Company News
Bancroft Drill Program Builds on Success of Historic Uranium ExplorationThursday April 10, 8:00 am ET
SCOTTSDALE, AZ--(MARKET WIRE)--Apr 10, 2008 -- Bancroft Uranium Inc. (OTC BB:BCFT.OB - News) ("Bancroft" or the "Company") wishes to update the current activities of the Company and the progress of the ongoing drilling program at the Monmouth Uranium Project near Bancroft, Ontario.
Bancroft controls an extensive regional play totaling over 9,000 acres of mineral claims in Ontario, Canada that are prospective for uranium. 2,700 acres are currently under lease and being explored at the Monmouth Project. Uranium was discovered at this prospect in the early 1950s when prices were less than $10.00 per pound. The Bancroft area is well known for its long history in uranium mining, having produced a total of 14,862,653 lbs U3O8 between 1956 and 1982 from four local mines.
The Monmouth project was initially drilled during a program completed in the late 1960s to a total of 44 drill holes. Drilling was concentrated in rocks that contain Uranium crystals in a limestone skarn. In 1968, an engineering report by S.W. Evans was filed as a listing prospectus to the Toronto Stock Exchange for Northern Nuclear, the owner at that time. The report estimated from drill results the potential of 2 million tons containing 0.045% (0.9 pounds per ton) or 1,800,000 pounds of U3O8.
Bancroft commenced a 2008 surface diamond drilling program on February 25th that was designed to drill in areas that returned historic drill results from the 1968 program. This drilling is the start of a process aimed at bringing the historical work into modern N.I. Policy 43-101 compliance, a recognized world mining standard. Once the drill program is complete, engineers will undertake a geological report which will ultimately lead to a uranium resource calculation of the in-situ tons and contained pounds of uranium. Bancroft is currently receiving initial assay results from the start of the drill program and will be reporting groups of drill results shortly.
The Company, once final 43-101 reporting is received, will subsequently be in a position to implement recommendations and move forward with planning for future work towards pre-feasibility studies that will be required prior to determining whether Monmouth represents a viable commercial uranium deposit. In conjunction with the drilling results, the Company will be reporting on a metallurgical study currently underway with the processing of a test sample of the Monmouth rock with SGS Mineral Services Laboratory located in Lakefield, Ontario.
For inquiries from the public and media concerning the Monmouth Uranium Project please contact Greenspirit Strategies at 1-877-54 GREEN or 1-877-544-7336. For shareholder and investor information please contact investor relations at 1-888-293-5660.
ABOUT BANCROFT URANIUM INC. (OTC BB:BCFT.OB - News)
Bancroft Uranium Inc. is an exploration Company which intends to develop Uranium assets in North America. Bancroft's initial asset, the Monmouth Uranium Project is envisioned to have the potential of a low cost, open pit uranium producer located close to infrastructure and end product buyers.