Alberta Star Completes Staking and Acquisition of Additional Uranium Mineral Claims at Eldorado West
September 14th, 2007
Alberta Star Development Corp., (the “Company”) listed on the TSX Venture Exchange (ASX) and on the OTCBB (ASXSF), is pleased to announce that the Company has staked a number of new and highly prospective uranium targets after reviewing the results of the Company’s recently completed Regional High Resolution Aeromagnetic Gradiometer-radiometric Survey over the Eldorado & Contact Lake uranium belts (NR Aug 30, 2006). The Eldorado West uranium claims consist of four claims west of the 100% wholly owned Eldorado South uranium claims located south of the Eldorado uranium mine on the east side of Great Bear Lake, NT and 423 miles north of the city of Yellowknife, and consists of 4,177.09 hectares (10,321.77 acres). The recent staking activity increases the size of the Company’s regional land portfolio to over 39,671.83 hectares (98,027.77 acres).
The Company is currently undertaking its 2007 Phase-2 IOCG & Uranium Drilling Program which is designed to expand recently discovered mineralized zones, determining continuity and orientation, locating higher grade extensions of IOCG and uranium mineralization, and preliminary testing of the remaining, untested mineralized and altered zones within the Eldorado & Contact Lake project areas.
The Eldorado & Contact Lake regions and are characterized by poly-metallic mineralization that may be amenable to either bulk tonnage or underground poly-metallic mining techniques.
RE-PRICES STOCK OPTIONS
The Company’s Board of Directors has resolved to re-price an aggregate of 3,250,000 stock options previously granted to directors, officers, employees and consultants of the Company of which 1,825,000 stock options were granted to directors and senior officers of the Company. The Board of Directors has resolved to re-price options from $1.57 per share to $0.85 per share and extend the original two year expiry date to three years. Each re-priced option represents the right to purchase one common share of the Company at an option price of $0.85 per share for a period of three years. The option amendments are subject to disinterested shareholder and TSX Venture Exchange approval.
THE ELDORADO URANIUM MINE - ELDORADO URANIUM DISTRICT
The Eldorado Uranium Mine formerly mined and produced 15 million pounds of uranium at an average head grade of 0.75% U308 and 8 million ounces of silver plus, copper, nickel, radium, polonium and lead at the Eldorado - Port Radium area commencing in 1933. (Normin NTGO: SENES Report 2005) The Eldorado Mine has approximately 25 miles of existing underground workings developed on fourteen levels and was formerly one of Canada’s principal producers of high grade uranium pitchblende concentrates from the 1930’s to the 1960’s. The Echo Bay mine produced over 23,779,178 million ounces of silver at an average head grade of approximately 66 ounces per ton prior to its closure in 1982.
The Company has assembled an experienced IOCG & uranium technical team with advanced uranium exploration expertise, whom believe the Eldorado & Contact Lake district has the potential to host both Olympic Dam and volcanic hosted styles of copper, gold, and uranium deposits. The current September 14, 2007 spot price for uranium provided by the Ux Consulting Company LLC (www.uxc.com) is now $90.00 US per pound
WEBSITE UPDATED - WWW.ELYSEEDEVELOPMENT.COM
Investors are encouraged to visit the Company’s newly updated, completed and fully interactive website at www.elyseedevelopment.com and view the ongoing exploration work and drilling being conducted at the Eldorado & Contact Lake IOCG and uranium projects.
ALBERTA STAR DEVELOPMENT CORPORATION
Alberta Star is a Canadian mineral exploration company that identifies, acquires and finances advanced stage mineral exploration projects in Canada. The Company is committed to creating long term shareholder value through the discovery of base and precious metals and uranium.
ALLAN FELDMAN-INVESTOR RELATIONS
Investors are welcomed to contact Mr. Allan Feldman, Alberta Star’s In-house Investor Relations and Corporate Communications Specialist, for all corporate updates at (604) 948-9663.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tim Coupland. President and CEO
Alberta Star Development Corp.
ALBERTA STAR DEVELOPMENT CORP.
President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans” “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. For further information investors should review the Company’s filings that are available at www.sedar.com or contact Tim Coupland, President at (604) 681-3131.