uranium float, page-11

the sellers of lease to White Canyone Uranium Limited have also done a very similar deal with Trigon Uranium. High interest in this area. the seller of the leases have taken up shares in each of these sales (GDN and Trigon

Trigon expands White Canyon uranium mine portfolio and provides corporate updates
Wednesday , 19 Sep 2007
KELOWNA, BC, Sept. 19 /CNW/ - Trigon Uranium Corp. ("Trigon" or the "Company") (TSX-V: TEL) today announced its entrance into a definitive agreement ("Acquisition Agreement") to acquire 11 Utah mining claims (the "Green Lizard" claims) in the White Canyon district of South Eastern Utah. The claims host a former operating uranium mine (the "Green Lizard" mine). This acquisition continues Trigon's strategy to establish a portfolio of mines in the Colorado Plateau. Trigon believes significant uranium resources can be developed by re-entering historical Colorado Plateau mines with the intention of following previously defined ore zones and exploring land contiguous to these mines.
Trigon now controls 170 mining claims and 3 Utah State Leases totalling approximately 4,500 acres in the White Canyon district. These claims and leases host seven former operating uranium mines. Uranium deposits in this district occur in old river channels located in the basal Shinarump sandstones of the Chinle formation. Of these channels, the Monument Channel hosts some of the largest uranium deposits in the district, including Uranium One's Radium King mine. Together with Trigon's Blue Lizard and Giveaway, the Green Lizard Claims cover a significant proportion of this channel.

Sidney Himmel, President and Chief Executive Officer of Trigon stated "Trigon has numerous diversified strategies for growth in the uranium industry. The strategies include acquiring smaller Colorado Plateau mines in both Utah and Colorado where ores historically were processed at centralized mills. From 1949 to 1982 over 11 million pounds of uranium, at an average grade of 4.8 pounds U3O8 per ton, were mined in the White Canyon district. In Utah, only the Lisbon Valley district produced more uranium than the White Canyon district. Our mining engineers are currently developing mining plans under the leadership of Tom Buchholz, Senior Mining Engineer and manager of Trigon's Golden, Colorado office. Initial environmental analysis has been completed for most of Trigon's White Canyon mines. Milling capacity in Utah is yet to be established, however, we believe that the Blanding Mill of Denison Mines Inc. and the Shootaring Canyon Mill of Uranium One Inc. will be available for custom milling of uranium ore. The uranium industry of the Colorado Plateau is still being defined and we aim to be a uranium player in this region."
The selling party to the Acquisition Agreement is Dan Shumway of Blanding, Utah (the "Seller"). The agreement covers 11 Utah mining claims adjoining the northern end of Trigon's Blue Lizard mine. Uranium was mined from the Green Lizard mine during the previous uranium cycle although exact production numbers are unknown. According to the agreement, Trigon will pay uranium production royalties commencing at a rate of 6% of net uranium revenues. Royalty rates increase as the price of uranium increases above pre-defined levels. Trigon will pay no royalties to the Seller if the price of uranium is less than US$60.00 per pound. To complete the acquisition Trigon has agreed to issue 137,500 common shares to the Seller and pay US $45,000 to the Seller on or before October 15, 2007. The issuance of the shares and payment of the cash portion of the acquisition are subject to regulatory approval of the TSX Venture Exchange and the British Columbia Securities Commission, and the completion of due diligence by Trigon with respect to the ownership of the claims.

Henry Mountains:


Drilling is ongoing on the Henry Mountains property in Southern Utah. Drilling started on September 13 following a one week delay in the mobilization to the project areas of equipment. Trigon plans to complete 10 drill holes, totalling 17,000 feet. Each hole will be gamma logged for equivalent radiometric uranium grade. Trigon's Henry Mountains property is located immediately west and along trend of some of the largest known uranium deposits of Utah. The aim of the drill program is to prove uranium mineralization continues onto Trigon's property. It is anticipated that the program will be completed by the end of October, 2007 or shortly thereafter.

Cash Payment and Share Issuance as Finder's Fees in respect of Property Acquisition:

Trigon announced in June the entering into agreements ("Agreements") with Ur-Energy Inc. (TSX:URE) ("Ur-Energy") in respect of which Trigon may earn an interest in the Hauber Project LLC ("Project") which represents property located in Crook County, Wyoming. (Please see two previously issued press releases describing the transaction (June 25, 2007 initial and clarification press release of June 26, 2007.))
Under the Agreements (described in the press releases of June 25, 2007 and June 26, 2007) Trigon may earn a 50% interest in the Project by funding US $1.5 Million in exploration over three years. Trigon is required to pay finder's fees to International Nuclear Inc. of Golden, Colorado ("International Nuclear") in respect of the initial US $350,000 of the funding of the Project. In that regard, Trigon will issue 22,745 shares to International Nuclear at a deemed value of Canadian $0.39 per share (total deemed value of Canadian $8,870.55) and pay cash of US $8,750 to International Nuclear. The share issuance is subject to approval of the TSX Venture Exchange.

Stock Options Awarded to Chief Financial Officer:

Subject to regulatory approval the Company has awarded 62,500 stock options to Mr. Louis Blom C.A., Chief Financial Officer of the Company. The options are exercisable during the period September 18, 2007 (subject to a four month exchange hold period) to September 17, 2012 inclusive at a price of $0.39 per share.

About Trigon Uranium Corp.

Trigon Uranium Corp. is a uranium exploration and development companyfocused on the known deposits of the United States South West. This region has produced over one billion pounds of uranium. Trigon has a highly qualified team of uranium exploration experts located in Canada, Utah, and Colorado to direct its exploration and development efforts in the United States South West. Trigon's strategies include the development of advanced uranium projects, entry into uranium mining on an expeditious basis, and opportune acquisitions of Uranium development properties for operation or sale. The company has offices in Kelowna (British Columbia) and Golden (Colorado). The company's shares trade on the TSX Venture Exchange under the symbol "TEL".
Should you wish to receive Company news via email, please email [email protected] and specify "Trigon News" in the subject line.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future developments that the company expects to occur, are forward-looking statements. 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 or developments may differ materially from those in the forward-looking statements. Factors that could cause 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. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.