DENVER, Sept. 22, 2010 (GLOBE NEWSWIRE) -- Fischer-Watt Gold Company, Inc. (OTCBB:FWGO) has received a report from its independent geological consultant, W T Cohan & Associates, Inc., regarding the uranium potential of its Cyclone Rim property in central Wyoming. The report states that this extensive property has the potential to host U3O8 mineralization in a range of between 10 million to 40 million pounds.
Uranium mineralization in the Great Divide Basin of south-central Wyoming occurs as typical sandstone hosted roll-front uranium deposits in the Eocene age Battle Springs formations. The roll-front in the Great Divide Basin extends as an extensive sinuous trend stretching for almost 200 miles.
Fischer-Watt's Cyclone Rim property is located in Sweetwater County. Fischer-Watt controls 690 federal mineral claims in 6 contiguous claim blocks and one State lease covering a total of almost 15,000 acres. Drilling programs in 2007-2008 confirmed that the postulated roll-front trend is present under almost all of Fischer-Watt's property with the length of the roll-front trend within the property boundaries estimated to be approximately 28 miles. The drilling programs, the results of which were reported in a press release dated October 29, 2009, were concentrated in the western portion of the claim block with some additional drilling in the eastern portion. The depth of the mineralization ranged from less than 100 feet below surface in the west to depths of 800 feet in the east. Significant mineralization was generally not found below 500 feet. Furthermore, the mineralization in this area is found below the water-table in the porous and permeable sandstones likely making the uranium amenable to low-cost In-Situ Recovery (ISR) extraction methods.
W T Cohan in their report note that a significant portion of the roll-front trend extending over about 109 miles lies in a range of 6 to 26 miles east of Fischer-Watt's property. To date there are three drilled out uranium deposits and one open pit mine in this portion of the roll-front. These deposits and historic mine production account for 29.8 million pounds of U3O8.
Note: Fischer-Watt does not own nor control any of these deposits.
W T Cohan reported that this section of the roll-front therefore hosted 272,500 pounds of U3O8 per mile of the trend. On this basis Fischer-Watt's property has the potential to host mineralization in the order of 7.75 million pounds of U3O8. However, W T Cohan points out that a large portion of the roll-front trend remains unexplored and as such, "this potential is very likely too conservative." By determining the yield factor for the length of roll-fronts at the published project sites W T Cohan arrives at an average yield of uranium mineralization at known deposits of 2.32 pounds of U3O8 per mile over the 12.4 miles of roll-front found in the above listed projects.
W T Cohan states, "The successful results of 450 foot spaced grid drilling in the western portion of the Fischer-Watt claims in the UT area and the three drill fences in the CRS area substantiates the probability of the existence of 10 million pounds of potential uranium mineralization. Furthermore, drilling in the eastern portion of the property revealed the presence of unusually thick host sandstones and continuous mineralization, indicating the presence of a major fluvial channel, and there remains 17 miles of untested roll-front on Fischer-Watt's property, there is the potential for the discovery an additional 10 to 30 million pounds of U3O8 in this portion of the property as well." Therefore, W T Cohan states it, "ascribes a mineralization potential of 10 to 40 million pounds of U3O8 to Fischer-Watt's properties in the Great Divide Basin of Wyoming."
Fischer-Watt's properties currently have no reserves and there is no assurance that the projects will advance from their present exploration stage.
The Chicago Resource Expo.
On November 5 and 6, 2010, Fischer-Watt will again be presenting and exhibiting at the Chicago Resource Expo in Rolling Meadows, IL. This conference is held twice a year and offers opportunities for individual retail investors to learn about companies in the natural resources sector. Admission to the investing public is free on pre-registration. For more information about the conference please visit .
Fischer-Watt is a U.S. junior mine exploration company traded on the OTC BB under the symbol of FWGO. The Company's management team has a strong background in all facets of the mineral industry especially in exploration, production and financing.
The Company's focus is directed at advancing its suite of uranium exploration properties. This portfolio of mineral claims and leases covering over 19,000 acres in Wyoming, South Dakota and Arizona covers some of the most prospective uranium-bearing geology in the United States.
Nuclear energy generation and the worldwide demand for uranium is expected to continue to increase over the coming years as countries strive to generate large-scale, stable and economical power with a low carbon footprint. Fischer-Watt aims to be a future provider to power utilities of the basic mined source of their needed fuel, a non-enriched product known as yellowcake.
The Fischer-Watt Gold Company, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6051
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those projected in the forward-looking statements.
CONTACT: Fischer-Watt Gold Company, Inc. Mr. Peter Bojtos P.Eng., President and Chief Executive Officer 303-232-0292 Mr. Don Lawrence, Investor Relations Manager 415-596-4422 email@example.com website: www.fischer-watt.com Baxter Capital Advisors, Inc. Peter Baxter Jr. 480-656-9355 firstname.lastname@example.org www.moodycapital.com