AREVA Funds $2 Million 2013 Exploration Program
Blue Sky Uranium Corp. (TSX-V: BSK, FRA: MAL (WKN: A0MKXP), "Blue Sky" or the "Company") is pleased to announce that AREVA Mines ("AREVA") is funding a $2,000,000 CAD exploration program in 2013 as part of the Memorandum of Understanding ("MOU") that the Company has signed with AREVA to jointly explore for uranium deposits on their Argentina projects (see press release January 4, 2012). Blue Sky will remain the operator of the exploration programs with technical support from AREVA.
"We are very pleased to be partnered with AREVA and with the exploration success we achieved together in 2012. With at least two drill programs planned in the next stage of exploration, 2013 could prove to be a very significant step forward for Blue Sky", stated Sean Hurd, President & CEO. "Based on the work completed to date, the Company believes that the potential exists to define a significant uranium resource on its projects in this newly discovered uranium district."
The 2013 exploration activities that have been planned and approved by the joint Blue Sky / AREVA Technical Committee include drilling on the Sierra Colonia project in Chubut Province and drilling on the IVANA project in Rio Negro Province (Blue Sky has a formal agreement signed by the Governor of Rio Negro to explore for energy related minerals). Other exploration activities in Rio Negro and Chubut Provinces throughout 2013 will include geophysics, auger and pit sampling, water sampling and mapping.
Throughout 2012 AREVA funded Blue Sky to conduct an extensive geological review of Blue Sky's uranium projects in the provinces of Rio Negro and Chubut. This work was conducted by Blue Sky's geological team and supported by AREVA's vast global experience in uranium exploration. The exploration programs in 2012 successfully identified a number of high priority uranium targets and resulted in the company gaining a much greater understanding of the region's geological model as it relates to uranium mineralization.
Exploration work is expected to commence shortly with drilling planned in Q1 2013.
MOU Terms (all dollar amounts in CAD)
- AREVA and Blue Sky form a joint technical committee to direct exploration activities.
- Blue Sky will be the operator in years one and two (2012 and 2013).
- AREVA can select one or two projects and earn 51% interest by:
- Funding $1 million in exploration in year one (2012, completed)
- Funding $2 million in exploration in year two.
- Funding $3 million in year three on the project AREVA selects if only one project is selected, or funding a total of $4 million in exploration on two projects if AREVA selects two projects.
- At the end of year two, Blue Sky will retain a 100% interest in all projects except the one (or two) project(s) AREVA selects to earn a 51% interest.
AREVA supplies solutions for power generation with less carbon. Its expertise and unwavering insistence on safety, security, transparency and ethics are setting the standard, and its responsible development is anchored in a process of continuous improvement. Ranked first in the global nuclear power industry, AREVA's unique integrated offering to utilities covers every stage of the fuel cycle, nuclear reactor design and construction, and related services. The group is also expanding in renewable energies -- wind, solar, bioenergies, hydrogen and storage -- to be one of the top three in this sector worldwide in 2012. With these two major offers, AREVA's 48,000 employees are helping to supply ever safer, cleaner and more economical energy to the greatest number of people.
With the presence on five continents, the Mining Business Group (AREVA Mines) is in charge of exploration for news deposits, uranium ore extraction and processing and site reclamation at the end of mining operations. The group controls a diversified portfolio, with operating mines (Canada, Kazakhstan and Niger) and projects under development (Namibia, Niger, the Central African Republic and Kazakhstan).
About Blue Sky Uranium Corp.
Blue Sky is one of Argentina's best positioned uranium exploration companies with more than 5,000 km2 of tenements. The Company's mission is to acquire, explore and advance a portfolio of uranium projects with an emphasis on surficial deposits, in Argentina and other jurisdictions.
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. Sean Hurd, President and CEO
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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.