Upper Peninisula, Michigan (Uranium)

Upper Peninisula, Michigan (Nickel-Copper)

GK Project

Mineral Creek

North Brenda

Big Southeaster



Upper Peninsula, Michigan (Uranium)

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January 8, 2010

In 2003, Bitterroot entered into an option agreement with Cameco Corporation to explore for uranium in the Jacobsville Basin of Michigan's Upper Peninsula. The agreement was modified in 2007 and Cameco has since completed its earn-in of a 65-percent stake in a 56-mile "area of interest" by spending a total of $1.6-million on project exploration.

Drill targets were initially selected with a 1,250 line-kilometre airborne geophysical (GEOTEM) survey, identifying several basement structures with a total strike length of more than 25 kilometers. Subsequent target refinement was achieved with follow-up ground-based electromagnetic (EM) surveys, geological data compilation, and several short drilling programs.

In early-2007, Bitterroot completed 1,322 metres of core drilling in seven holes, successfully testing five unconformity-hosted uranium targets. Drilling encountered a 0.6-metre interval containing 75 ppm U, including two 0.12-metre intervals containing more than 100 ppm U. These intervals are significant as they confirm that uranium-bearing fluids have been mobile within the Jacobsville Basin.

In December 2008, Bitterroot completed a 17-hole, 2,360-metre core drilling program, testing several basement-hosted conductive (graphitic) zones that are unconformably overlain by Proterozoic sandstones. Results have identified several areas that warrant further exploration. Cameco has elected not to provide funding for this project in 2010 due to budget constraints and renewed focus on its more advanced projects in the Athabasca Basin. Bitterroot's management is currently pursuing additional joint venture partners for this project.