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Fa lcon Ene rgy, Inc.
F C Y I
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Is FCYI Ready To Go? If You Think So, You Know what to Do...
VANCOUVER, British Columbia, May 26, 2006 (PRIMEZONE) --
Falcon Energy, Inc. is pleased to announce that it will be
initiating a detailed study for two of the properties for
which it holds exploration licenses in Mongolia. The studies
will be in preparation for a work program on the properties.
Falcon Energy Inc. will seek to engage a geological team to
study its properties and make recommendations for the
commencement of a work program. Both properties hold great
promise for the discovery of significant deposits of
Uranium.
The first property is the Huld License Area (license 9997X)
The Huld license area is located on the territory of
Dashbalbar soum of Dornot province. This property is
situated 650 km NE of Ulaanbaatar and 170 km North of
Choibalsan /province center/ and 50 km NE of the significant
Mardai Uranium deposit. Production of Uranium ore from the
Mardai deposit has ranged up to 195 tons annually.
The second property is the Har Tolgoi License Area (license
9996X)
The license area is located at the joint part of
Tuvshinshiree, Monhhaan and Uubayan soums of Suhbaatar
province. The Har Tolgoi license area comprises a total of
12,319 hectares.
With the current bull market for Uranium, a number of
companies are currently very active in Uranium exploration.
The Western Prospector's team is focused on the a uranium
project located in North-Eastern Mongolia with the 2006
exploration program, budgeted at US$16 million. UGL
Enterprises also has holdings and great interest in the
area.
Current major Uranium discoveries in Mongolia include the
Dornod Deposit which has 40,128,000 pounds grading 0.118%,
31,664,000 pounds grading 0.177% and 26,349,000 pounds
grading 0.236% and the Gurvanbulag project (Western
Prospector) which has a reported resource of 22,679,160
pounds grading 0.245% and an additional 19,183,616 pounds
grading 0.135% (source: National Bank report February 25,
2005).
Despite uranium spot prices in 2000 that touched lows of
less than US$7.00 per pound for U3O8, the spot price has
since increased to over US$37.00 per pound (January 30,
2006), and the long term Uranium market outlook remains
positive with increased consumption, and future downtrend of
secondary uranium sources.
Uranium Deposits in Mongolia
Soviet and Mongolian geologists began exploring for uranium
in Mongolia in the 1940s. From 1967 to 1988 more systematic
exploration for uranium was undertaken, and four major
uranium deposits were defined in Mongolia, the Priargun,
Gobi-Tamtsag, Khentii-Daur, and Northern Mongolian uranium
provinces. Uranium deposits of economic value were
discovered in the Dornod, Gurvanbulag, and Mardai areas of
eastern Mongolia and the Kharaat area of southern Mongolia.
The proven Uranium resources of Mongolia in these deposits
are about 62,000 metric tons,
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