VANCOUVER, British Columbia, Feb. 13, 2007 (PRIME NEWSWIRE) -- Steven Schurman, CEO, Professional Geologist (US), reports:
Running Fox (TSX-V:RUN) (Pink Sheets:RFXRF) (Frankfurt:C8Q) has entered into an agreement to acquire four uranium prospects all located in the Athabaska Uranium District in Northern Saskatchewan, Canada. The four prospects have been entirely encompassed by a 100,000 acre exploration permit.
The project area is northwest of Uranium City, Saskatchewan, and about 40 km due north of the Cameco Corporation owned /operated Maurice Bay Uranium Deposit.
The properties were explored by uranium companies in the 1960's and 1970's, with many uranium indicators and uranium occurrences present, with numerous significant chip and grab samples, and up to 15,000 c.p.s. radioactivity readings, all leading to more advanced exploration, including trenching and diamond drilling.
Previous diamond drilling on the prospects encountered significant uranium grades of up to 0.42% U3O8 over 5 feet, and previous trenching grades up to 0.50% U3O8 over 3.3 feet.
Overall, the 100,000 acres have good potential for Beaverlodge Type Uranium occurrences, which historically produced in excess of 50,000,000 lbs U3O8 until 1982, from several deposits located near Uranium City. The prospects retain a similar geologic setting and style of alteration. Additionally, several uranium occurrences are in close proximity to a regional structure. Terms include 100,000 common shares and a $50,000 payment upon TSX approval, and a further 100,000 common shares and $50,000 in one year. The vendor must also be retained for ongoing professional geologic exploration services at market rates.
Data compilation and review of all historic data will guide a 2007 exploration season. Property maps will soon be available on the website which is being updated at www.foxgold.ca
Several other uranium properties and advanced projects are targeted by Running Fox.
Running Fox is a Canadian small-cap company with three divisions:
1. Oil and Natural Gas Exploration and Production;
2. Energy Sector Oilfield Services, Construction and Technology;
and
3. Mineral Exploration: Uranium and an Advanced High-Grade
Gold Project.
Running Fox first nine months consolidated revenues were $5.150 Million, with more cash-flowing acquisitions being reviewed.
On behalf of the Board of Directors: Steven Schurman, C.E.O, Professional Geologist (US) Running Fox Resource Corp. 403 742 0500 www.foxgold.ca (being updated)
The Company relies on legislation for forward looking statements, seeking safe harbour.