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Enter Symbol
or Name
USA
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Glenmark Capital Corp
Symbol C : GLM
Shares Issued 52,445,724
Close 2013-09-19 C$ 0.065
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ORIGINAL: Glenmark Capital to acquire Ford Lake uranium project

2013-09-25 16:25 ET - News Release

Received by email:

File: GLN Sep 25 2013 NR.docx

Glenmark Capital Corp.
1600, 609 Granville Street
Vancouver, B.C. V7Y 1C3

NEWS RELEASE
GLENMARK ACQUIRES ATHABASCA BASIN URANIUM PROJECT

September 25, 2013

Vancouver, B.C. - Glenmark Capital Corp. (TSX.V: GLM) ("Glenmark" or "the Company" ) is pleased to announce that, furthe
--->r to it's strategic review, it has successfully identified and secured an option agreement with an arms'-length vendor t
--->o earn a 100% interest in the Ford Lake Uranium Project located in the Athabasca Basin, SK. The project, which covers an
---> area of roughly 6,350 hectares in the most prospective uranium corridor in the world, is 11km northwest of the Key Lake
---> Mine, site of the largest uranium mill in the world. Under the terms of the agreement, Glenmark can earn a 100% interes
--->t by paying an aggregate of $560,000 over three years and completing $2,500,000 in exploration expenditures on the proje
--->ct within four years.  A 1% NSR has also been granted to the vendor, which may be purchased by the Company for $1,500,00
--->0.
In December 2011 the Ford Lake Project was examined by a 652 line kilometer VTEM survey to test conductive anomalies ass
--->ociated with graphite, or subtle conductive zones/halos associated with alterations within the sandstone column (above t
--->he unconformity) and at the unconformity. In addition, the survey was designed to map structural features, such as fault
--->ing, that could act as a conduit and control for mineralizing epithermal fluids. 
The interpretation of magnetic data focused on locating district scale faults and to establish a relationship between th
--->e Shift Lake Uranium Zone (SLZ) and a northeast trending magnetic low which extends from the SLZ onto the southwest regi
--->on of the Ford Lake Project. 
The SLZ, which lies only 500m east of the Ford Lake Project, consists of several drill holes which intersected anomalous
---> uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1
---> m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four of 
--->the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 2.75 m (
--->9.0 ft) interval which returned 0.62% U3O8 (0.53% U). 
Interpretation of the VTEM dataset led to the identification of the Ford Lake Zone, which lies within the larger northea
--->st trending Brown Lake Fault Zone (BLFZ). Selection of this roughly 300m long by 50m wide target was based on RDI and MA
--->G3D sections that show the subtle but clear resistivity lows (conductive halos) coinciding with the district scale fault
---> running NNE across the zone. These resistivity lows may correspond to illite clay alterations above the unconformity. I
--->mmediately to the SE of the target zone is the Brown Lake. The conductive lake sediment is clearly visible as the top co
--->nductive layer south of the conductive halo over the target zone. Processing and interpretation were carried out under t
--->he supervision of Alexander Prikhodko, P. Geo. 
With the recent success of uranium exploration Companies in the Athabasca Basin, such as Hathor, Fision and Alpha, the d
--->irectors of Glenmark are extremely pleased to make this strategic acquisition in a resilient commodity. 
The company also wishes to announce that as a result of it's strategic review it has decided to allow it's option on the
---> Talbot Lake property to lapse as of September 30th, 2013.

For further information please contact:
Richard W. Grayston, President
(403) 278-3894
rwgrayston@shaw.ca


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TS
--->X Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


 




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