Buffalo Gold Ltd. is pleased to announce that the March 23, 2007 edition of "The Australian", Australia's national newspaper, reports that the Labor party in the state of Queensland is backing away from its long-standing ban on new uranium mines. Premier Peter Beattie confirmed that he will support uranium mining in his state after a government-commissioned report from the Sustainable Minerals Institute at the University of Queensland showed uranium mining would not threaten the state's coal industry. The report noted Queensland had uranium reserves with an in-ground value of AUS$3.2 billion. The Queensland Government is therefore poised to allow new uranium mining if the Labor Party's national conference approves a change in its policy next month.
Management of Buffalo is encouraged by this recent development as two of the company's four uranium projects, the North Maureen and the Juntala projects, are located in the Georgetown-Townsville (GTN-TSV) uranium field of northern Queensland. Both properties were vended in to Buffalo 100% by GoldFx in early 2006 with the foresight that the uranium mining ban would indeed be lifted. The GTN-TSV hosts Mega Uranium's Maureen and Ben Lomond uranium deposits as well as many prospects and other uranium occurrences. The Maureen deposit has a 1979 non-NI 43-101 compliant resource estimate from Getty Mining Pty Ltd. of 6.9 million pounds contained uranium (2.38 million tonnes @ 0.12% U3O8 with a cut-off of 0.035% U3O8). Ben Lomond has a NI 43-101 indicated resource of 1.32 million tonnes @ 0.27% U3O8 (7.9 million pounds) and inferred resource of 602,585 tonnes @ 0.21% U3O8 (2.8 million pounds) (ref: www.megauranium.com).
At the North Maureen Uranium Project, Buffalo has 4,400 square kilometres of exploration permits under application adjacent to the Maureen Deposit, with approximately 60% of these having been granted. The property shows similar magnetic signatures to Maureen. Buffalo has identified several targets to be followed up with drilling.
The 100% owned Juntala Uranium project located south of the Maureen Deposit covers approximately 700 square kilometres. A high amplitude uranium channel radiometric anomaly strikes for over 35 kilometres within the basement rocks of the Juntala Project area. Technical review of the project has highlighted the potential of the area for a sandstone-hosted roll-front uranium deposit within the package of sedimentary rocks which are in contact with the radiometric active basement. This package has over 50 kilometres of strike length of favourable sedimentary rocks.
Damien Reynolds, Buffalo's Chairman and CEO, commented that "This development will allow Buffalo to accelerate exploration of its Queensland uranium properties in order to realise the value we perceived when we acquired them in early 2006."
Mr. Mark Dugmore, VP Corporate Development for Buffalo Gold, is a qualified person for Buffalo projects and has approved the contents of this news release.
To find out more about Buffalo Gold Ltd. (CDNX:BUF-U.V - News), please visit the company website at www.buffalogold.ca.
On behalf of the Board of Directors of BUFFALO GOLD LTD.
Damien Reynolds, Chair of the Board of Directors and Chief Executive Officer
Cautionary note to U.S. investors - This news release contains information about adjacent properties on which we have no right to explore or mine. We advise US investors that the mining guidelines of the United States Securities and Exchange Commission ("SEC") strictly prohibit information of this type in documents filed with the S.E.C. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy of this press release.
Contact:
Contacts:
Buffalo Gold Ltd.
Julie Hajduk
Investor Relations
(604) 685-5492 or Toll Free: 1-888-685-5492
(604) 685-2536 (FAX)
Email: julie@buffalogold.ca
Website: http://www.buffalogold.ca
Source: Buffalo Gold Ltd.
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