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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 months of July and August, 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 [X] No [X]
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- ________________.
================================================================================
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
(Registrant)
Date: August 31, 2004 By: /s/ Ron F. Hochstein
------------------ ----------------------------
Ron F. Hochstein, President
EXHIBIT INDEX
Exhibit Number Description
-------------- -----------
1 Press Release dated July 14, 2004
2 Press Release dated July 15. 2004
3 Press Release dated August 17, 2004
4 Press Release dated August 19, 2004
5 Press Release dated August 26, 2004
6 Press Release dated August 27, 2004
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
MONGOLIA SHIVEEN GOL COPPER/GOLD UPDATE
JULY 14, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION owns
approximately 63% of the outstanding shares of Fortress Minerals Corp.
("Fortress"). Fortress today reported results from a rock sampling program at
the Shiveen Gol copper/gold project in Mongolia as follows:
Recent rock sampling results from the 100% owned Shiveen Gol, copper-gold
project in NW Mongolia have significantly enhanced the surface extent of known
mineralization. The project is drill-ready and site preparation is underway to
start a proposed drilling campaign of a minimum of 2,000 metres for later this
month.
The Shiveen Gol project is located 1,100 km west of Ulaanbaatar, the capital
city of Mongolia. The project area was first investigated by the current
exploration team in 2003. The mineralization is interpreted to represent an Iron
Oxide Copper Gold (IOCG) system located on the flanks of a large multi-stage
Caldera complex (of approximately 35km(2) size). The current zones of interest
within the Shiveen Gol mineralised system, the "Ring Dyke Zone" (RDZ) and "Sino
Pit Zone" (SPZ) appear to have not been investigated by previous Russian and
Mongolian 'expeditions' as their attention appears to have been focussed on
nearby polymetallic veins. However, it is believed that approximately 10,000
tonnes of rock had been extracted from three pits within the SPZ by ancient
miners (pre-18th Century). The RDZ (1.6km(2)) and SPZ (1km(2)) are located
adjacent to each other and within a few hundred metres of a regional North to
North West trending structure.
The Ring Dyke Zone was recognised at the end of the 2003 field season and
partially investigated by 2 diamond drill holes, a third was started but
terminated prematurely due to bad weather. All three holes intercepted anomalous
copper mineralization in the range 0.1%-0.5% copper. These holes are now
interpreted to be located on the edge of the Shiveen Gol mineralised system as
determined by the results of ground magnetic work and rock geochemistry
completed in 2004.
To-date, a total of 98 rock chip and grab samples have been collected from the
RDZ. Of these samples, 20 assayed in excess of 1% Cu including one continuous 17
metre chip sample returning a value of 2.5% Cu. The maximum value obtained to
date from the RDZ is 5.9% Cu. Precious metal results also indicate that local
enrichment has taken place with results for Au up to 301 ppb, and Ag up to
102ppm.
The recently discovered Sino Pit Zone is approximately 2km by 500m and comprises
disseminated chalcopyrite within quartz monzonites and metamorphosed diorites.
Over 30 rock geochemistry sample results are pending for this zone but of the 36
samples collected to date 22 contain in excess of 0.5% Cu and 5 contain Cu
concentrations in excess of 1% Cu (maximum 1.9% Cu). The SPZ is scheduled to be
drilled in the proposed upcoming drill program.
In summary, the 2004 exploration program at Shiveen Gol has been successful in
significantly increasing the size of the zone of interest from less than 1km(2)
to approximately 2.6km(2). Fortress intends to drill a minimum of 8 to 10 holes
or approximately 2,000m into the Shiveen Gol prospect (RDZ and SPZ zones). The
type of drilling scheduled is a combination Reverse Circulation / Diamond drill
capable of angled holes.
Fortress currently holds 100% interest in 1.75 million hectares of exploration
permits in Mongolia. Besides Shiveen Gol, Fortress is also currently working on
two other exploration fronts in Mongolia, the Erdenet copper-molybdenum (gold)
belt and Huvsgol gold project. Further information on the proposed drilling
program at Shiveen Gol and the exploration progress at the other programs will
be released during the current field season.
Rock samples were prepared and pulped by Analabs (a subsidiary of SGS
Laboratories) in Ulaanbaatar. Acme Analytical Laboratories Ltd., Vancouver
assayed the pulps. Fortress randomly incorporates one of six quality control
laboratory Standards into the analytical procedure. The Standards were provided
by Ore Research and Exploration Pty. Ltd. (Australia) and each Standard has been
evaluated by several recognised mineral testing laboratories in accordance with
International Standards Organisation (ISO) recommendations. The Company's
Qualified Person under National Instrument 43-101 is G.E. (Greg) McKelvey, a
registered geologist in Wyoming and a Certified Professional Geologist in
accordance with the guidelines of the American Institute of Professional
Geologists. Mr. McKelvey is also a member of the Society of Economic Geologists,
and a Fellow of the Geological Society of America.
ON BEHALF OF THE BOARD
Ron F. Hochstein
President
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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.
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
IUC ACQUIRES NEW URANIUM PROPERTIES IN MONGOLIA
JULY 15, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION ("IUC") is
pleased to announce the addition of six new uranium exploration areas to the
"Gurvan Saihan" Joint Venture in Mongolia. IUC is the Managing Director and
Operator and holds a 70% interest in the Mongolia JV, with the Mongolian
government and a Russian geological concern each holding a 15% interest.
With the rising uranium spot market, the Company moved to capitalize on its
local knowledge of prime uranium exploration areas in Mongolia by substantially
adding to its property position. Seven new exploration licenses, in six separate
locales, were recently issued to the JV. These licenses total approximately
540,000 hectares, which brings the Gurvan Saihan Joint Venture's total land
position in Mongolia to 1.65 million hectares.
All of the new license areas are located in the Central Gobi region and lie
along the same regional belt of sedimentary basins that host significant uranium
deposits at the JV's Hairhan and Haraat properties. Please see attached map. The
identified uranium deposits occur in Cretaceous age fluvial and lacustrine
sediments derived from weathering of crystalline basement rocks, including
granites and metamorphic rocks. Uranium mineralization occurs in sandstones,
siltstones, clays and coaley sediments deposited in intermontane basins. The
focus of past and planned uranium exploration is for sandstone-hosted deposits
that can be mined using the "In Situ Leach" ("ISL") method.
The JV's past work included nearly 150,000 meters of drilling and operation of
two ISL pilot tests. The JV has identified inferred uranium resources totalling
21,672,000 @ 0.052% U(3)O(8) for approximately 8,700 tonnes U (22.6 million
pounds U(3)O(8)). These deposits occur at depths of less than 150 meters, and
pilot testing has confirmed that ISL is applicable. The resource estimate was
completed by the JV prior to the implementation of NI 43-101, however, the
Company considers this estimate to be relevant and the best existing estimate of
the resources.
The areas recently licensed are known to have deposits of the Cretaceous
Zuunbayan formation sediments that are the same as the host rocks for uranium
deposits at Hairhan and Haraat. Based on past regional geologic work and
prospecting work performed in 1998-1999, a number of radiometric anomalies and
uranium occurrences have been identified in the new license areas. The Company
is preparing plans to initiate exploration in 2004. Initial work will include
geologic mapping and gamma spectrometric surveys to locate local anomalies in
the host formation. Drilling is presently contemplated for the 2004 work also,
and definitive targets and programs will be developed in the coming weeks.
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and uranium and vanadium deposits in the U.S.
including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the
Company owns approximately 63% of the outstanding shares of Fortress Minerals
Corp., a public company engaged in precious and base metal exploration in
Mongolia.
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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.
United States investors are advised that while the term "inferred" resources is
recognized and required by Canadian regulations, SEC does not recognize that
term. Investors are cautioned not to assume that all or any part of mineral
deposits in this category will ever be converted into reserves.
ON BEHALF OF THE BOARD
Ron F. Hochstein
President
[INTERNATIONAL URANIUM COMPANY (MONGOLIA) LTD.
CONCESSION LOCATION MAP]
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
HIGH GRADE URANIUM ZONE EXPANDED AT MOORE LAKE WITH BEST HOLES RECEIVED TO DATE
AUGUST 17, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION ("IUC") and
JNR Resources Inc. ("JNR") are pleased to provide an update on the summer
diamond drilling program on their Moore Lake uranium project, located in the
Athabasca Basin of northern Saskatchewan. Please see attached map.
The Companies have received the geochemical results for the first three holes
drilled this summer on the high grade Maverick Zone (ML-47 to - 49), and are
pleased to report two new significant uranium intersections in Holes ML-48 and
ML-49.
==============================================================================================
HOLE INTERVAL (m) LENGTH (m) U(3)O(8) %
----------------------------------------------------------------------------------------------
ML-48 269.00-273.70 4.7 4.01
including 270.00-272.70 2.7 6.74
----------------------------------------------------------------------------------------------
ML-49 262.00-266.50 4.5 2.41
Including 262.50-265.00 2.5 4.17
----------------------------------------------------------------------------------------------
ML-47 269.05-278.05 9.0 0.30*
including 273.05-275.85 2.8 0.64*
==============================================================================================
* grade equivalent
Holes ML-48 and ML-49 were progressive 17 meter stepouts to the west of ML-25
(the discovery hole), and represent the best intersections to date on the
property. Of note, while the uranium mineralization in ML-48 is of the classic
unconformity style, the mineralization in ML-49 is hosted entirely by sandstone.
This variety in mineralization styles, including previously intersected basement
hosted mineralization, is common to uranium deposits in the Athabasca Basin.
ML-47 was drilled south of and on section with ML-31. The results for this hole
were determined from a calibrated downhole probe. Geochemical results are not
available because of the poor core recovery through the mineralized zone. Hole
ML-47 will require follow-up, as it is still in the footwall of the Maverick
structure, with the optimum target still to the south.
The Companies have also received the interpretation from the geophysical surveys
completed on the property earlier this summer. The structural corridor that
hosts the uranium mineralization has been extended to the northeast and west,
and can now be traced over a minimum strike length of three kilometers.
The Companies are very pleased with these results and a second drill crew is
being mobilized. The second drill should be operating within ten days. Assay
results from several other holes are pending and will be released as soon as
available.
Ron Hochstein, President of IUC, commented, "The excellent results we are
receiving from Moore Lake combined with the continuing rise in uranium prices
bodes very well for the project. The high grade uranium zone has been
significantly expanded and we look forward to continued success in the summer
drill program."
Drill core was prepared and analysed by the Saskatchewan Research Council in
accordance with industry standards. Drill results and technical data have been
reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and uranium and vanadium deposits in the U.S.
including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the
Company owns approximately 63% of the outstanding shares of Fortress Minerals
Corp., a public company engaged in precious and base metal exploration in
Mongolia.
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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
[INTERNATIONAL URANIUM CORPORATION
MOORE LAKE PROJECT
MAVERICK AREA DRILLING MAP]
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
NEW HIGH GRADE RESULTS IN FROM MOORE LAKE
INCLUDING 4.4 METRES OF 7.02% U(3)O(8)
AUGUST 19, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION ("IUC") and
JNR Resources Inc., jointly the "Companies", are pleased to announce the latest
results from the summer diamond drilling program currently underway on their
Moore Lake uranium project, located in the Athabasca Basin of northern
Saskatchewan. IUC has an option to earn a 75% interest. Please see attached map.
The Companies have just received the geochemical assays from two additional
holes drilled this summer on the Maverick Zone (ML-54 & -55) and are pleased to
report two new high grade uranium intersections. In fact, ML-55 which
intersected 5.14% U(3)O(8) over 6.2 metres, including a 4.4 metre interval of
7.02% U(3)O(8), represents the best hole drilled to date on the property. ML-54
intersected 3.5 % U(3)O(8) over 5.0 metres; including a 2.5 metre interval of
6.52% U(3)O(8). Of note, is that the 5.0 meter interval in ML-54 also returned
2.4 g/t gold.
==============================================================================================
HOLE INTERVAL (m) LENGTH (m) U(3)O(8) %
----------------------------------------------------------------------------------------------
ML-54 264.50-269.50 5.0 3.50
including 266.00-268.50 2.5 6.52
----------------------------------------------------------------------------------------------
ML-55 263.00-269.20 6.2 5.14
including 263.50-267.90 4.4 7.02
==============================================================================================
ML-54 and -55 were progressive 17 metre stepouts to the west of ML-35. The
mineralization in both holes is associated with pitchblende, a uranium bearing
mineral that is common to high grade deposits. The pitchblende in these two
holes occurs throughout the sandstone matrix and as irregular veinlets
throughout the host rock. The mineralization in ML-54 occurs at the
unconformity, while in ML-55 it occurs in the sandstone, immediately above the
unconformity.
The Companies are very pleased with these results. The summer diamond drilling
program will continue into the fall. Start up of the second drill is on
schedule.
Ron Hochstein, President of IUC, commented, "The summer drilling program at
Moore Lake has been an outstanding success so far - and we're barely half way
through. It's been particularly exciting for us, as recently, each good hole we
get seems to outdo the previous one. With uranium at US $19 per pound and
expected to rise further still, we look forward to the continued success of the
program."
Drill core was prepared and analysed by the Saskatchewan Research Council in
accordance with industry standards. Drill results and technical data have been
reviewed by Richard Kusmirski, P.Geo., a Qualified Person pursuant to NI 43-101.
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and uranium and vanadium deposits in the U.S.
including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the
Company owns approximately 63% of the outstanding shares of Fortress Minerals
Corp., a public company engaged in precious and base metal exploration in
Mongolia.
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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
[INTERNATIONAL URANIUM CORPORATION
MOORE LAKE PROJECT
MAVERICK AREA DRILLING MAP]
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
$4 MILLION PRIVATE PLACEMENT
AUGUST 26, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION ("IUC")
reports that it has agreed to sell on a non-brokered, private placement basis,
up to an aggregate of 1 million Flow Through Common Shares at a price of $4.00
per share for gross proceeds of $4 million.
The gross proceeds of the Flow-Through Shares shall be used for the exploration
of the Company's current Canadian exploration projects. The Company will use its
best efforts to ensure that the exploration expenditures qualify for the
investment expenditure credits for purposes of the Income Tax Act (Canada).
The Company will pay a 4% finder's fee in connection with the private placement.
The private placement is subject to regulatory approval.
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and uranium and vanadium deposits in the U.S.
including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the
Company owns approximately 63% of the outstanding shares of Fortress Minerals
Corp., a public company engaged in precious and base metal exploration in
Mongolia.
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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
CONTACT: SOPHIA SHANE 2101, 885 West Georgia Street INTERNATIONAL
Corporate Development Vancouver, British Columbia URANIUM
Tel: (604) 689-7842 Canada V6C 3E8 CORPORATION
Fax: (604) 689-4250 www.intluranium.com
PRESS RELEASE
PRIVATE PLACEMENT INCREASED
AUGUST 27, 2004 (IUC - TSX) ... INTERNATIONAL URANIUM CORPORATION ("IUC")
reports that it has agreed to increase the private placement announced on August
26, 2004 by up to an additional 250,000 Flow Through Common Shares for
additional gross proceeds of $1 million. A total aggregate of 1,250,000 Flow
Through Common Shares will now be sold at a price of $4.00 per Flow Through
Common Share for total gross proceeds of $5 million. All terms and conditions
remain the same.
The gross proceeds of the Flow-Through Shares shall be used for the exploration
of the Company's current Canadian exploration projects. The Company will use its
best efforts to ensure that the exploration expenditures qualify for the
investment expenditure credits for purposes of the Income Tax Act (Canada).
The private placement is subject to regulatory approval.
IUC is engaged in uranium exploration and production. It holds significant
uranium deposits in Mongolia and uranium and vanadium deposits in the U.S.
including a fully permitted 2,000 ton per day uranium/vanadium 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. In addition, the
Company owns approximately 63% of the outstanding shares of Fortress Minerals
Corp., a public company engaged in precious and base metal exploration in
Mongolia.
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: risks
inherent in exploration activities; volatility and sensitivity to market prices
for uranium and vanadium; the impact of the sales volume of uranium and
vanadium; competition; reliance on income from processing uranium-bearing waste
materials; the impact of change in foreign currency exchange rates and interest
rates; imprecision in resource and reserve estimates; environmental and safety
risks including increased regulatory burdens; changes to reclamation
requirements; 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 release. 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