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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of March, 2004
International Uranium Corporation
(Translation of registrant's name into English)
Independence Plaza, Suite 950, 1050 Seventeenth Street, Denver, CO 80265
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [ ] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-____________________.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
International Uranium Corporation
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(Registrant)
Date: April 15, 2004 By: /s/ Ron F. Hochstein
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Ron F. Hochstein, President
EXHIBIT INDEX
Exhibit Number Description
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1 Press Release dated March 3, 2004
2 Press Release dated March 8, 2004
Exhibit 1
Contact: Sophia Shane INTERNATIONAL URANIUM CORPORATION [LOGO -
Tel: (604) 689-7842 2101, 885 West Georgia Street INTERNATIONAL
Fax: (604) 689-4250 Vancouver, British Columbia URANIUM
Canada V6C 3E8 www.intluranium.com CORPORATION /
JNR
CONTACT: RICK KUSMIRSKI JNR RESOURCES INC. RESOURCES
Tel: (306) 249-3562 P.O. Box 26061 INC.]
Fax: (306) 975-1059 Saskatoon, SK S7K 7H9
JOINT PRESS RELEASE
HIGH GRADE URANIUM INTERSECTED AT MOORE LAKE
March 3, 2004 (IUC - TSX) ... International Uranium Corporation and JNR
Resources Inc. (the "Companies") are pleased to announce that additional high
grade uranium mineralization has been intersected in two holes at the Moore Lake
uranium project in the Athabasca Basin of northern Saskatchewan.
Lukas Lundin, Chairman of International Uranium, commented, "We seem to be onto
something here at Moore Lake - the results from both of the new holes were
better than the discovery hole - the project is exhibiting the earmarks of a
significant uranium system."
The two new high grade intercepts are in holes ML-29 and ML-35 and are each 50
metre step-outs west of the high-grade Maverick discovery hole (ML-25).
Hole ML-29, based on probe results, returned a grade equivalent of 1.3% U(3)O(8)
over 7.5 metres (261.5 to 269.0 m), including 2.3 metres of 3.6% U(3)O(8).
Within the higher grade core there was one continuous 0.5 metre sample that
assayed 7.91% U(3)O(8), as well as 3.65% nickel, 1.6% copper, 0.9% cobalt, 0.7%
zinc, 0.35% total rare earths and 5 g/t silver. The presence of high levels of
these "pathfinder" elements is significant in that this association is unique
and common to the larger unconformity uranium deposits in the Athabasca Basin.
Hole ML-35 intersected 11.1 metres of uranium mineralization (262.4 to 273.5 m).
The upper 4.9 metres was low-grade sandstone-hosted mineralization that assayed
0.05% U(3)O(8). Immediately beneath that was a 0.7 metre section of lost core,
followed by 5.5 metres that assayed 1.61% U(3)O(8), including a 1.5 metre
interval grading 5.3% U(3)O(8). The 0.7 metre lost core interval returned a
grade equivalent of 2.69% U(3)O(8), based on probe results.
For reference, the Maverick discovery hole, ML-25, assayed 9.1 metres of 0.62%
U(3)O(8), including a 4.8 metre interval of 1.2% U(3)O(8), and an interval
grading 12% U(3)O(8) over 0.4 metres.
Core losses through the mineralized zone, due to intense alteration and
structural disruption, are common in this type of uranium mineralization. The
holes are tested with a Mount Sopris short crystal probe, which measures gamma
radiation to estimate U(3)O(8) grade, standard procedure in these deposits. The
recovered core is split and assayed. The chemical assays are the preferred
method to estimate grade; however when core recovery is poor, as in the case of
hole ML-29, the probe results are relied upon. The attached table shows the
probe and assay results as well as core recovery from holes ML-29 and 35.
Three other holes were drilled on the Maverick Zone in this program. ML-28
deviated badly and finished well southeast of the target. ML-30 intersected a
broad 15-metre wide zone of weak mineralization including an interval of 3.2
metres grading 0.151% U(3)O(8). ML-31 intersected the footwall of the
mineralized zone and will require follow up. This hole returned highly anomalous
uranium values throughout the sandstone and basement rocks.
In addition, three reconnaissance-scale step-out holes were drilled to the
northeast of the Maverick Zone along the same structural corridor that hosts the
known mineralization. The results from these reconnaissance holes (ML-32, ML-33
and ML-34) are encouraging and indicate that the mineralizing system continues a
minimum of 500 metres to the northeast of the section containing the discovery
hole. All three reconnaissance holes intersected strong alteration and
structural disruption in the basal portion of the sandstone column, accompanied
by highly anomalous levels of uranium, lead and boron. Furthermore all three
holes intersected significant widths of strongly altered, sheared and brecciated
graphitic pelites beneath the unconformity. These rocks also exhibited anomalous
radioactivity and low grade uranium mineralization over several metres with
individual samples returning up to 0.66% U(3)O(8) over 0.5 metres along with
highly anomalous levels of nickel, lead, vanadium, zinc, boron and copper. The
best results were from ML-34, which was collared the furthest from the discovery
hole.
HOLE 29
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FROM TO INTERVAL CORE RECOVERY PROBE ASSAY
(M) (M) (% U(3)O(8)) (% U(3)O(8))
------ ------ -------- ------------- ----------- -----------
261.50 264.30 2.80 50% 0.081 1.13
264.30 266.10 1.80 50% 3.95 2.86
266.10 266.60 0.50 100% 2.73 7.91
266.60 269.00 2.40 25% 0.41 0.10
HOLE 35
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FROM TO INTERVAL CORE RECOVERY PROBE ASSAY
(M) (M) (% U(3)O(8)) (% U(3)O(8))
------ ------ -------- ------------- ----------- -----------
262.40 267.30 4.90 95% 0.033 0.049
267.30 268.00 0.70 0% 2.69 -
268.00 268.50 0.50 100% 8.154 8.77
268.50 269.00 0.50 100% 1.46 6.76
269.00 273.50 4.50 100% 0.17 0.24
The Companies also completed a field program of 30 kilometres of line cutting
and electromagnetic (EM) surveying and 8 kilometres of gravity surveying over
the Maverick zone and probable strike extensions to the northeast and west. The
results indicate that the structural corridor extends a minimum of two
kilometres to the northeast of ML-34. Additional drill targets are also clearly
evident along the westward and northwestward extensions of this feature.
The Companies are very pleased with the results and plan to continue drilling
until spring break-up, and then recommence again in early June; likely with two
drills operating. The focus for the remainder of the winter will be on both
following up uranium mineralization intersected in earlier holes and on testing
high priority drill targets identified by the recently completed geophysical
programs.
Drill core was prepared and assayed by the Saskatchewan Research Council in
accordance with industry standards. Drill results and technical data have been
reviewed by Richard Bailes, P.Geo., a Qualified Person pursuant to NI 43-101.
Statements contained in this news release which are not historical facts are
forward-looking statements that involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following, include:
volatility and sensitivity to market prices for uranium; the impact of the sales
volume of uranium; competition; the impact of change in foreign currency
exchange rates and interest rates; imprecision in reserve estimates;
environmental and safety risks including increased regulatory burdens;
unexpected geological or hydrological conditions; political risks arising from
operating in certain developing countries; a possible deterioration in political
support for nuclear energy; changes in government regulations and policies,
including trade laws and policies; demand for nuclear power; replacement of
production and failure to obtain necessary permits and approvals from government
authorities; weather and other natural phenomena; ability to maintain and
further improve positive labour relations; operating performance of the
facilities; success of planned development projects; and other development and
operating risks. Although IUC believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these statements, which only apply as of the date of this report. IUC
disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARDS
Ron F. Hochstein Rick Kusmirski
President President
[GRAPHIC - FULL PAGE MAP OF MOORE LAKE PROJECT MAVERICK AREA DRILLING]
Exhibit 2
Contact: Sophia Shane 2101, 885 West Georgia Street [LOGO -
Corporate Development Vancouver, British Columbia INTERNATIONAL
Tel: (604) 689-7842 Canada V6C 3E8 URANIUM
Fax: (604) 689-4250 www.intluranium.com CORPORATION]
PRESS RELEASE
IUC TO SELL COPPER-GOLD MONGOLIAN EXPLORATION PROPERTIES TO FORTRESS IT CORP.
FOR 28 MILLION SHARES
March 8, 2004 (IUC - TSX)... International Uranium Corporation ("IUC") is
pleased to announce that IUC has entered into a letter of intent dated March 1,
2004 to transfer to Fortress IT Corp. ("Fortress") its Bermudan subsidiary
holding all of its precious metal and base metal exploration properties in
Mongolia (the "Properties"), in consideration for 28 million shares of Fortress
(the "Transaction"). The shares will be issued at a deemed price of $0.1125 each
based on expenditures incurred by IUC to date on the Properties of approximately
US$2.4 million. Please see attached map.
Fortress has negotiated a private placement of 10,000,000 shares at $0.12 each
to raise gross proceeds of $1,200,000 to be used for property payments,
exploration programs on the Properties and initial working capital requirements.
The transaction will constitute a reverse take-over of Fortress. On closing,
there will be 47,593,838 shares of Fortress outstanding and IUC (through a
subsidiary) will own 58.8% of these shares.
IUC will continue to hold its significant uranium deposits in Mongolia and is
currently evaluating restarting exploration on those properties.
Ron Hochstein, President of IUC, commented, "This transaction allows IUC to
fully focus on its uranium assets. Being the majority shareholder in Fortress,
we will still participate in the upside potential of the Mongolian copper/gold
exploration."
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and in the U.S. including a fully permitted 2,000
ton per day uranium mill near Blanding, Utah (one of only two operating uranium
mills in the U.S.), as well as uranium exploration properties in the Athabasca
Region in Canada. The Company also processes and recycles uranium-bearing waste
materials as an environmentally superior alternative to direct disposal.
Statements contained in this news release which are not historical facts are
forward-looking statements that involve risks, uncertainties and other factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause such
differences, without limiting the generality of the following, include:
volatility and sensitivity to market prices for uranium; the impact of the sales
volume of uranium; competition; the impact of change in foreign currency
exchange rates and interest rates; imprecision in reserve estimates;
environmental and safety risks including increased regulatory burdens;
unexpected geological or hydrological conditions; political risks arising from
operating in certain developing countries; a possible deterioration in political
support for nuclear energy; changes in government regulations and policies,
including trade laws and policies; demand for nuclear power; replacement of
production and failure to obtain necessary permits and approvals from government
authorities; weather and other natural phenomena; ability to maintain and
further improve positive labour relations; operating performance of the
facilities; success of planned development projects; and other development and
operating risks. Although IUC believes that the assumptions inherent in the
forward-looking statements are reasonable, undue reliance should not be placed
on these statements, which only apply as of the date of this report. IUC
disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
ON BEHALF OF THE BOARD
Ron F. Hochstein
President