Cue Resources Receives Government Approval for License
10 Setembro 2008 - 10:00AM
Marketwired
Cue Resources Ltd. (TSX-V: CUE) is pleased to announce that it has
received an English translation of the official Paraguayan
government grant of exploration and exploitation rights to the Yuty
uranium project issued to Transandes Paraguay S.A. The official
document confirms that Transandes Paraguay S.A. is now the holder
of exploration rights convertible to exploitation rights to the
231,000-hectare Yuty project for a period of 20 years from start of
production with the option to extend the concession in additional 5
year increments. Production from the Yuty concessions will be
subject to a 2.5% royalty.
Cue completed its acquisition of 100% of the Yuty uranium
project through completion of the Earn In Agreement as communicated
September 8, 2008. Transandes Paraguay S.A. will now become a
wholly owned subsidiary of Cue.
Chris Healey, Chief Operating Officer, said, "We thank the
government of Paraguay for continuing its support of uranium
exploration and development by providing clear, equitable and
transparent processes. We will continue to work closely with the
government and people of Paraguay to ensure the success of the Yuty
project for the benefit of all parties."
The Yuty uranium project includes the San Antonio deposit, with
a preliminary Indicated Resource of 5.1 million lbs U3O8 and
Inferred Resource of 2.2 million lbs U3O8, in south-eastern
Paraguay. This resource estimate was reported in the Technical
Report completed by Scott Wilson Roscoe Postle Associates Inc
(Scott Wilson RPA), of Toronto, Ontario and dated May 15, 2008. The
resource estimate and classification of the Mineral Resources
conforms to the reporting requirements of National Instrument
43-101, and has been filed on SEDAR.
Only a small area of the 231,000 hectare concession covering the
Yuty project area has been properly explored, with 450 drill holes
completed on the property since 1976 and many high-potential
exploration targets remain to be tested across the property. The
preliminary resource estimate was prepared by the Company for
internal guidance only. The full exploration of the concessions
remains a priority for Cue.
Chris M. Healey, P.Geo, COO for Cue, is the Qualified Person
responsible for the technical content of this release.
CUE RESOURCES LTD.
"Chris Healey"
Chris Healey
Chief Operating Officer
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release. 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 Cue Resources.
Distributed by Filing Services Canada and retransmitted by
Marketwire
Contact: CUE RESOURCES LTD. 2400-1111 West Georgia Street
Vancouver, B.C. V6E 4M3 Tel: (604) 681-5755 Fax: (604) 684-2990
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