IUC explores Athabasca properties

Vancouver — With prices for yellow cake near 20-year highs, International Uranium (IUC-T) is raising $5 million by way of a private placement to finance exploration of its projects in Canada.

The company initially wanted to sell up to 1 million flow-through shares at $4 apiece for proceeds of $4 million, however, it added another 250,000 shares within days. At presstime, IU’s shares were trading at $3.60 on the TSX.

High-grade intersections are reported at the Moore Lake project, a joint venture with JNR Resouces (JNN-V) in the Athabasca region of Alberta. Hole 55 cut 5.14% over 6.2 metres, including a 4.4-metre interval of 7.02%, whereas hole 54 returned 3.5% over 5 metres, including a 2.5-metre section of 6.52% U3O8.

The first three holes of the summer program, nos. 47-49, were stepouts drilled on the Maverick zone. Highlights were 4.01% over 4.7 metres, including 2.7 metres of 6.74% U3O8, and 2.41% U3O8 over 4.5 metres, including 2.5 metres of 4.17% U3O8.

JNR optioned the Moore Lake and nearby Lazy Edward Bay properties to IU late last year. IU is acquiring a 75% interest in each, as well as a 75% stake in the Craford Lake property from Phelps Dodge (PD-N).

A member of the Lundin group, IU is based in Vancouver, B.C., and has an additional office in Denver, Colo.