| April 14, 2009 Monroe's Drill Results from Lost Pond Uranium and REE Project | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Include 0.038% U3O8 intersection over 20.1 m at the Cataclastic Zone and 4.32% Total Rare Earth Oxides over 2.0 m at the U3 REO Zone Calgary, April 14, 2009 - Monroe Minerals Inc. (TSX Venture: MMX) ("Monroe") is pleased to announce the results from its eighteen hole, 2,504 m diamond drill program completed on the Lost Pond property in western Newfoundland. The property hosts a number of uranium and Rare Earth Oxide (REO) showings which have been the focus of two drill programs by Ucore Uranium Inc. ("Ucore") over the past two years. The Monroe drill program was completed in December 2008 and was focused on testing the U2 Cataclastic Zone uranium mineralization and the U3 REO Zone. Commenting on the results, Monroe CEO and President Derek Moran said, "The results on the U2 uranium target were encouraging. The uranium-mineralized intersection has increased to 20.1 m core length, including a higher grade interval, and the zone is apparently open down-plunge. While the REE results were positive, mineralization may be controlled by a number of fault blocks which complicate the continuity of the U3 REO zone." Monroe may earn a 50% interest in the Lost Pond property (see press release September 16, 2008) by spending $2,600,000 on exploration, including a minimum first year commitment of $700,000, and issuing 3,000,000 shares to Ucore, including 500,000 shares on signing, over four years. Monroe has met its expenditure obligation through December 31, 2009. U2 Cataclastic Zone Grid: Five holes (LP08-05, 06, 06B, 07 and 21) targeted the Cataclastic Zone in the area which had previous intersections up to 0.045% U3O8 over 12.3 m. LP08-05 intersected a 4.0 m section of the alteration/structural zone starting at a down-hole depth of 139.05 m. LP08-06A was abandoned after 19 m due to blocky ground, whereas LP08-06B and 07 intersected the horizon above its now projected plunge. The final hole, LP08-21, targeted the down-plunge extent of the zone and hit the target at 235.4 m, resulting in an intersection of 0.038% U3O8 over 20.1 m, including 0.061% U3O8 over 3.0 m. The Cataclastic Zone is interpreted as a 75° dipping zone and the true widths are approx. 75% to 80% of the down-hole drill intercepts. The zone is open down-plunge and additional drilling is planned.  Three other holes on the U2 Cataclastic Zone grid (LP08-08, 09 and10) tested uranium geochemistry anomalies located 400 m to 800 m away from the known mineralization and did not encounter any significant uranium zones. The following Table lists all the holes and anomalous results from this latest stage of drilling on the U2 Cataclastic Zone.
U3 REO Grid: Ten holes (LP08-11 to 20) targeted the U3 REO zone, located about 2 km east of the U2 Cataclastic Zone. The holes were drilled on sections approx. 50 m apart to evaluate a discrete 250 m long bulls-eye magnetic high. This magnetic high is associated with REO minerals and previous drilling by Ucore in 2007 intersected up to 4.47% Total Rare Earth Oxides ("TREO") over 5.64 m. Monroe's drilling intersected multiple mineralized zones, including 4.32% TREO over 2.0 m core length in hole LP08-13 and 1.162% TREO over 15.3 m core length in LP08-17. This near surface mineralization appears to be affected by a number of fault blocks which complicate the continuity of the rare earth-bearing U3 zone. Additional work, including a series of short drill holes, will be required to better define the deposit geometry. True width estimates are not known at this time. A summary of the drill results from the U3 Grid drilling follows:
Quality Control: Core samples from this drill program were split using a diamond saw and half of the core was sent to Activation Laboratories in Ancaster, ON for analysis. Uranium concentration was analyzed by Delayed Neutron Count (DNC) along with ICP-MS for select major, minor and trace element compositions. Samples collected from the Rare Earth Oxide Zone were analyzed using a WRA +Trace 4Litho package which ensures the accuracy for analyzing total metal content for elements like REEs. Blank samples were inserted into the sample batch periodically and standards were used at Activation Laboratories to ensure accuracy. Mineralogical Work: In June 2008, core sample rejects from the 2007 drilling on the REO Zone were sent for mineral identification and analysis at the SGS Lakefield facility in Lakefield, Ontario, with supplementary processes undertaken at McGill University in Montreal and Laval University in Quebec. The McGill studies were supported by Quantitative Evaluation of Materials by Scanning Electron Microscopy technology (QEMSCANTM). The mineralogical work identified monazite, allanite and apatite, averaging 5.6% light rare earth oxides, 0.31% heavy rare earth oxides, and 0.27% yttrium oxide (total of 6.18% rare earth oxides). The monazite contained 74% to 90% of the rare earth oxides (REO) and its liberation varied between 80% and 95% at a grind between 25 to 80 μm. The allanite contained the bulk of the remaining REO (10% to 20%) and its liberation was approximately 60% at <30 μm. The Qualified Person ("QP") managing the exploration program is Wayne Reid, P.Geo. As the QP, he has prepared or reviewed the technical information for this release. Wayne Reid is a consulting geologist working for Monroe and a Technical Advisor for Ucore Uranium Inc. Monroe is engaged in uranium exploration in Canada's Newfoundland & Labrador and in the expansion of its portfolio through acquisition, merger, strategic partnership or joint venture. Its strategy is well defined: enhancing shareholder value by combining technical expertise, corporate development skills and professional management. Monroe's shares trade on the TSX Venture Exchange under the symbol MMX. For more information please visit www.monroeminerals.com. FOR FURTHER INFORMATION PLEASE CONTACT: Derek J Moran, President, Monroe Minerals Inc. 27 82 440 3426 Robin Cook, Senior Account Manager, CHF Investor Relations (416) 868 1079 x228 robin@chfir.com To receive Company news releases via e-mail, please advise catarina@chfir.com and specify "Monroe press releases" in the subject line. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-looking information: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives constitute forward-looking information which involves risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those expressed or implied by such forward-looking information. Risks include delays in obtaining or failure to obtain financing, regulatory approval or shareholder approval. Except as required by applicable securities legislation, Monroe undertakes no obligation to publically update or revise forward-looking information, whether as a result of new information, future events or otherwise. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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