TSX VENTURE EXCHANGE: GBM
TORONTO, Oct. 25, 2013 /CNW/ - Golden Bridge Mining
Corporation ("Golden Bridge" or "the Company") (TSX-V: GBM) is
pleased to announce the Company has acquired by staking a total of
3,656.82 hectares (9,036.20 acres) of claims prospective for
uranium mineralization in the prolific Athabasca Basin, located in Saskatchewan, Canada. This property is located
in the vicinity of the recent discovery near Patterson Lake in
Northern Saskatchewan by Alpha
Minerals Inc. and Fission Energy Corp.
The Athabasca
Basin regional magnetic data (Source: Geological Survey of
Canada (GSC) Open Files 6817,
Release date 15 June 2011) shows a
similar signature of the Golden Bridge property to that of the
Alpha Minerals Inc. recent discovery property, Patterson Lake South. The 3D geological model of
Athabasca uranium generated by the
Saskatchewan Ministry of the
Economy "3-D File 2012-1" shows that the Golden Bridge property is
located in a favourable geological structure zone.
In Canada, the
Athabasca Basin is a region in the
Canadian Shield and is located across the northern Saskatchewan and Alberta border. It is best known as the
world's leading source of high grade uranium and currently supplies
approximately 15% of the world's uranium consumption (World Nuclear
Association). The basin is west of Wollaston Lake and south of Lake Athabasca,
and covers about 100,000 sq. km mostly in Saskatchewan with a small portion in
Alberta. The basin is mainly
sandstone from 100 to 1,000 metres in depth and uranium is found
mostly at the base of the sandstone where it reaches the basement
(Source: investcom.com-uranium-Athabasca).
The first uranium mine in this region was the
Rabbit Lake Mine, which is the longest operating uranium production
facility and the second largest uranium milling facility in the
western world. Another significant discovery of uranium took place
in Key Lake in 1975, which produced over 95,000 tonnes of U3O8.
Since 1968, over 700,000 tonnes of U308 have been produced in this
region.
The technical information above has been
prepared in accordance with the Canadian regulatory requirements
set out in National Instrument 43-101 and has been reviewed on
behalf of Golden Bridge by Dr. Wei
Qian, P. Geo., a Qualified Person.
About Golden Bridge Mining
Corporation
Golden Bridge was incorporated under the laws of
the Province of Ontario and is
engaged in mineral resource exploration and development in
Canada. The Company is classified
as a Tier 2 "Mineral Exploration" issuer company listed on the TSX
Venture Exchange.
READER ADVISORY
The TSX Venture Exchange Inc. has neither
approved nor disapproved the contents of this press
release.
Statements in this press release may contain
forward-looking information. Any statements that are contained in
this press release that are not statements of historical fact may
be deemed to be forward looking statements. Forward-looking
statements are often identified by terms such as "may", "should",
"anticipate", "expects" and similar expressions. Forward-looking
information in this press release includes the prospective nature
of uranium mineralization on the property acquired and the relative
merit and production potential of the acquired property as compared
to existing uranium mines in the Athabasca Basin. The reader is cautioned that
assumptions used in the preparation of any forward-looking
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted, as
a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Golden
Bridge. The reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary
statement.
The forward-looking statements contained in
this press release are made as of the date of this press release,
and Golden Bridge does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by securities
law.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE
CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED
HEREIN IN THE UNITED
STATES.
ON BEHALF OF THE BOARD OF DIRECTORS
"Charles Qin"
Charles Qin,
Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Golden Bridge Mining Corporation