Northern Continental Resources - Uranium company to watch in 2008

[deeper]

Thought I'd bring this company to your attention, as it offers real "Blue Sky" potential for 2008.

 

2008 Russell Lake Exploration Program Now Under Way; Includes Drilling of 21 Holes on 7 Target Areas

News Release NR 08-05

 

Vancouver, BC - Northern Continental Resources Inc. (TSX-V: NCR) announces that all permits have been received and the 2008 exploration program has begun on the Russell Lake Uranium Project, located in the eastern Athabasca Basin of northern Saskatchewan. The large, (+113,000 acres) Russell Lake Project is situated between Key Lake and McArthur River, two of the richest high-grade uranium mines in the world.

 

The initial $3.5 million program, operated by NCR, includes 10,500 metres of diamond drilling in 21 holes at an average depth of 500 metres, utilizing two drilling rigs supplied and crewed by Cyr Drilling International Ltd. Concurrent with the drilling, 200 km. Of electromagnetic and resistivity surveys will be conducted. Aurora Geosciences is providing geological support and a road-accessible winterized camp.

 

Due to its large size and numerous favourable geological indicators NCR has identified an initial 10 target areas within the Russell Lake Project. Follow-up drilling will be conducted on all these target areas depending on results.

 

* Grayling Zone - 3 holes where drilling intersected 3.45% U3O8 over 0.3 metres and 0.40% U3O8 over 3.75 metres, and where a recent drill hole intersected a dissolution zone in the basement rocks in the vicinity of this mineralization.

 

* Grayling East - 2 holes where a resistivity anomaly indicates an alteration halo overlying the East Grayling conductor. Recent seismic surveying has also located a significant structure at this location.

 

* Powerline - 2 holes where a significant prospective structure was found by recent magnetic, seismic and gravity surveys.

 

* Fox Lake Trail - 3 holes where historical conductors are defined by moving loop and T.E.M. electromagnetic surveys.

 

* Taylor Bay - 5 holes where a series of conductors is outlined by recent electromagnetic geophysical surveys.

 

* Blue Steel - 3 holes where a historical drill hole encountered a significant alteration zone in the sandstone and a quartzite unit in the basement rocks. This conductor was further defined by recent electromagnetic surveys. A lake sediment uranium anomaly also overlies the conductor.

 

* Big Bend - PRO-TEM electromagnetic survey to follow up a significant conductor detected by a recent airborne survey.

 

* Christie Lake - 3 holes, PRO-TEM electromagnetic and resistivity surveys to follow up on a major structure which was discovered by a recent seismic survey and is overlain by a historical conductor.

 

* Morrison Lake - PRO-TEM electromagnetic survey to further define a strong basement conductor located by recent airborne survey.

 

* Boomerang - Moving loop electromagnetic surveys to verify and detail historical conductors.

 

Northern Continental acquired the Russell Lake Project in 1999 from PNC Corporation, a subsidiary of the Japanese government and owns a 60% controlling interest. As one of the first mining exploration companies to anticipate the current strong rise in uranium demand, Northern Continental assessed many other properties in the Athabasca Basin, before concluding that Russell Lake project was the best exploration project in the region. The property is surrounded by uranium mines and deposits - the McArthur River mine (the richest in the world) to the north, past-producing Key Lake mine to the south, and the Millennium and Moore Lake/Maverick deposits to the west and east.

 

Don Simmons, P.Geol., Vice President Exploration has reviewed and approved this news release.

 

For further information on NCR and the Russell Lake Project, visit our website at www.northerncontinental.ca