Market Pulse Breaking News Alert for Monday, June 9, 2008: BCFT -- Bancroft Uranium Reviewing Potential Southern Africa Uranium
09 Juin 2008 - 2:45PM
Marketwired
ATLANTA, GA , Tumbleweed Communications Corp. (NASDAQ: TMWD),
Yahoo! Inc. (NASDAQ: YHOO) and National Semiconductor Corp. (NYSE:
NSM).
Investors need to be watching Bancroft Uranium Inc. (OTCBB:
BCFT) this AM! Bancroft Uranium is an emerging mining company
focused on the exploration and development of previously
identified, historically significant, yet undeveloped known uranium
properties. Bancroft controls an extensive regional play totaling
over 9,000 acres of mineral claims in Ontario, Canada that are
prospective for uranium. 2,700 acres are currently under lease and
being explored at the Monmouth Project (two hours north of
Toronto). The Monmouth Uranium Project is envisioned to have the
potential of a low cost, open pit uranium producer located close to
infrastructure and end product buyers. Uranium was discovered at
this prospect in the early 1950s when prices were less than $10.00
per pound. The Bancroft area is well known for its long history in
uranium mining, having produced a total of 14,862,653 lbs U3O8
between 1956 and 1982 from four local mines. In 1968, an
engineering report by S.W. Evans was filed as a listing prospectus
to the Toronto Stock Exchange for Northern Nuclear, the owner at
that time. The report estimated from drill results the potential of
2 million tons containing 0.045% (0.9 pounds per ton) or 1,800,000
pounds of U3O8. Bancroft commenced a 2008 surface diamond drilling
program on February 25th that was designed to drill in areas that
returned historic drill results from the 1968 program. Once the
drill program is complete, engineers will undertake a geological
report which will ultimately lead to a uranium resource calculation
of the in-situ tons and contained pounds of uranium. The company
has also begun early stage efforts in the Long Lac area and the
prolific Elliot Lake Uranium camp. Recent unprecedented rises in
the price of Uranium have been over $90 per pound recently with
extraordinary fluctuations exceeding $135/lb. These prices reflect
a 1000% increase over the past 7 years -- with most of these gains
occurring within the past 2 years. Currently, 439 active reactors,
34 new power reactors are under construction and 304 plants are on
order/planned or proposed. Existing global supply does not meet
current demand thereby creating significant opportunities for
long-term growth. The company is led by a highly skilled and
experienced board with noteworthy success in managing mineral
exploration projects from early stage to production. Bancroft
Uranium is poised to become a significant player in the uranium
industry! Bancroft Uranium just had excellent news out in a press
release before today's opening bell announcing that the company is
in the process of reviewing potential acquisition opportunities in
Southern Africa! Bancroft Uranium also said the uranium prospects
in Namibia are excellent and Namibia is forecast to be the world's
leading exporter of uranium by 2015! Investors should be watching
this one closely!
Bancroft Uranium Inc. (OTCBB: BCFT) announces that the Company
is in the process of reviewing potential acquisition opportunities
in Southern Africa.
Bancroft President Paul Leslie Hammond and the Company
engineering team have just returned from three week property
evaluation trip to Africa. Primarily, Bancroft representatives were
reviewing the potential for participation in a uranium development
project in Namibia. In addition, the Company also reviewed the
possibility of entering into other commodity projects in South
Africa and Zimbabwe. These commodity projects related to gold,
platinum, manganese and coal.
Mr. Hammond stated that he was ?extremely pleased with the
quality and quantity of the opportunities presented to the Company
in Southern Africa. The overall potential of being able to acquire
a large project at reasonable cost is great. The uranium prospects
in Namibia are excellent and Namibia is forecast to be the world?s
leading exporter of uranium by 2015.?
Bancroft will continue to update the public on these recent
developments following the culmination of the current, ongoing
negotiations with other parties.
For inquiries from the public and media concerning the Monmouth
Uranium Project please contact Greenspirit Strategies at 1-877-54
GREEN or 1-877-544-7336. For shareholder and investor information
please contact investor relations at 1-866-860-2995.
About Bancroft Uranium Inc.
Bancroft Uranium Inc. is an exploration Company which intends to
develop Uranium assets in North America. Bancroft?s initial asset,
the Monmouth Uranium Project is envisioned to have the potential of
a low cost, open pit uranium producer located close to
infrastructure and end product buyers. To find out more about
Bancroft Uranium Inc. (OTCBB: BCFT), visit their website at
www.bancrofturanium.com.
Stocks in the news and acting well as of late include:
Tumbleweed Communications Corp. (NASDAQ: TMWD), Yahoo! Inc.
(NASDAQ: YHOO) and National Semiconductor Corp. (NYSE: NSM).
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