Urbana Corporation has now completed Phase I of its exploration program on its Urban Township, Quebec property. Phase I and Phase II are expected to be completed this year at a cost of approximately $250,000. Phase I involved a complete compilation of all previous work on the property, linecutting and magnetic and electromagnetic VLF surveys. In total, 76.6 line-km. of magnetic survey and 73.6 line-km. of VLF-EM survey were completed on the entire property. The survey outlined flat to moderate magnetic relief with several conductors and conductive zones. It is possible that six conductors could be associated with semi-massive to massive mineralization in the bedrock.
Management has authorized Urbana’s geological consultants to proceed immediately with Phase II of this exploration project. This phase involves geological mapping, clearing of old trenches to allow mapping and sampling, structural analysis and re-logging of old core. It is anticipated that a diamond drill program will begin later this year.
Urbana Corporation is a mineral exploration company currently focusing its efforts on 48 claims in Urban Township, Quebec. The Barry and Urban township area has been the focus of active exploration for the past 3 years. The company is well capitalized with a marketable investment portfolio of $800,000 or $0.36 per share. There are no significant liabilities. Management controls approximately 45% of the 2.2 million share outstanding.
Thomas S. Caldwell
Investor Relations: (416) 595-9106