YCKM Stock: Yellowcake Mining Begins First Phase Drill Program
Yellowcake Mining Inc. (OTCBB: YCKM stock) ("The Company") is pleased to
announce that it has received the necessary permits to allow drilling
on its +3,000 acre Uravan-Beck Property in Montrose County, Colorado.
The permits were received from the Colorado Division of Reclamation,
Mining and Safety and U.S. Bureau of Land Management. Permits are in
hand and a reclamation bond has been accepted for the initial
exploration phase.
The permits are for ten sites of known uranium-vanadium
mineralization which will be tested by air-rotary drilling and gamma
logging. Stewart Brothers Drilling out of Milan, New Mexico, has been
selected as the drill contractor and they are now mobilizing a rig. The
drilling will begin as soon as the rig is on site.
The Uravan Belt is the oldest uranium producing district in the
U.S., and, between 1948 and 1978, has produced an excess of 63 million
pounds of uranium and 300 million pounds of vanadium. Mining ceased
because of the drop in uranium prices in the late seventies not because
the reserves were exhausted. The district is now the site of renewed
mining activity and new mines are being permitted.
LEGAL NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Statements in this news release that are not purely historical are
forward-looking statements, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Forward looking
statements in this news release include that we are about to start
exploration drilling on our Uravan Beck project. It is important to
note that the Company's actual outcomes may differ materially from
those statements contained in this press release. Factors which may
delay or prevent these forward looking statements from being realized
include misinterpretation of data, we may be unable to comply with
required conditions for drilling, or drilling may not be permitted at
all; that we may not be able to raise sufficient funds to complete the
payment obligations; that equipment may not perform as anticipated;
that weather, logistical problems or hazards prevent us from
exploration, development or from fulfilling our obligations; that we
may not be able to attract or retain key employees or advisors in the
current competitive environment; that results in any particular holes
are not necessarily indicative of larger areas of the property; and
that despite encouraging data there may be no commercially exploitable
mineralization on the properties based upon the applicable world
uranium prices and the quality or grade of the resource. Readers should
refer to the risk disclosures outlined in our periodic reports filed on
Edgar with the Securities and Exchange Commission.
