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Message: Highest Grade-Thickness Intervals Intercepted on JV Formation Capital's project

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Highest Grade-Thickness Intervals Intercepted on JV Formation Capital's project

posted on Mar 26, 09 04:30AM

March 26, 2009

Highest Grade-Thickness Intervals Intercepted to Date on Formation Capital's Virgin River Uranium Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2009) - Formation Capital Corporation (the "Company") (TSX:FCO) is pleased to provide its shareholders with an update on its Virgin River Uranium Project, as provided to the Company by project operator, Cameco Corporation. Located within the south-central portion of the Athabasca Basin in northern Saskatchewan, the project is a joint venture formed in 1998 between Formation Capital Corporation's wholly owned Canadian subsidiary, Coronation Mines Limited, Cameco Corporation and by AREVA Resources Canada Inc. Coronation Mines Limited owns 2% of the project with a right to increase its ownership of the project up to 10% under certain circumstances.

The 2008 diamond-drilling program consisted of 10,537.4 m in seven pilot holes and eleven follow-up wedge holes on the Centennial Deposit. The objective of the program was to complete in-fill drilling along the entire strike length, determine the across strike width, and ascertain whether additional high-grade zones are present within the deposit. Significant mineralization (greater than 5.0m% GT equals Grade thickness equals metres multiplied by % U308) was intersected in 14 of the 18 drill holes, namely in diamond drill holes VR-031, VR-031W1, VR-032R, VR-032RW1, VR-033, VR-033W1, VR-033W2, VR-034, VR-035, VR-035W2, VR-036W1, VR-036W2, VR-037 and VR-037W1 (see table below). Favourable alteration and structural disruption, as well as elevated radioactivity ranging to weak mineralization were intersected in all of the remaining drill holes completed during the 2008 drilling program on the Centennial Deposit (DDH's VR-035W1, VR-035W3, VR-036 and VR-032RW2).

The highest GT intervals were attained on the project to date. The Centennial Deposit has now been traced over a known 650 m of strike length and appears to remain open to both the north and the south. Follow-up wedge off-cuts suggest the deposit has a minimum across strike width ranging from 5 m to 27 m and is currently open to the east and west on most sections.

Significant mineralization was intersected in five of seven pilot holes; DDH VR-031, 032R, 033, 034 and 037 and has confirmed the continuity of mineralization within the northern portion of the deposit between sections 9+00N and 12+50N. Two wedge holes, DDH VR-031W1 (section 10+50N) and DDH VR-033W1 (section 9+50N), were successful in intersecting high grade mineralization. DDH VR-031W1 returned an average grade of 7.62% U308 over a thickness of 17.8 metres resulting in a grade thickness of 135.6m% while DDH VR-033W1 returned an average grade of 7.51% U308 over a thickness of 17.9 metres resulting in a grade thickness of 134.5m%. The average geochemical assays reported refer to the average of Inductively Coupled Plasma geochemical ("ICP") and Delayed Neutron Count ("DNC") method assays.

The remaining two pilot holes; DDH VR-035 and 036 and associated wedge holes identified local structural complexities associated with the extreme north and south portions of the deposit. All drill holes returned anomalous alteration, structure and locally significant mineralization.

DDH VR-036, 036W1 and 036W2 on section 12+50N were successful in intersecting structurally hosted mineralization within the Virgin River Domain basement section. DDH VR-036W2 returned an average grade of 3.33% U308 over a thickness of 20.7 metres resulting in a grade thickness of 69.0m%. DDH VR-035 on section 6+00N was successful in intersecting unconformity - hosted mineralization returning an average grade of 1.97% U308 over a thickness of 6.0 metres resulting in a grade thickness of 11.8m%. Weak mineralization and structural offsets on the unconformity were intersected in all of the follow-up wedge holes.

Results from the 2008 diamond drilling program can be found in the following table.

Reported results for intersections has been established as the average of
the ICP and DNC split sample assay results.
---------------------------------------------------------------------------
                                          Grade      Max
Drill Hole      From      To  Thickness Cut-off    Grade   Avg Grade     GT
Number            (m)     (m)        (m)      %   (%U3O8)     (%U3O8)  (mX%)
---------------------------------------------------------------------------
DDH VR-031     788.7   804.5       15.8     0.1     9.89        0.90   14.2
 (includes)    790.2   792.7        2.5     1.0     2.15        1.14    2.8
 (includes)    795.5   797.8        2.3     1.0     5.38        2.40    5.5
 (includes)    802.7   803.5        0.8     1.0     9.89        5.57    4.5
---------------------------------------------------------------------------
DDH VR-031W1   790.9   808.7       17.8     0.1    35.45        7.62  135.6
 (includes)    790.9   801.0       10.1     1.0    35.45        9.64   97.3
 (includes)    804.7   808.7        4.0     1.0    18.95        9.38   37.5
---------------------------------------------------------------------------
DDH VR-032R    804.4   817.0       12.6     0.1     2.21        0.78    9.8
 (includes)    809.0   815.0        6.0     1.0     2.21        1.29    7.8
---------------------------------------------------------------------------
DDH VR-032RW1  802.9   821.0       18.1     0.1     3.07        1.00   18.1
 (includes)    806.8   819.7       12.9     1.0     3.07        1.27   16.4
---------------------------------------------------------------------------
DDH VR-032RW2  803.2   815.7       12.5     0.1     2.11        0.28    3.5
 (includes)    815.4   815.7        0.3     1.0     2.11        2.11    0.6
---------------------------------------------------------------------------
DDH VR-033     782.0   793.0       11.0     0.1    14.00        3.03   33.4
 (includes)    783.9   792.4        8.5     1.0    14.00        3.85   32.7
---------------------------------------------------------------------------
DDH VR-033W1   783.4   801.3       17.9     0.1    66.85        7.51  134.5
 (includes)    790.0   801.3       11.3     1.0    66.85       11.58  130.9
---------------------------------------------------------------------------
DDH VR-033W2   792.0   801.6        9.6     0.1    11.05        3.57   34.3
 (includes)    793.5   801.6        8.1     1.0    11.05        4.17   33.8
---------------------------------------------------------------------------
DDH VR-034     789.6   800.9       11.3     0.1    15.58        2.14   24.2
 (includes)    791.6   794.0        2.4     1.0     2.75        1.19    2.9
 (includes)    798.4   800.9        2.5     1.0    15.58        7.73   19.3
---------------------------------------------------------------------------
DDH VR-035     802.8   808.8        6.0     0.1    11.38        1.97   11.8
 (includes)    805.3   807.8        2.5     1.0    11.38        4.33   10.8
---------------------------------------------------------------------------
DDH VR-035W1   810.4   818.4        8.0     0.1     0.89        0.25    2.0
 (includes)    812.9   816.1        3.2     0.5     0.89        0.46    1.5
---------------------------------------------------------------------------
DDH VR-035W2   817.5   819.6        2.1     1.0     6.32        2.55    5.4
---------------------------------------------------------------------------
DDH VR-035W3   802.9   806.8        3.9     0.1     4.74        1.01    3.9
 (includes)    803.7   805.2        1.5     1.0     4.74        2.37    3.6
---------------------------------------------------------------------------
DDH VR-036     842.5   847.5        5.0     0.1     0.76        0.22    1.1
 (includes)    843.3   843.7        0.4     0.5     0.76        0.76    0.3
---------------------------------------------------------------------------
DDH VR-036W1   820.8   843.3       22.5     0.1     8.43        1.30   29.3
 (includes)    827.2   832.4        5.2     1.0     8.43        2.34   12.1
 (includes)    837.9   842.4        4.5     1.0     7.03        3.12   14.1
---------------------------------------------------------------------------
DDH VR-036W2   829.9   850.6       20.7     0.1    18.90        3.33   69.0
 (includes)    830.9   832.9        2.0     1.0     2.22        1.15    2.3
 (includes)    839.6   849.1        9.5     1.0    18.90        6.59   62.6
---------------------------------------------------------------------------
DDH VR-037     798.5   801.4        2.9     0.1    13.65        4.02   11.6
 (includes)    799.5   801.4        1.9     1.0    13.65        6.08   11.6
---------------------------------------------------------------------------
DDH VR-037W1   788.6   794.2        5.6     0.1    15.90        4.61   25.8
 (includes)    789.6   793.2        3.6     1.0    15.90        7.08   25.5
---------------------------------------------------------------------------

A 2009 diamond drilling program is currently in progress on the Centennial Deposit with a budget of $4.0 million. To date, over $19.5 million has been spent on the project exploring for a large unconformity-type deposit that has resulted in the discovery of the Centennial Deposit. Project representatives are pleased with the success of the program and are looking forward to the winter / summer 2009 drill program.

All uranium assays were carried out by the Saskatchewan Research Council (SRC) of Saskatoon, Saskatchewan. Mr. Eric (Rick) Honsinger, P.Geo., of Formation Capital Corporation, is the Qualified Person who has reviewed and approved the content of this news release based on an examination of the data submitted to the Company by the project operator Cameco Corporation. A location map of the project and drill hole location plan map will be made available on the Company's website at http://www.formcap.com/.

Formation Capital Corporation

Mari-Ann Green, C.E.O.