U3O8 Corp. receives 1 yr ext.on Reconnaissance permits

U3O8 Corp. reports the government of Guyana has granted Prometheus Resources Inc., its subsidiary, a one-year extension on the company’s Reconnaissance Permits for uranium exploration.

The Reconnaissance Permits (technically termed “Permission for Geological and Geophysical Surveys”) provide U3O8 Corp. with exclusive exploration rights for uranium on its Reconnaissance Permit Areas A and B that total approximately 1.3 million hectares within the Roraima Basin and adjacent basement in Guyana. The Reconnaissance Permit for Area A is now valid until November 23, 2009, and for Area B until May 31, 2010.

U3O8 Corp’s President and CEO, Dr. Richard Spencer says:

“U3O8 Corp’s exploration has progressed on schedule with our first resource estimates targeted for completion by the end of 2008. This one-year extension on our Reconnaissance Permits provides us with an opportunity to apply our holistic and integrated exploration approach for both basement-hosted and unconformity-related uranium deposits more intensely across all of our current holdings.”  “We express our gratitude to the Government of Guyana for recognizing both the substantial commitment that we have already made in exploring our permit areas over the past two years, and the economic potential of U3O8 Corp’s exploration activity in Guyana.”

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