the Eldorado uranium leases, which were formally owned by Eldorado Mining and Refining Ltd.
The Company has assembled an experienced IOCG & uranium technical team with advanced uranium exploration expertise, whom believe the Eldorado & Contact Lake district has the potential to host both Olympic Dam and volcanic hosted styles of copper, gold, and uranium deposits. The current May 17, 2007 spot price for uranium provided by the Ux Consulting Company LLC (www.uxc.com) was $120.00 US per pound
ALBERTA STAR DEVELOPMENT CORPORATION
Alberta Star Development Corp. is a Canadian mineral exploration company that identifies, acquires, finances advanced stage exploration projects in Canada. The Company is committed to creating long term shareholder value through the discovery of base, precious metals and uranium.
ALLAN FELDMAN-INVESTOR RELATIONS
Investors are welcomed to contact Mr. Allan Feldman, the Company’s In-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland. President and CEO
Alberta Star Development Corp.
Tel 604.681.3131 Fax 604.408.3884
ALBERTA STAR DEVELOPMENT CORP.
President & CEO
Dr. Hamid Mumim Ph.D., P.Eng. is the qualified person for the Eldorado & Contact Lake IOCG and Uranium Projects. These results have been prepared under the supervision of Dr. H Mumin, Ph.D., P.Eng, who is designated as a Qualified Person with the ability and authority to verify the authenticity of and validity of this data. All rock samples were analyzed by Acme Analytical Laboratories Ltd. (“ACME”) in Vancouver B.C., Canada using ICP-MS and ICP-FA analysis techniques.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company’s filings that are available at www.sedar.com or contact Tim Coupland, President at (604) 681-3131.