U.S. Energy Corp. Announces Completion of Quality Assurance/Quality Control Program at "Lucky Jack" Molybdenum Project
27 March 2008 - 12:30AM
Marketwired
RIVERTON, WY and its partner, Kobex Resources Ltd. (Kobex)
(TSX-V: KBX), are pleased to provide the following update on the
Lucky Jack Molybdenum Project:
Kobex has completed a quality assurance/quality control (QA/QC)
program on sample rejects from the historical diamond drilling
completed by Amax on the Mt. Emmons molybdenum deposit. Kobex's
QA/QC program included the following steps:
-- Establishment and certification of standard reference materials for the
Project.
-- A total of three standard reference materials were generated from
assay rejects from the previous drilling programs. A fourth
standard reference material (blank) was generated using
unmineralized material from off site.
-- These four standards (one blank and three molybdenum grade based
standards) were prepared by CDN Labs and certified by Smee &
Associates Consulting Ltd.
-- The analytical method employed in the certification stage and
subsequent QA/QC assaying stage involved four acid digestion
followed by ICP-ES finish for molybdenum determination. The
historical database was based on acid digestion with colorometric
finish with assays reported as MoS2. This procedure is no longer
practiced and has been replaced by industry standard procedures
such as the one employed by this program. The current QA/QC
program used molybdenum grades that were converted to MoS2 grades
using a factor of 1.6681 in order to make comparisons to the
historical assay data.
-- A total of 619 samples of assay rejects from the historical core
drilling were selected, representing the overall molybdenum deposit at
Mt. Emmons. Standards and blanks were inserted into the suite of assay
rejects.
-- The assay rejects samples and standards and blanks were analyzed by ALS
Chemex while Skyline Assayers & Laboratories analyzed assay reject
samples only.
The results of the QA/QC program show that the molybdenite grade
reported in the historical database is verified with assays by
independent laboratories using modern analytical techniques and the
requisite QA/QC procedures for exploration. The results of the
program are summarized below.
Lab Number of Samples Amax mean value QA/QC mean value
(% MoS2) (% MoS2)
Chemex 619 0.346 0.322
Skyline 616 0.346 0.328
In general, the outcome of the QA/QC program confirms the
validity of the existing historical assay database. All standards
submitted with the check assay samples fell within the allowed
limits established for the standards, therefore the original assays
are also accurate within industry accepted limits.
Maurice Tagami, Kobex COO, stated, "The results of this recent
QA/QC program show that the historical assay data is verifiable and
that previous estimates of the grade of molybdenum at the Lucky
Jack Project are justifiable."
Keith G. Larsen, CEO of U.S. Energy Corp., stated, "We are
pleased that Kobex has confirmed the verifiability of the
historical assay data and also justified the previous estimates of
molybdenum grade at the Lucky Jacky Project."
Zofia Ashby, P. Eng., a consultant to Kobex, supervised the
QA/QC program and has reviewed the information in this release. Ms.
Ashby is a Qualified Person as defined under National Instrument
43-101.
About U.S. Energy Corp.
U.S. Energy Corp. is a diversified natural resource company with
interests in molybdenum, oil and gas, gold, and real estate. As a
transitional owner of assets, U.S. Energy Corp. acquires properties
on favorable terms, adds value through the application of its
expertise, and exits the investment through a joint venture or sale
to a strategic buyer. While the Company's primary emphasis is upon
investments in the natural resources sector, it is also broadening
its business interests to include cash-flow-generating investments
driven by surging growth created by energy and mining activity in
the intermountain west region of the United States.
The Company is headquartered in Riverton, Wyoming, and its
common stock is listed on The NASDAQ Capital Market under the
symbol "USEG."
Disclosure Regarding Mineral Resources Under SEC and Canadian
Regulations; and Forward-Looking Statements
The Company owns or may come to own stock in companies which are
traded on foreign exchanges, and may have agreements with some of
these companies to acquire and/or develop the Company's mineral
properties. Examples of these other companies are Sutter Gold
Mining Inc. and Kobex Resources Ltd. These other companies are
subject to the reporting requirements of other jurisdictions.
United States residents are cautioned that some of the
information available about our mineral properties, which is
reported by the other companies in foreign jurisdictions, may be
materially different from what the Company is permitted to disclose
in the United States.
This news release includes statements which may constitute
"forward-looking" statements, usually containing the words
"believe," "estimate," "project," "expect," or similar expressions.
These statements are made pursuant to the safe harbor provision of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to,
future trends in mineral prices, the availability of capital,
competitive factors, and other risks. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revision or changes after the date of
this release.
For further information on the differences between the reporting
limitations of the United States, compared to reports filed in
foreign jurisdictions, and also concerning forward-looking
statements, please see the Company's Form 10-K ("Disclosure
Regarding Forward-Looking Statements"; "Disclosure Regarding
Mineral Resources under SEC and Canadian Regulation"; and "Risk
Factors"); and similar disclosures in the Company's Forms 10-Q.
For further information, please contact: Keith G. Larsen CEO
Mark J. Larsen President U.S. Energy Corp. (307) 856-9271 877 North
8th West Riverton, WY 82501 USA Ph: (307)856-9271 Fx: (307)857-3050
www.usnrg.com
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