Basin Uranium Corp. announced it has successfully confirmed the presence of a significant amount of water in multiple monitoring wells across the Chord Uranium Project (the "Property") in South Dakota. The confirmatory sampling of these wells continues to demonstrate potential for mineralization to be amenable to in-situ recovery (ISR) methods for at least the lower portions of the mineralization.

The Company sampled two existing monitoring wells across the Chord project, both of which confirmed the presence of a significant amounts of water. Monitoring well B-5, which is located on the southwestern and down dip edge of the October-Jinx mineralized body, was measured to a depth of 496 feet and was terminated in the Lakota Formation which is the same formation that is host to the uranium mineralization on the Property. The bottom 100 feet of the well contained ground water which was sampled with analytical results demonstrating the presence of anomalous concentrations of uranium, dissolved solids, sulfate and radionuclides (gross alpha, gross beta and radionuclides (gross beta and radium-226).

The combination of a significant hydraulic head from the bottom 5 feet of the well in addition to the presence of anomalous concentration of uranium and radionuclides continue to support the viability of the mineralization to be am enable to insitu recovery methods. Monitoring well B-4 was located within the Viking mineralized body, approximately two miles to the northwest, was drilled to 315 feet with a 5 five screened interval, contained 40 feet of groundwater. Overall, results from the hydrology and water sampling of wells B-4 and B-5 were in line with historic test work completed by Union Carbide in the late 1970's and subsequent consultants in the 1980's (Cohan, 1984).

The Company cautions that additional tests are required to validate these results in addition to the drilling of new monitoring wells to properly characterize the aquifer and define the parameters for insitu recovery. In general, to support the use of ISR methods, hydrogeologic data is required to demonstrate the following: Permeability of the mineralized horizon; Hydrologic confinement of the mineralized horizon; and Ability to return groundwater within the mined area to its original baseline quality and usage.