Virgin River Project, Northern Saskatchewan, Canada The Virgin River Project, totaling over 30,500 hectares, lies in the Athabasca Basin of northern Saskatchewan which hosts several of the world's largest and richest uranium deposits with gross metal values in excess of six billion dollars (see map below). The project is under a joint venture agreement with UEM Inc., a corporation owned 50% by Cameco and 50% by Areva of France. Located within the south-central portion of the Athabasca Basin in northern Saskatchewan, the project is a joint venture formed in 1998 between Formation Capital Corporation's wholly owned Canadian subsidiary, Coronation Mines Limited, and UEM, jointly owned by Cameco Corporation and by AREVA Resources Canada Inc. Coronation Mines Limited owns 2% of the project with a right to increase its ownership of the project up to 10% under a first right of offer. Over $12 million has been spent to date in the exploration for a large unconformity-type uranium deposit. Exploration expenditures continue with a budgeted $5.5 million diamond drill program planned for 2008. The 2008 drill programme is following up on the 2007 and 2006 diamond drilling exploration programmes. These programmes are focused on follow-up of the very significant diamond drilling uranium intersections previously encountered in drill hole VR18 tabled below: Assay results from the 2004, 2005, 2006 and 2007 drill programs are are tabled below: Summary of 2004 & 2005 Virgin River Centennial Zone Diamond Drill Results: Summary of 2006 Virgin River Centennial Zone Diamond Drill Results: click to enlarge Summary of summer 2007 Virgin River Centennial Zone Diamond Drill Results: click to enlarge Note that the grade thickness (GT) product in DDH VR-027W2 (GT=133.28) is the highest obtained to date in the Centennial Zone. According to the project operator the pathfinder element signature in DDH VR-18 compares favorably to that observed in Cameco's McArthur River project. The McArthur River operation is the world's largest known deposit of high-grade uranium. Previous drilling encountered significant uranium intersections that now comprise the "Centennial Zone", and according to Cameco, the uranium intersections obtained in the Centennial Zone are the most significant ever encountered along the entire Dufferin / Virgin River Trend in more than 25 years of exploration. The highest grade uranium mineralization to date has been encountered in this latest round of drilling and validated a newly developed geological interpretation of the mineralizing system. The Centennial Zone has now been defined over a strike length of at least 550 metres and remains open for expansion along the strike to the south. The zone contains significant uranium contents (up to 52.2% U308) over appreciable widths (up to 19.2 m) yielding grade-thickness products (GT) of up to 133.32. A maximum grades of up to 25.6% U308 over 0.5 m and 52.2% U3O8 over 0.3 m have been obtained in two separate holes thereby clearly demonstrating potential for high grade uranium mineralization. Drilling continues on the project with a second drill rig being mobilized to expedite exploration and development. Further information is available in the Company's news release section of the website. Click to Enlarge Click to Enlarge   Gold/Silver Projects Morning Glory Project Compass Lake Project El Milagro Project Queen of the Hills Project   Cobalt/Copper/Gold Projects Idaho Cobalt Project Black Pine Project   Uranium Projects Kernaghan Lake Project Virgin River Project Corporate Info | News | Projects | Properties | Investor Info | Contact Us | QwikReport | Disclaimer | Home Copyright © 2004 Formation Capital Corporation All Rights Reserved.