Trigon to acquire six Utah uranium mines (March 19, 2007)

Vancouver — Broadening its foray into the uranium field, the recently renamed Trigon Uranium (TEL-V, TELWF-O) is moving to grab six past-producing uranium mines in the White Canyon mining district of Utah’s San Juan Cty.

The Kelowna, B.C.-based junior signed a letter of intent with Shumway Brothers Mining of Utah and other parties to acquire the Blue Lizard, White Canyon No. 1, Yankee Girl, Saddle, Giveaway and Blind Luck mines.

The mines all operated until the early to mid-1980s, when slumping uranium prices prompted their closure. According to U.S. government data, the mines cumulatively produced more than 70,000 tonnes of ore averaging 0.24% U3O8 prior to 1970, although subsequent production figures are not available.

The Yankee Girl mine is adjacent to SXR Uranium One’s (SXR-T, SXRFF-O) recently acquired Radium King mine reported to have pro-duced about 857,000 lbs. U3O8 up to 1970.

Trigon is looking to hunt down additional uranium resources in and around the past producers by using previously defined zones as a pathfinder.

Under its letter of intent, Trigon will pay a non-refundable fee of US$25,000 and issue 50,000 shares to the vendors and will have exclusivity during its 120-day due diligence.

In late 2006, the company acquired a significant land position in southeastern Utah to boost the area around its Henry Mountains uranium project to more than 70 sq. km. Trigon also holds the Marysville uranium project in south-central Utah.

With its 52.2 million shares outstanding, the junior posts a $45-million market capitalization and has a 52-week trading range of 20-$1.32.