Myriad Uranium Corp. announced a compilation of significant historic eU3O8 grade intervals at its Copper Mountain project, compiled from cross-sections prepared by Anaconda Uranium (?Anaconda?) in 1997. These cross-sections were found during the Company's ongoing review of proprietary paper-based historical data sets.

The intervals confirm that there is high grade material close to the surface at Copper Mountain and give Myriad a clear path to re- evaluating the resources and confirming the feasibility of mining, taking the Company much closer to production than previously thought. The intervals relate to 82 boreholes drilled into what Anaconda called the ?High Grade Zone? of the Nort Canning deposit by a subsidiary of Union Pacific Railway, Rocky Mountain Energy (?RME?).

RME had intended North Canning to be the centre of a three-pit mine they were planning in the late 1970s. The cross-sections include a significant number of high-grade intervals (up to 0.385% eU3O8) and many long, mineralized intervals (up to 291 feet). Grage-Thickness (GT) products range from the minimum selected 0.3 ft% (equivalent to 0.1% over 3 feet) to 11.55 ft% (represented by 0.05% eU3O8 over 231 feet).

Highlights are set out at table 1 below and a full listing of results from the boreholes are available here. Within the data set compiled, there are 56 intervals >0.1% eU3O8 and 8 intervals >0.2% eU3O8. It should be borne in mind that this represents only a small portion of the total area of data collection for one of the project areas.

Uranium mineralization at Copper Mountain occurs in two distinct geologic environments: Fracture-controlled uranium mineralization hosted in Archaean-aged granite, syenite, isolated occurrences along the margins of diabase dikes and in association with meta-sediment inclusions in granite; and As disseminations in coarse-grained sandstones and coatings on cobbles and boulders in the Tertiary-aged Teepee Trail Formation at the Arrowhead (Little Mo) mine and other localities. Uranium mineralization is thought to have resulted through supergene and hydrothermal enrichment processes. In both cases, the source of the uranium is thought to be the granites of the Owl Creek Mountains.

The pattern of structural features and overall structural setting developed in the southern-most portion of the Archaean granites of the Owl Creek Mountains, and particularly at Copper Mountain, is a key aspect for the localization of uranium mineralization in the project area. Earlier interpretations of the mineralization at Copper Mountain show that the controls on mineralization were not fully understood. Factors such as hydrocarbons, degree of fracturing, and lithologic differences had been considered, generally without solid conclusions that would help in putting shape, grade and predictability to the mineralized areas.

There is evidence to suggest that some of the upper mineralization was depleted in uranium, which was remobilized and fixated in deeper and higher-grade areas and it is unclear if this concept has been fully tested. The grade intervals were calculated as weighted averages using 3-foot composite grades that Anaconda derived from drilling data acquired from RME which conducted uranium exploration in the Copper Mountain area between 1969 to 1982. The grade intervals presented here were captured from cross-sections that Anaconda drafted over an area designated the ?E2 Zone?

or ?Area of Special Interest?, which covers part of the High Grade Zone of the North Canning deposit area as defined by Anaconda (1997). It was previously reported (here) that the Canning deposit contains between 8.79 Mlbs eU3O8 (at 170 ppm average grade) and 19.0 Mlbs eU3O8 (at 390 ppm average grade). The Canning deposit is approximately 4,500 feet (1,372 metres) long in an east-west direction and 1,500 feet (457 metres) wide in a north-south direction.

The main portion is from 100 to 250 feet (30 to 76 metres) below surface and attains a thickness of up to 300 feet (91 metres). A west-northwest trending fault (the Canning Fault) bounds the deposit on the northern side and also controls the High Grade Zone, which contains significantly higher grade uranium than the rest of the deposit area. It is not clear what the Area of Special Interest represents, but it is thought to be one of the areas earmarked for bulk sampling or early mining development by RME.

The presence of higher grades in certain areas along fault trends provides the option of increasing the cut-off grade, should it be feasible to do so. Drilling by RME was conducted using a combination of rotary percussion and core drilling (approximately 10%). Thus, most of the eU3O8 grades were derived from natural gamma (NGAM) logging probes, while a limited check was done using Delayed Fission Neutron (DFN) analysis of core samples.

During RME's investigations at the time, a discrepancy was identified between grades determined by the NGAM and the DFN method. Through extensive investigations by RME and others, it was concluded that the NGAM over-stated highest grades and understated lower grades, when compared to the DFN. The decision was therefore made to err on the side of caution and use the DFN grades for all estimation going forward.

RME therefore converted all NGAM grades to an equivalent DFN grade using a regression curve.