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Universal Uranium Ltd. (TSX VENTURE: UUL)(December 19, 2007) and Silver Spruce Resources Inc. (TSX VENTURE: SSE) announced that the definition drilling program for the resource calculation at the Two Time zone has been completed. Two drills completed the program and the camp was shut down for the Christmas break on December 15. The infill, definition drilling, was carried out in preparation for a NI 43-101 compliant resource estimate to be prepared by Scott Wilson Roscoe Postle Associates Inc. (SWRPA) early in 2008. The 18-hole program, totaling approximately 3,000 meters, was carried out in November and December 2007. Analytical results for the drilling are pending and will be released as received in January 2008.
At this time last year, December 2006, the joint venture had just completed the first drilling on the Two Time zone - holes CMB-07-1 to 5 - for 812 metres. With the completion of the definition drilling, the joint venture has now completed a total of 11,190.6 metres of drilling in DDH's 1 to 41. Forty of these holes (CMB-07-1 to 23 and 25-41), totalling 10,922.6 metres, tested the Two Time zone and one hole (CMB-07-24) tested a RadonEx soil gas anomaly to the north of the zone.
Drilling is planned to resume in the second week of January 2008. At that time, one drill will be utilized to evaluate the extensions of the Two Time Zone to depth and on strike to the north and south. The second drill will focus on the newly discovered Firestone Zone (see news release dated October 17, 2007) and other targets on the CMBNW property.
The Two Time Zone has been traced over a strike length of approximately 475 metres, from 2+75 N to 2+00 S, and remains open to the north and south along strike and to depth. The host for the mineralization is an altered, brecciated and fractured intrusive, monzodiorite to diorite, with extensive chlorite, carbonate, hematite and albite alteration. The orientation of the mineralization appears to be near vertical to steeply dipping.
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Magellan Energy Ltd. (PINKSHEETS: MGLG)(December 19, 2007), an independent oil and gas company, announced earlier today that it is selling natural gas from wells on the Thomas D. Martin project in Morgan County, Tennessee in which it holds a 20% working interest. The operators for these wells, TMD Energy Inc., stated that the Citizens Gas Utility District have recently reconfigured the gas pipelines to allow gas from the wells to enter its system. A compressor has also been installed to increase production volume.
Magellan Energy is pleased to announce that the Martin lease is a mature producing oil and gas property that is being prepared for waterflooding. This ongoing project with TMD Energy Inc. will take some time to complete but with the newly installed compressor we will have increased gas production and revenue for Magellan Energy Ltd. The water flood project must still be subject to further research, geological surveys and studies to be properly executed. Until such time is determined, the wells will continue to operate at their new capacity, generating revenue with the new lines.
Magellan Energy is a publicly traded independent oil and gas company (PINKSHEETS: MGLG). The company is actively acquiring oil and gas leases, producing properties, mineral rights, and surface interests in Tennessee and Oklahoma. Once acquired, the company intends to develop each property to maximize the income from each property by re-establishing production, refurbishing and improving the existing production and operations.
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Constitution Mining Corp. (OTCBB: CMIN) (December 19, 2007) announced earlier today the acquisition of an option agreement positioning the company to acquire a 100% interest in two highly prospective gold zones, collectively known as the Atena Gold Project ("Atena").
Atena, presently owned by Rio Tinto Mining & Exploration Ltd., S.A., is situated in the heart of a rapidly developing mining district in Argentina well known for hosting large gold deposits.
Recursos Maricunga S.A. optioned Atena in 2003 from Rio Tinto enabling it to acquire 100% of Atena by making periodic cash payments and satisfying certain exploration commitments. It is that option-to-purchase agreement with Rio Tinto and all the underlying obligations and rights that are now the property of Constitution Mining Corp.
The Atena Gold Project covers an area of 3,676 hectares in Salta Province, Northwestern Argentina. The property lies at 3700 meters above sea level and comprises a gold-rich epithermal polymetallic vein system, which forms part of a larger mineral district that includes several known porphyry deposits and mineral occurrences.
Atena comprises some 80 quartz veins with a combined strike of over 11 km. The veins were first prospected by a local prospector in the mid-1950s who opened up a few trenches and pits. The vein system was rediscovered and staked by Rio Tinto during their porphyry and epithermal gold exploration campaign in 2003. When Rio Tinto decided to get out of gold exploration, the exploration-with-option-to-purchase rights were acquired by Recursos Maricunga, a privately owned Argentine exploration company.
Constitution Mining is committed to preserving and developing wealth by consistently increasing the total value of honest money -- gold and silver -- underlying the number of shares we have outstanding. Constitution Mining is focused on acquiring small and midsize deposits of gold and silver at a discount to their in-the-ground values. In some cases, the known resources may be fully defined and in others, the deposits may offer additional potential for resource expansion. The company also intends to explore for larger size gold and silver deposits on advanced exploration projects. Additional information about Constitution Mining Corporation may be obtained at www.ConstitutionMining.com About Rio Tinto Rio Tinto is a leading international mining group, combining Rio Tinto plc, a London listed public company headquartered in the UK, and Rio Tinto Limited, which is listed on the Australian Stock Exchange, with executive offices in Melbourne. Its activities span the world but are strongly represented in Australia and North America. There are also significant businesses in South America, Asia, Europe and southern Africa.
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Prana Biotechnology Limited (NASDAQ: PRAN) (December 19, 2007) a biopharmaceutical company focused on the research and development of treatments for neurodegenerative disorders, today announced it has completed final patient dosing in its Phase IIa clinical trial of PBT2 in patients with early Alzheimer's disease.
Dr. Steven D. Targum, M.D., Chief Medical Advisor to Prana, said, "We are delighted to have completed dosing of patients. Given the lack of drug related serious adverse events and the positive independent DSMB (Data Safety Monitoring Board) reports, the drug has shown itself to be well tolerated. Indeed, there were no treatment related withdrawals from the trial and a very high level of patient compliance which is also very pleasing." This Phase IIa trial is a double blind, placebo-controlled study exploring the safety and tolerability of PBT2, Prana's proprietary lead compound, and its effects on the mechanism and progression of the disease by investigating biomarkers of Alzheimer's Disease as well as measures of cognition. The final follow-up visits for patients will be completed before the end of December. The trial is on track to deliver results in the first quarter of 2008.
Prana Biotechnology was established to commercialise research into Alzheimer's disease and other major age-related neurodegenerative disorders. The company was incorporated in 1997 and listed on the Australian Stock Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including the University of Melbourne, the Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, discovered Prana's technology. For further information, please visit our web site at www.pranabio.com.
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Electro-Optical Sciences, Inc. ("EOS") (NASDAQ: MELA)(December 19, 2007), a medical device company focused on the design and development of MelaFind , a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma, today announced that Joseph V. Gulfo, MD, MBA, president and chief executive officer, will present at the Tenth Annual Needham Growth Stock Conference taking place at the New York Palace Hotel in New York January 8 - 10, 2008.
EOS is a medical device company focused on designing and developing a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. MelaFind , EOS's flagship product, features a hand-held imaging device that emits light of multiple wavelengths to capture images of suspicious pigmented skin lesions and extract data. Using sophisticated algorithms, the data are then analyzed against a proprietary database of melanomas and benign lesions in order to provide information to the physician and produce a recommendation of whether the lesion should be biopsied.
Melanoma is the deadliest of skin cancers, responsible for approximately 80% of all skin cancer deaths. Unless melanoma is detected early and excised with proper margins, the patient survival rate is poor, as there is currently no cure for advanced stage melanoma.
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