N@N

ESO - FISSION DISCOVER URANIUM BOULDER TRAIN WITH ";OFF-SCALE"; RADIOACTIVITY AT PATTERSON LAKE SOUTH PROPERTY

^{Published on 2011-06-27 05:05:37 - Market Wire}
 

Trading Symbol TSX-V - ESO
Frankfurt - E2G

VANCOUVER, June 27, 2011 /CNW/ - ESO Uranium Corp. (TSX-V: ESO), (the "Company" or "ESO") and its 50% Joint Venture partner Fission Energy Ltd (TSX-V: FIS) announce that recent field work on their Patterson Lake South Property, located along the south-west margin of Saskatchewan's Athabasca Basin, has resulted in the discovery of a significant 4 km long uranium boulder train.

Of the fifty-four uranium boulders and hotspots in soils identified to date, twenty-nine or 54% gave "off-scale" (> 9,999 counts per second [cps]) radioactive readings, as measured by hand held Exploranium GR-110G total count gamma-ray scintillometers.  Samples from these sites will be sent for assay this week.

The ongoing field program, which includes a radon survey, soil sampling, and boulder prospecting, will prioritize locating and tracing the source and extent of the boulders. Investigation of uranium boulder trains has led to the discovery of several major uranium deposits in the Athabasca Basin, including some of those of the nearby former producing Cluff Lake Mine (>60 million lbs produced).

Observations noted by the Joint Venture team in the field include:

• Radioactive boulders were located on the first day of the current field program, a program that was directed by results of an airborne radiometric survey carried out by Special Projects Inc in October 2009 (see news release dated April 12, 2010).
• The highly mineralized boulders are soft, friable and easily broken down to cover small fragments and are associated, predominantly, with basement metasedimentary boulders and suggest a significant bed rock source in an area of pre-Athabasca basement rocks, having the potential to host high grade mineralization.  While there is no certainty that any in situ uranium deposits will be discovered on the property, boulder mineralization appears to be analogous to the Cluff Lake and Millennium deposits.
• Typically the mineralized boulders are soft, friable and easily broken down to small fragments that are associated, predominantly, with basement metasedimentary boulders.
• This, and the large number of boulders identified, indicate a potentially nearby bed rock source in an area of pre-Athabasca basement rocks. The source has the potential to be high grade mineralization, analogous to the deposits mined at Cluff Lake, and located at the Roughrider and the Millennium deposits.
• The boulder train is located only 1.5 km west of the all weather Provincial Highway 955, which runs north to the former producing Cluff Lake Mine.
• Further exploration for the very shallow targets expected, with reasonable road access suggest relatively low costs of exploration going forward.

Garrett Ainsworth, ESO's Project Manager on site, on behalf of the Patterson Lake Joint Venture, commented: "The convergence of the airborne survey and the exciting field discovery we have made here has mapped the value of an exploration program based on good science and flexible thinking when considering models and targets. Based on all data gathered to date we strongly feel that there is high potential for a relatively shallow, high grade uranium target." 

Ross McElroy, Fission's President & COO, on behalf of the Patterson Lake South Joint Venture, commented, "The team is excited by the discovery of this significant boulder train so early in our field program.  The number and size of anomalous samples and the pattern of dispersion, together, lead us to believe we may be close to the source, well within our claim block."

Patterson Lake South Property

The Patterson Lake South property is a 50%/50% Joint Venture held with Fission Energy (TSX-V : FIS). The project covers 13,233 ha (more than 30,000 acres) in 8 mineral claims on the southwest margin of the Athabasca Basin in the Broach Lake - Patterson Lake area.  The Patterson Lake South Property is accessible by road with primary access from all weather Highway 955, which runs north to the former Cluff Lake mine, and passes through the nearby UEX-Areva Shea Creek discoveries (approximately 100,000,000 lbs uranium in a combined indicated and inferred resource estimate from 2010) located 50km to the north, currently under continuing active exploration and development. The Patterson Lake South JV project is jointly operated by Fission and ESO.

A map highlighting the summer 2011 exploration program at Patterson Lake South can be found on the Company's website at [ www.ESOUranium.com ].

B. Ainsworth, PEng BC, is the Qualified Person responsible for the technical disclosure  contained in this news release.

On behalf of the Board of Directors of ESO Uranium Corp.

THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE does not accept responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements".  These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding the Donna Gold Property. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially.  For these reasons shareholders should not place undue reliance on such forward-looking information.

United States residents are cautioned that some of the information that may be published by ESO Uranium Corp. may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.