More than 80,000 metres of successful vertical and horizontal historical drilling at Ultra Uranium’s Kalnica-Selec uranium property provide excellent potential for near term production. Additionally, numerous uranium mineralized bodies were discovered and reported from the 1960s to 1980s by the Czechoslovak Government’s Uranovy Prieskum State Enterprise (UP).

Focused exploration by UP in the ’80s included radiometric surveys, geological mapping, sampling, trenching, 339 drill holes, over 80,000 metres and exploration adits. In 1984, portions of the of the this historical exploration were used by government geologists to calculate a resource of 5,489,727 pounds of U308 at an average grade of 0.063% U308 (converted). Ultra Uranium’s geologists estimate that this historical work would take more than two years and US$20 million to complete if done today.

A total of 23 uranium mineralized bodies were identified in three separate zones: fifteen uranium mineralized bodies at Kalnica, seven at Selec and one large body at Krajna Dolina, which is open in all directions. In 1984, UP geologists made resource estimates for the three zones. A summary of the resource estimate based on a 0.015% uranium cut off and converted to pounds (lbs) is shown in the table below.

While the data from the original estimates has not been verified,Ultra is optimistic that the estimates are a favourable indication of the deposit’s potential. Furthermore, many drill holes with significant mineralization outside the calculated blocks - and not included in the historic estimate - leads management to believe that the extent of mineralization may be greater than originally calculated.

Ultra’s 2006 work program

Ultra Uranium acquired the prospect in 2005 after filing an application with the Geological Section of the Ministry of Environment of the Slovak Republic. In 2006, the company conducted radiometric surveys, geological mapping, structural studies and sampling in the license area.Based on historic data which the company has acquired to-date, it has established and identified that the property has excellent potential.The company plans to expand the current program to further delineate the property’s potential.

The company’s program detected anomalous radioactivity in areas surrounding the exploration adits, in the south and south-eastern extremities of  the licence, and an almost one kilometre wide anomalous strip in the Selec zone. The conclusion is that Kalnica-Selec has excellent potential for substantial uranium resources both within the calculated blocks and in the extensions of the historic estimate blocks.

Mobilizing 2007 drill program

The company is planning an initial drill program totaling approximately 4,000 metres. It will comprise confirmation drilling and several additional drill holes both inside and outside the historic drill grid.The objective is to confirm previous results and provide data for a new 43-101 compliant resource estimate that, if successful, would significantly increase the historic resource estimates.

The target date for commencement of the drill program is early 2007.

New License Area

Ultra Uranium has also filed an application for an additional license area south and west of the Kalnica-Selec property. Several historic drill holes south of the license intersected significant uranium mineralization indicating that mineralization continues in a southerly direction.