Arcturus Ventures Inc. (TSX-V:AZN, “Arcturus”, “the Company”) is pleased to announce that it has entered into a property option agreement with an arms’-length vendor to earn a 100% interest in the Ford Lake Uranium Project located in the Athabasca Basin, SK. The project, which covers an area of roughly 6350 hectares in the most prospective uranium corridor in the world, is 11km northwest of the Key Lake Mine, site of the largest uranium mill in the world. Arcturus can earn a 100% interest by completing $202,000 in exploration expenditures on the project before December 31, 2012 and by making cash payments totaling $1,500,000 over the next 38 months. A 1% NSR has also been granted to the vendor, which may be purchased by the Company for $1,500,000. A finder’s fee of $20,000 will be paid to an arm’s length party in accordance with the policies of the TSX Venture Exchange.
Blake Macdonald, Arcturus’ President commented: “This acquisition allows the company to capitalize on the positive market attention the bidding war for Hathor by Cameco and Rio Tinto has brought back onto uranium and the Athabasca Basin. Arcturus is indeed very fortunate to have the opportunity to acquire this highly prospective property; quality land in the Athabasca Basin is extremely hard to come by in a region dominated by majors and well established mid-tier companies.”
The Shift Lake Uranium Zone, which lies only 500m east of the Ford Lake Project, consists of several drill holes which intersected anomalous uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1 m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four of the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 2.75 m (9.0 ft) interval which returned 0.62% U3O8 (0.53% U).
The Company will be testing the extent of the Shift Lake alteration system, which may trend onto the Ford lake Project.
Robert Stroshein, P.Eng, Arcturus’s qualified Person, has neither reviewed the drill hole data nor the core from the Shift Lake Uranium Zone. The work was completed by accredited professional geologists and the Company believes the information to be reliable.