Blue Sky Uranium Corp. (TSX-V: BSK, FSE: MAL (WKN A0MKXP), "Blue Sky" or the "Company") is pleased to announce that Blue Sky and AREVA Mines ("AREVA") have commenced exploration on the Company's uranium properties in Argentina. The exploration programs are 100% funded by AREVA and will take place on Blue Sky's properties in the Provinces of Rio Negro and Chubut.
All of the exploration programs have been planned and approved by an AREVA-Blue Sky Joint Technical Committee that was formed after the Company entered into a Memorandum of Understanding ("MOU") with AREVA earlier this year, to jointly explore Argentina for uranium deposits. Exploration is starting at the Ivana property and then the field crews will move to the Sierra Colonia property and then to the newly acquired Tierras Coloradas ("TC") property where uranium mineralization was discovered in 2011. All work will be performed by a joint AREVA-Blue Sky team with Blue Sky acting as the operator. The permits to carry out the exploration programs have been obtained or are in the process of being obtained from the regulatory authorities.
Rio Negro Province
Ivana Property (713 km2) - Field crews will start this week digging up to 500 auger holes as well as hand-excavated pits combined with surface radiometric surveys. The objective of the exploration program is to expand on a 2 km by 4 km area of known surficial mineralization that was discovered in 2011 and detect new buried mineralization. Highlights of the newly discovered target areas include an interval of 1.81% U3O8 over 0.75 m beginning at 0.25 m from surface in a hand excavated pit. Mineralization is open at depth (see October 26, 2011 news release). Assay results will be released as they become available.
Sierra Colonia Property (399 km2) - This program will be focused on identifying drill targets for a 2012 drill program in 12 target areas contained within a 14 km long mineralized trend. These target areas were discovered by Blue Sky in 2011(see press release of October 18, 2011). The property is situated 96 km from the Argentina's National Commission of Atomic Energy ("CNEA") Cerro Solo deposit where CNEA reported in 2009 an estimate of 5,950 Tonnes of recoverable U (15 million pounds of U3081), and also in 2005 an estimate of 4,600 Tonnes of recoverable U (12 million pounds of U3081) with grades ranging from 0.3% to 0.5% U (0.4% to 0.6% U308). Blue Sky's Sierra Colonia project is located in a similar geological environment as the Cerro Solo deposit. Highlights from the sampling at the Company's Sierra Colonia project include 0.53% U3O8 over a width of 0.5 m in chip samples taken at the Cañadon Lillo Zone.
TC Property (1,355 km2 including licences granted and under application) - Surficial mineralization was discovered by Blue Sky in 2011 while prospecting and carrying out surface radiometric surveys in the area of the property on this property located east of the Sierra Colonia property and in a similar geological environment to Sierra Colonia. The objective will be to identify drill targets on surficial and near-surface sandstone-type mineralization. Ground radiometric surveys and surface rock sampling, hand pit excavations and trenching are also planned.
1 CNEA web site with information dated June 5, 2009 and December 13, 2005. These statements are not compliant with National Instrument 43-101
About Blue Sky Uranium Corp.
Blue Sky is one of Argentina's leading uranium exploration companies with more than 5,000 km2 of tenements. The Company's mission is to deliver exceptional returns to shareholders by acquiring, exploring and advancing a portfolio of uranium projects with an emphasis on surficial deposits, in Argentina and other jurisdictions.
The Company recently entered into a MOU with AREVA to jointly explore Argentina for uranium deposits. The partnership will take full advantage of AREVA's vast global experience, Blue Sky's technical team and the Company's well established presence throughout Argentina (see press release of January 4, 2012 for complete details).
The Company is a member of the Grosso Group, a resource management group with experience in South America since 1993. As a member company of the Grosso Group, Blue Sky benefits from the signing of an agreement in principle for a strategic alliance with the Government of the Rio Negro province, Argentina, for the purpose of jointly exploring the potential for commercial mining activity. Argentina has an advanced nuclear industry, centered in the Rio Negro Province.
ON BEHALF OF THE BOARD
Mr. Normand Champigny, President and COO
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This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.