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  Upper Peninsula Uranium Exploration Overview
In 2003, Bitterroot Resources entered into an option agreement with Cameco Corporation to explore for uranium in the Jacobsville Basin of Michigan's Upper Peninsula. Bitterroot, the project operator, has recently received Federal, State and County permits allowing the resumption of mineral exploration within the project area. Geophysical surveys have recently been completed, which will be followed by a core drilling program later this year.
In early-2007, Bitterroot completed 1,322 metres of core drilling in seven holes, successfully testing five unconformity-hosted uranium targets. Drilling encountered a 0.6-metre interval containing 75 ppm U, including two 0.12-metre intervals containing more than 100 ppm U. These intervals are significant as they confirm that uranium-bearing fluids have been mobile within the Jacobsville Basin.
Bitterroot initially defined its drill targets with a 1,250 line-kilometre airborne geophysical (GEOTEM) survey, identifying several basement structures with a total strike length of over 25 kilometers. Subsequent target refinement was achieved with follow-up ground-based EM surveys and several short drilling programs.
Under terms of the revised option agreement, Cameco can earn a 65-percent interest within a 56 square-mile area-of-interest by incurring a total of $1.6-million of exploration expenditures prior to June 30, 2009. Management expects that Cameco will complete its earn-in by funding the planned 2008 exploration program. Cameco and Bitterroot also jointly retain the right to acquire 50-percent of each other's interest in an adjoining 72 square-mile area of interest by refunding 100-percent of any land acquisition cost incurred.
Recent meetings with representatives of Gogebic County and neighboring Ontonagon County have confirmed that mineral exploration enjoys strong local support in the western Upper Peninsula.
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