| ||May 24, 2006|
Mesa Receives Drilling Permit
| ||Mesa Uranium Corp. (the "Company") is pleased to report that the necessary drilling approvals have been received to begin drilling the wholly owned Lisbon Valley uranium property in Utah, USA. The contractor for the drilling is Bob Beeman Drilling of Moab, Utah. This drilling company was founded over 30 years ago and its personnel have extensive knowledge dating back to the 1950's regarding the rock formations and drilling conditions in Lisbon Valley. |
The 2006 drilling plan consists of 35 holes for 25,000 meters of drilling. The initial phase of 8 to 10 holes will concentrate on targets on the northern perimeter of the Company's claims adjacent to the largest mine in the Lisbon Valley Mining District, the Lisbon Mine, with past production of over 22 million pounds of uranium. The south shaft of the Lisbon Mine is within 800 feet of the Company's property.
Of the 85 million pounds of uranium produced in the District, 63 million pounds were produced from 15 mines that occur along a mineralized trend that is ½ mile wide and 16 miles long. This mineralized trend is on the southwestern flank of a faulted anticline and is primarily hosted by the Moss Back member of the Triassic Chinle sandstone. During the 1960's, miners and geologists working in the District observed this trend and postulated a genetic relationship between the uranium deposits and the anticline and determined that more mines might occur on the northeastern side of the faulted anticline in a similar pattern as the southwestern flank.
With this geologic framework in mind, exploration efforts focused on the northeastern side of the anticline in the hopes of discovering what could be the other half of the District. The exploration concept was validated in 1968 when a series of wildcat drill holes intercepted uranium ore on the northeast side of the anticline. Over 70 development drill holes delineated a massive tabular ore body roughly ½ mile wide by 1 mile long containing 3 million tons at a grade of 0.4% for a total of 22 million pounds of U3O8 produced. The size and high grade of the deposit justified the sinking of two 2,300 foot shafts and the construction of a 700 ton per day mill which produced yellowcake (uranium oxide) for sale on world markets in a period when U3O8 prices averaged $21.00 per pound; the current price is near $43.00 per pound. The mine was operated by Rio Algom between 1972 and 1988. The decline of uranium mining in the late 20th century brought a halt to further exploration until now.
The Lisbon Valley district accounted for over 80% of the uranium mined in the state of Utah and had some of the highest uranium grades in the United States averaging 0.4 percent uranium. The Company controls a large land position (27 square miles) in the District. The Lisbon Valley Mining District is located in the Colorado Plateau region, 30 miles south of Moab in San Juan County, Utah.
The project area is fully described in a current National Instrument 43-101 compliant report available for examination on www.mesauranium.com and on www.sedar.com.
ON BEHALF OF THE BOARD
MESA URANIUM CORP.
(signed) Greg French, Vice President, Exploration
For further information call:
Wayne Marsden, toll free 866-337-1235
The TSX Venture Exchange has neither approved nor disapproved of the contents of this news release.
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