UPDATE – SUMMER EXPLORATION PROGRAM
TORONTO STOCK EXCHANGE TICKER SYMBOL: URB
Urbana Corporation (“Urbana”) is pleased to announce that Phase II of its comprehensive exploration program at its Urban Township, Quebec property is now underway. Abex Geological Services has been engaged to complete a detailed review of the extensive exploration work on the Urban Township property which has been carried over the last 20 years at a cost of approximately $2 million dollars.
Phase I is now almost completed. Phase I involved a compilation of all previous work on the property, linecutting and VLF EM-16/magnetometer geophysical surveys over the entire property.
In Phase II, now underway, the property will be mapped geologically and a structural geology study will be completed. Suitable drill targets have been identified during this work and drill testing will be undertaken in the fall. An exploration camp has been set up to the east of the property.
The Phase II exploration program is currently following up geophysical surveys completed in March and April. A reconnaissance geological mapping survey has also been completed over the entire property and the data is currently being compiled. Stripping outcrops, cleaning out old trenches, detailed mapping and sampling has commenced.
The 1987-1988 drill core has been located in good condition. It will be re-logged and properly sampled. Several general east-west striking geophysical signatures paralleling cross-fracture quartz veining will also be traced out and detailed during July.
Current logging operations on the property have uncovered wide areas that appear to host scattered outcrops, thus providing new geologic information.
It is anticipated that Phase I and Phase II will be completed this year at a cost of approximately $250,000.
Urbana is a mineral exploration company. The company has focused its efforts on 48 claims in Urban Township, Quebec. The Barry and Urban township area has been actively explored over the last 3 years. The company is well capitalized with an investment portfolio of $700,000 or $0.32 per share. There are no significant liabilities. Management controls about 50% of the 2.2 million shares outstanding.
Thomas S. Caldwell
Investor Relations: (416) 595-9106