VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 3, 2006) - Standard Uranium Inc. (TSX VENTURE:URN) (the "Company" or "Standard") wishes to clarify several points in its January 25, 2006 news release providing notification that it had filed a technical report on the Palangana and Hobson Uranium In-Situ Leach (ISL) Project. This report was prepared by Robert E. Blackstone, P.G., of Blackstone and Associates Geological Consulting and is entitled Technical Report on the Palangana and Hobson Uranium In-Situ Leach Project Duval and Karnes Counties, Texas with a date of November 10, 2005. The report can be obtained from SEDAR at www.sedar.com.
In the January 25, 2006 news release, pounds were noted as "pounds of eU3O8". This is incorrect and should have read simply as "pounds of U3O8".
In addition, it was noted that the inferred resource estimate for the NI 43-101 Technical Report used historic thickness and grade data to calculate a new resource that "appeared" to be reliable. The sentence should have stated that Robert E. Blackstone, the Qualified Person that prepared the report, has reviewed the historical data, has accepted it as "reliable", and has reclassified the resources as inferred. It should be noted that the estimation was conducted using uranium industry standard estimation methodologies (CIM) and resulted in the resource being placed in the most conservative "inferred resource" category.
As further clarification of the terms U3O8 and eU3O8 (equivalent U3O8) when referring to percent uranium, eU3O8 is a uranium assay calculated from the counts per second of gamma radiation recorded from a downhole detection device (probe) as it is lowered or raised in the drillhole. Resulting counts per second are recorded at the surface and converted to uranium grade, commonly written and referred to as percent eU3O8 to distinguish this value from, for example, a chemical U3O8 assay, often written as cU3O8. The downhole probe produces a eU3O8 value, which is "equivalent" to a chemical assay.
This news release has been reviewed and approved by Standard's Manager of Business Development Mr. Frank Ludeman (P.G.), a Qualified Person as defined by National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
Standard Uranium Inc. Nathan A. Tewalt President (360) 392-8747 ntewalt@standarduranium.com or Standard Uranium Inc. Kim C. Casswell Corporate Secretary (604) 669-4644 (604) 688-1157 (FAX) kcasswell@standarduranium.com www.standarduranium.com
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
© CCNMatthews
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