U3O8 Corp. Reports Significant Uranium Mineralization in Accori South

Market Wire, July, 2008

U3O8 Corp. (TSX VENTURE: UWE), a Canadian uranium exploration company, reports significant intercepts of uranium mineralization from the Accori South area in the Kurupung Batholith, near the Roraima Basin in Guyana. The Accori South results confirm uranium mineralization in a second structure located approximately four kilometres southeast of the Accori North C target - the first mineralized structure encountered in the Accori area.

"Confirmation of a second uranium-bearing structure in the Accori area reflects our continued progress in proving that the Kurupung Batholith contains a coherent system of multiple basement-hosted mineralized fault breccias," said Dr. Richard Spencer, U3O8 Corp's President and CEO. "Today's results demonstrate that we continue to consistently find significant basement-hosted uranium mineralization along extensive, related structures that may collectively host a total resource of meaningful size."

Table 1. Summary of significantly mineralized intercepts cut in the first
four holes drilled on the Accori South target. Total metreage drilled in
the four holes was 427 metres.

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  Bore hole data                   Interval                        Grade
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                                                  Estimated
             Total                                     True
             Depth     From            Interval   Thickness    U3O8    U3O8
Hole            (m)      (m)   To (m)        (m)         (m)      %   lb/st
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ACCOS-001     91.6     16.0     24.5        8.5         8.5   0.064    1.28
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ACCOS-002     91.8     44.5     49.5        5.0         5.0   0.057    1.14
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ACCOS-003    121.5     74.0     78.0        4.0         4.0   0.108    2.16
                      -----------------------------------------------------
                      110.5    114.0        3.5         3.5   0.059    1.18
---------------------------------------------------------------------------
ACCOS-004    121.6     92.0     97.5        5.5         5.5   0.116    2.32
                      -----------------------------------------------------
                      106.0    110.0        4.0         4.0   0.081    1.62
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Note: lb/st is an abbreviation for pounds per short ton. 1 short ton equals
2,000lbs or 0.907 metric tonnes.

The assay results from Accori South continue to underscore U3O8 Corp's exploration model that the Roraima Basin is geologically similar to the Athabasca Basin in Saskatchewan with its structurally controlled uranium mineralization in the adjacent basement.

Four structures have been drilled in the Accori target area: Accori North A, Accori North B, Accori North C and Accori South (Figure 1). The assay results reported here are from the Accori South area. Results from Accori North C were released on June 17, 2008 (available on www.sedar.com or www.u3o8corp.com ). Results from the Accori North A and Accori North B structures are expected to be reported later in July, 2008.

Accori South

The initial four holes drilled in the Accori South target intersected uranium mineralization in two breccia zones that contain an alteration assemblage of albite, chlorite and haematite. The principal structure trends east-southeast and dips to the north at approximately 42 degrees. Initial drilling intersected uranium mineralization over a strike distance of 130 metres and to a depth of approximately 80 metres below surface. Mineralization is open along strike and down dip.

Two of the bore holes intersected a secondary structure that has an east-northeast orientation and is projected to intersect the principal structure approximately 25 metres east of the easternmost bore hole (ACOS-004, Figure 2). The intersection of the two structures at Accori South constitutes a priority exploration target since a similar structural intersection in the Aricheng South area hosts a mineralized shoot of elevated grade (June 25, 2008 press release available on www.sedar.com and www.u3o8corp.com ).

Quality Assurance & Quality Control

Diamond drilling at Accori South produced NQ (47.6 millimetre diameter) core. The core was halved with a diamond saw on site and half core samples were delivered to ACME Laboratory's preparation facility in Georgetown, Guyana. Sample blanks and certified standards were inserted at an average frequency of 1 per 25 samples. Sample pulps were then shipped by ACME to their analytical facility in Vancouver, BC, Canada, for analysis for uranium by ICP-MS after hot, four-acid digestion.