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Longtom Uranium Discovery

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More big news from the exciting world of uranium exploration. Uranium was discovered today by joint venture between Fronteer Development Corp. (FRG.V), Northwestern Mineral Ventures Inc. (NWT.TO) and Alberta Star Development Corp. (ASX.V).

Drilling intersected:

  • 1.68% U3O8 over 1.0 metre at a down hole depth of 80 metres. This Uranium intercept was part of a broader interval that returned 0.56% U3O8 over 3.0 metres.

  • 0.16% U3O8 over 1.0 metres was intersected at a depth of 51 metres in the same hole.

  • Fronteer Development Group Inc.

    Northwestern Mineral Ventures Inc.

    Alberta Star Development Corp.

    The venture is structured as follows:

    Fronteer has the option to earn a 75-per-cent interest in the Longtom Lake property from Alberta Star by paying $15,000 in cash and spending a total of $500,000 on exploration over three years. Fronteer will be the operator of the program during the earn-in period. The agreement is subject to TSX Venture Exchange approval.

    Northwestern is earning a 50-per-cent interest in the Longtom property by completing $5.0-million in exploration work by September, 2008. Based on the current and projected price of uranium, Northwestern's management team has asked Fronteer, as operator, to prepare a follow-up program on the Longtom property. This program will explore and expand uranium targets over the course of the next year.

    To summarize the interests:
  • Alberta Star 25%
  • Fronteer Development 25% on spending $500,000
  • Northwestern Mineral Ventures 50% on spending $5,000,000

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