VANCOUVER, Sept. 29, 2011 /PRNewswire/ - Tigris Uranium Corp. (TSX.V: TU) ( "the Company") is pleased to announce the acquisition of the Treeline project in Cibola and McKinley counties, New Mexico, in addition to five uranium projects located in the Powder River Basin of Wyoming. The 35-75, Wild Buck and Coal Hill projects are located in Converse County and the Turnercrest project is located in bothConverse and Campbell counties, Wyoming. The Wyoming projects have the potential for in situ leach recovery (ISR) of uranium from either rollfront-type sandstone hosted deposits in the Eocene Wasatch Formation or the Paleocene Fort Union Formation.
Treeline Project-New M exico
The Company has entered into an Assignment Agreement with Western Energy Development Corp., a subsidiary of Concordia Resource Corp. (TSX.V:CCN) whereby the Company will acquire the Treeline project, which includes a sandstone hosted uranium deposit, located in McKinley and Cibola Counties, Grants Uranium District, New Mexico.
An internal Conoco Inc. memorandum from 1978 estimated that there was approximately 1.5 million pounds of U3O8 contained in 593,448 tons at a grade of 0.13% U3O8 at Treeline. The mineralization, as defined by Conoco, is not National Instrument 43-101 compliant and the resource categories used by Conoco in its historical estimate would not match the resource categories and definition of mineral resource contained in NI 43-101 and therefore, while relevant, the resource estimate made by Conoco should not be relied upon. Additional drilling work will need to be done to confirm the presence of the mineralization, and there is no assurance that the historical estimate can be confirmed. The key assumptions, parameters and methods used by Conoco to prepare the historical estimate are not available. To verify the historical estimate the Company will need to conduct additional work, including reviewing the logs and where required conducting additional drilling. The Company's QP has not done sufficient work to classify the historical estimate as a current mineral resource, and the Company is not treating the historical estimate as a current mineral resource.
The Treeline project consists of a mining lease and certain unpatented mining claims covering approximately 2,000 acres. In consideration for the assignment of the Treeline project, the Company will issue 200,000 common shares. The Assignment Agreement is subject to several conditions precedent, including regulatory approval.
35-75, Wild Buck, Turner crest and Coal Hill Projects, Wyoming
The Company has also entered into a Purchase and Sale Agreement with Energy Fuels Inc. with respect to the 35-75, Wildbuck and Turnercrest projects, which provides for the acquisition of the royalty deeds, mining leases, unpatented claims and related data in exchange for cash payments totalling $411,322.