Dr. Spencer continued, "In light of current capital market conditions, we have rationalized our exploration programs to conserve cash while maintaining momentum on key projects aimed at delivering near term value. Given its resource prospects, we will focus on expanding the overall size of the mineralized zone at Aricheng South by using wider-space drilling to add potential pounds of uranium in a cost-efficient manner. Intense exploration continues on defining alteration and geochemical zoning in specific unconformity-related targets in the Roraima Basin. With over $12 million in cash, U3O8 Corp. is in a fortunate position to continue to judiciously advance its disciplined exploration efforts and to build on promising findings to date."

Assay highlights from the ten bore holes at Aricheng South reported here include:

------------------------------------------------------------------
----
--------------------------------------------------------------
                         Interval                       Grade
           -------------------------------------------------------
Bore hole   From     To  Interval  Estimated True             U3O8
number        (m)    (m)       (m)   Thickness (m)  U3O8 %   lb/st
------------------------------------------------------------------
------------------------------------------------------------------
ARS-080    115.0  122.0       7.0             6.2    0.100     2.0
------------------------------------------------------------------
ARS-081    141.5  149.0       7.5             6.6    0.125     2.5
------------------------------------------------------------------
ARS-082    163.0  176.0      13.0            11.5    0.096     1.9
------------------------------------------------------------------
ARS-083    175.5  192.0      16.5            14.6    0.106     2.1
------------------------------------------------------------------
Including  188.0  191.5       3.5             3.1    0.244     4.9
------------------------------------------------------------------
ARS-085     88.0  103.0      15.0            13.2    0.075     1.5
------------------------------------------------------------------
Including   91.5   97.5       6.0             5.3    0.107     2.1
------------------------------------------------------------------
ARS-087    117.0  123.0       6.0             5.5    0.138     2.8
------------------------------------------------------------------
Note: lb/st is an abbreviation for pounds per short ton. 1 short
ton equals 2,000lbs or 0.907 metric tonnes.

Aricheng South

Drilling to date at Aricheng South (87 bore holes for 15,800 metres) has delineated uranium mineralization (Figure 2a):

- over a strike length of 270 metres and shown that mineralization is open along strike;

- to a maximum depth of 180 metres below surface and is open at depth; and

- concentrated in near-vertical shoots.

Aricheng South appears to be analogous with Aurora Energy Resources' Michelin deposit in Labrador (that has a measured and indicated resource of about 48 million pounds grading at 0.12% U3O8(i)). Similar to Michelin, mineralization at Aricheng South is basement-hosted and is concentrated in mineralized shoots that are enclosed by albite alteration - a class of deposits termed "albitite-hosted" uranium.

For ease of comparison, the U3O8 grade-thickness data for Aricheng South have been contoured using the same intervals and colour scheme as used for the Michelin deposit in Aurora's 43-101 report dated April 7, 2008(i). Comparison of the long section from Aricheng South with that of the Michelin deposit shows a marked similarity in tenor and distribution of mineralization (Figure 3).

VLF-EM (Very Low Frequency Electromagnetic) data suggests that the Aricheng South mineralized structure extends for a significant distance along strike. VLF-EM data from the Aricheng South area shows that the geophysical anomaly on which mineralization has been drilled to date extends a further 300 metres to the west and approximately 400 metres to the east (Figure 2b). The ongoing drill program aims to establish the extent to which the extensions of the Aricheng South structure may be mineralized.

Summary assay results for previous drilling at Aricheng South were released on August 1, 2007; February 26, 2008; April 10, 2008; May 7, 2008; June 25, 2008 and August 12, 2008. All reported assay results are available at www.sedar.com and www.u3o8corp.com.

Drill hole locations relative to the ground scintillometer survey and previous drilling are shown in Figure 4.

Potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource on U3O8 Corp's properties and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Aricheng North and Aricheng West

Further drilling at Aricheng North and Aricheng West has been completed. Results from these two albitite-hosted uranium target areas are scheduled for release in November 2008.

Exploration Outlook and Strategy

Given current volatile financial markets, U3O8 Corp. has refined its corporate strategy to be appropriately prudent with its capital while optimizing the near term exploration potential of its key projects, as follows:

- Cash Conservation - Scale down exploration efforts to focus on priority projects. Reduce monthly expenditure by about 40%, which reduces the burn rate to the extent that current cash reserves should be sufficient for approximately 18 months. With its own drill rigs, U3O8 Corp's drill cost of around $67 per metre (all inclusive) is roughly half that of typical contract drilling. Ownership of the rigs also gives the company the flexibility to quickly expand or further reduce its drill programs as necessary. The company will continue to monitor the global market situation and may adjust its programs, depending on future market conditions.

- Basement-Hosted Uranium Exploration in the Kurupung Batholith:

-- Initial Resource Estimates - Complete the resource estimates currently underway on the first two basement-hosted structures at Aricheng South and Aricheng North, which are due at the end of 2008. These initial resource estimates are expected to be interim in nature since mineralization in both structures is still open along strike and at depth. U3O8 Corp. intends to periodically update the resource contained in these structures as the extent of mineralization is expanded by further drilling.

-- Realize Full Resource Potential at Aricheng South - Given its analogy with the Michelin deposit, focus ongoing drilling to determine the size of the mineralized zone at Aricheng South. Consistent with the Michelin model, wider-spaced drilling will now be used at Aricheng South to expeditiously convert metres drilled into in situ pounds of uranium.

- Unconformity-Related Uranium Exploration in the Roraima Basin:

-- Intense exploration for unconformity-related uranium continues on specific target areas in the Roraima Basin. Field work is concentrating on ground radiometric surveys to identify areas of radiation and is being combined with spectral analysis of clay minerals in order to identify alteration zoning within the Roraima Basin. This field-based exploration provides a cost-effective means of identifying the most prospective parts of the wider target areas.

Quality Assurance & Quality Control

Diamond drilling at Aricheng 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.

Mr. Richard Cleath (M.Sc.), Vice President of U3O8 Corp., a Qualified Person within the definition of that term in National Instrument 43-101 of the Canadian Securities Administrators, had overall responsibility for all aspects of target selection and drilling of the Aricheng South target. Mr. Cleath has supervised the preparation of, and verified, the technical information in this release.

Table 1 - Assay Results for Aricheng South

Summary of significantly mineralized intercepts cut in the additional ten bore holes (2,223 metres) undertaken in August, 2008, at Aricheng South.

-----------------------------------------------------------------------
---Bore hole data                   Interval                      Grade
--------------------------------------------------------------------------
Hole        Total   From     To  Interval  Estimated True    U3O8     U3O8
number   Depth (m)    (m)    (m)       (m)   Thickness (m)      %    lb/st
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ARS-078     253.3  162.0  181.5      19.5            16.4   0.079     1.58
--------------------------------------------------------------------------
ARS-079     143.1                  No Significant Results
--------------------------------------------------------------------------
ARS-080     170.1  115.0  122.0       7.0             6.2   0.100      2.0
--------------------------------------------------------------------------
ARS-081     202.8  141.5  149.0       7.5             6.6   0.125      2.5
--------------------------------------------------------------------------
ARS-082     223.6  163.0  176.0      13.0            11.5   0.096      1.9
--------------------------------------------------------------------------
            252.7  175.5  192.0      16.5            14.6   0.106      2.1
ARS-083 ------------------------------------------------------------------
        Including  188.0  191.5       3.5             3.1   0.244      4.9
--------------------------------------------------------------------------
                    91.5   96.5       5.0             4.4   0.068      1.4
ARS-084     220.9 --------------------------------------------------------
                   102.0  104.5       2.5             2.2   0.092      1.8
--------------------------------------------------------------------------
            241.9   88.0  103.0      15.0            13.2   0.075      1.5
ARS-085 ------------------------------------------------------------------
        Including   91.5   97.5       6.0             5.3   0.107      2.1
--------------------------------------------------------------------------
                   173.5  174.5       1.0             0.9   0.094      1.9
ARS-086     260.6 --------------------------------------------------------
                   245.5  247.0       1.5             1.2   0.103      2.1
--------------------------------------------------------------------------
                   117.0  123.0       6.0             5.5   0.138      2.8
ARS-087     253.8 --------------------------------------------------------
                   158.5  182.5      24.0            22.1   0.045      0.9
--------------------------------------------------------------------------
Note: lb/st is an abbreviation for pounds per short ton.  1 short ton equals
2,000lbs or 0.907 metric tonnes.

Figure 1 - Map of Magnetic Data and Interpreted Structures in Kurupung Batholith is available at the following web link: http://media3.marketwire.com/docs/uwe1030figure1.pdf.

a. Map of magnetic data from the Kurupung Batholith shows interpreted structures (black lines). The margins of the Kurupung Batholith are marked by southeast orientated magnetic anomalies that coincide with the location of shear zones. The open "S"-shaped curves that extend between the bounding shear zones of the Kurupung Batholith are termed sigmoidal structures.

b. Simplified structural interpretation of the Kurupung Batholith show the sigmoidal structures extending between the bounding shear zones with known mineralized zones shown. The mineralized shoot in the Aricheng South structure is located where a splay-fault intersects the principal sigmoidal structure. The mineralized zone at Aricheng South is labeled in red.

Figure 2 - Long Section and VLF-EM Image of the Aricheng South Structure is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig2.pdf.

a. A provisional long section of the principal structure at Aricheng South shows the distribution of grade-thickness values (the product of the width of the mineralized interval and its U3O8 grade in %) on a vertical projection of the structure. The coloured circles demarcate the pierce points on the structure. A pierce point is the approximate location at which each bore hole intersects the structure.

b. A Very Low Frequency Electromagnetic (VLF-EM) image suggests the possible strike extension of the mineralization at Aricheng South both to the east and west of the area in which drilling has been conducted to date. The VLF-EM data shows the location of the bore holes drilled to date that have shown uranium mineralization to lie on the northern contact of the orange-coloured anomaly. Further drilling will test for uranium mineralization along the obvious extensions of the Aricheng South structure.

Figure 3 - Aricheng South compared with the Long Section of Michelin Deposit is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig3.pdf.

The same long section of the Aricheng South structure from Figure 2 is inserted here at the same scale, and using the same colour scheme for uranium grade-thickness values, as are used in the long section of Aurora Energy's 48 million pound Michelin deposit in Labrador(i). Comparison of these long sections shows the similarity in tenor and distribution of mineralization in Aricheng South in relation to the Michelin deposit.

Figure 4 -Drill Hole Locations at Aricheng South is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig4.pdf.

Map shows the ground scintillometer radiometric anomaly at Aricheng South with the location of Phase I, II and previously reported Phase III drill holes labelled in black. The additional ten drill holes, whose results are reported here, are labelled in red.

About U3O8 Corp.

U3O8 Corp. is a Canadian mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin in Guyana, South America, U3O8 Corp's primary business objective is to explore, develop and acquire uranium projects in the Americas. The company is well funded with over $12 million held solely in cash and Canadian chartered bank-backed Guaranteed Investment Certificates. At current rates of exploration expenditure, the company expects to be funded up until 2010.

U308 Corp. has exclusive uranium exploration rights in an area covering approximately 1.3 million hectares that straddles the edge of the Roraima Basin in Guyana. The company is advancing a two-pronged exploration strategy that focuses on:

- Exploration for multiple uranium-bearing structures within structural systems in the basement adjacent to the Roraima Basin with the concept that the individual veins could potentially aggregate to a significant total resource; and

- Exploration for unconformity-style uranium deposits at the base of the Roraima Basin, which are similar to those of the prolific Athabasca Basin in Saskatchewan.

For further information on the company's properties, please refer to the technical report prepared for the company by Dahrouge Geological Consulting Ltd. and dated September 15, 2006 as amended and restated December 12, 2006, available on SEDAR at www.sedar.com and on the company's website www.u3o8corp.com.

(i) Aurora Energy's Michelin resource estimate has not been independently verified by U3O8 Corp. and is based on Aurora's Form 43-101F1 Technical Report dated April 7, 2008 and amended on August 28, 2008. Comparisons of U3O8 Corp's target with Aurora's Michelin deposit are conceptual in nature. There is no certainty that further exploration will result in the delineation of a similar mineral resource.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Basic shares outstanding: 23,057,700

Fully diluted shares outstanding: 25,472,250

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts:
U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
Email: nancy@u3o8corp.com

U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
Email: richard@u3o8corp.com
Website: www.u3o8corp.com

SOURCE: U3O8 Corp.

mailto:nancy@u3o8corp.com
mailto:richard@u3o8corp.com
http://www.u3o8corp.com

Dr. Spencer continued, "In light of current capital market conditions, we have rationalized our exploration programs to conserve cash while maintaining momentum on key projects aimed at delivering near term value. Given its resource prospects, we will focus on expanding the overall size of the mineralized zone at Aricheng South by using wider-space drilling to add potential pounds of uranium in a cost-efficient manner. Intense exploration continues on defining alteration and geochemical zoning in specific unconformity-related targets in the Roraima Basin. With over $12 million in cash, U3O8 Corp. is in a fortunate position to continue to judiciously advance its disciplined exploration efforts and to build on promising findings to date."

Assay highlights from the ten bore holes at Aricheng South reported here include:

------------------------------------------------------------------
------------------------------------------------------------------
                         Interval                       Grade
           -------------------------------------------------------
Bore hole   From     To  Interval  Estimated True             U3O8
number        (m)    (m)       (m)   Thickness (m)  U3O8 %   lb/st
------------------------------------------------------------------
------------------------------------------------------------------
ARS-080    115.0  122.0       7.0             6.2    0.100     2.0
------------------------------------------------------------------
ARS-081    141.5  149.0       7.5             6.6    0.125     2.5
------------------------------------------------------------------
ARS-082    163.0  176.0      13.0            11.5    0.096     1.9
------------------------------------------------------------------
ARS-083    175.5  192.0      16.5            14.6    0.106     2.1
------------------------------------------------------------------
Including  188.0  191.5       3.5             3.1    0.244     4.9
------------------------------------------------------------------
ARS-085     88.0  103.0      15.0            13.2    0.075     1.5
------------------------------------------------------------------
Including   91.5   97.5       6.0             5.3    0.107     2.1
------------------------------------------------------------------
ARS-087    117.0  123.0       6.0             5.5    0.138     2.8
------------------------------------------------------------------

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

Aricheng South

Drilling to date at Aricheng South (87 bore holes for 15,800 metres) has delineated uranium mineralization (Figure 2a):

- over a strike length of 270 metres and shown that mineralization is open along strike;

- to a maximum depth of 180 metres below surface and is open at depth; and

- concentrated in near-vertical shoots.

Aricheng South appears to be analogous with Aurora Energy Resources' Michelin deposit in Labrador (that has a measured and indicated resource of about 48 million pounds grading at 0.12% U3O8(i)). Similar to Michelin, mineralization at Aricheng South is basement-hosted and is concentrated in mineralized shoots that are enclosed by albite alteration - a class of deposits termed "albitite-hosted" uranium.

For ease of comparison, the U3O8 grade-thickness data for Aricheng South have been contoured using the same intervals and colour scheme as used for the Michelin deposit in Aurora's 43-101 report dated April 7, 2008(i). Comparison of the long section from Aricheng South with that of the Michelin deposit shows a marked similarity in tenor and distribution of mineralization (Figure 3).

VLF-EM (Very Low Frequency Electromagnetic) data suggests that the Aricheng South mineralized structure extends for a significant distance along strike. VLF-EM data from the Aricheng South area shows that the geophysical anomaly on which mineralization has been drilled to date extends a further 300 metres to the west and approximately 400 metres to the east (Figure 2b). The ongoing drill program aims to establish the extent to which the extensions of the Aricheng South structure may be mineralized.

Summary assay results for previous drilling at Aricheng South were released on August 1, 2007; February 26, 2008; April 10, 2008; May 7, 2008; June 25, 2008 and August 12, 2008. All reported assay results are available at www.sedar.com and www.u3o8corp.com.

Drill hole locations relative to the ground scintillometer survey and previous drilling are shown in Figure 4.

Potential quantity and grade are conceptual in nature. There has been insufficient exploration to define a mineral resource on U3O8 Corp's properties and it is uncertain if further exploration will result in the target being delineated as a mineral resource.

Aricheng North and Aricheng West

Further drilling at Aricheng North and Aricheng West has been completed. Results from these two albitite-hosted uranium target areas are scheduled for release in November 2008.

Exploration Outlook and Strategy

Given current volatile financial markets, U3O8 Corp. has refined its corporate strategy to be appropriately prudent with its capital while optimizing the near term exploration potential of its key projects, as follows:

- Cash Conservation - Scale down exploration efforts to focus on priority projects. Reduce monthly expenditure by about 40%, which reduces the burn rate to the extent that current cash reserves should be sufficient for approximately 18 months. With its own drill rigs, U3O8 Corp's drill cost of around $67 per metre (all inclusive) is roughly half that of typical contract drilling. Ownership of the rigs also gives the company the flexibility to quickly expand or further reduce its drill programs as necessary. The company will continue to monitor the global market situation and may adjust its programs, depending on future market conditions.

- Basement-Hosted Uranium Exploration in the Kurupung Batholith:

-- Initial Resource Estimates - Complete the resource estimates currently underway on the first two basement-hosted structures at Aricheng South and Aricheng North, which are due at the end of 2008. These initial resource estimates are expected to be interim in nature since mineralization in both structures is still open along strike and at depth. U3O8 Corp. intends to periodically update the resource contained in these structures as the extent of mineralization is expanded by further drilling.

-- Realize Full Resource Potential at Aricheng South - Given its analogy with the Michelin deposit, focus ongoing drilling to determine the size of the mineralized zone at Aricheng South. Consistent with the Michelin model, wider-spaced drilling will now be used at Aricheng South to expeditiously convert metres drilled into in situ pounds of uranium.

- Unconformity-Related Uranium Exploration in the Roraima Basin:

-- Intense exploration for unconformity-related uranium continues on specific target areas in the Roraima Basin. Field work is concentrating on ground radiometric surveys to identify areas of radiation and is being combined with spectral analysis of clay minerals in order to identify alteration zoning within the Roraima Basin. This field-based exploration provides a cost-effective means of identifying the most prospective parts of the wider target areas.

Quality Assurance & Quality Control

Diamond drilling at Aricheng 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.

Mr. Richard Cleath (M.Sc.), Vice President of U3O8 Corp., a Qualified Person within the definition of that term in National Instrument 43-101 of the Canadian Securities Administrators, had overall responsibility for all aspects of target selection and drilling of the Aricheng South target. Mr. Cleath has supervised the preparation of, and verified, the technical information in this release.

Table 1 - Assay Results for Aricheng South

Summary of significantly mineralized intercepts cut in the additional ten bore holes (2,223 metres) undertaken in August, 2008, at Aricheng South.

--------------------------------------------------------------------------
Bore hole data                   Interval                      Grade
--------------------------------------------------------------------------
Hole        Total   From     To  Interval  Estimated True    U3O8     U3O8
number   Depth (m)    (m)    (m)       (m)   Thickness (m)      %    lb/st
--------------------------------------------------------------------------
--------------------------------------------------------------------------
ARS-078     253.3  162.0  181.5      19.5            16.4   0.079     1.58
--------------------------------------------------------------------------
ARS-079     143.1                  No Significant Results
--------------------------------------------------------------------------
ARS-080     170.1  115.0  122.0       7.0             6.2   0.100      2.0
--------------------------------------------------------------------------
ARS-081     202.8  141.5  149.0       7.5             6.6   0.125      2.5
--------------------------------------------------------------------------
ARS-082     223.6  163.0  176.0      13.0            11.5   0.096      1.9
--------------------------------------------------------------------------
            252.7  175.5  192.0      16.5            14.6   0.106      2.1
ARS-083 ------------------------------------------------------------------
        Including  188.0  191.5       3.5             3.1   0.244      4.9
--------------------------------------------------------------------------
                    91.5   96.5       5.0             4.4   0.068      1.4
ARS-084     220.9 --------------------------------------------------------
                   102.0  104.5       2.5             2.2   0.092      1.8
--------------------------------------------------------------------------
            241.9   88.0  103.0      15.0            13.2   0.075      1.5
ARS-085 ------------------------------------------------------------------
        Including   91.5   97.5       6.0             5.3   0.107      2.1
--------------------------------------------------------------------------
                   173.5  174.5       1.0             0.9   0.094      1.9
ARS-086     260.6 --------------------------------------------------------
                   245.5  247.0       1.5             1.2   0.103      2.1
--------------------------------------------------------------------------
                   117.0  123.0       6.0             5.5   0.138      2.8
ARS-087     253.8 --------------------------------------------------------
                   158.5  182.5      24.0            22.1   0.045      0.9
--------------------------------------------------------------------------

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

Figure 1 - Map of Magnetic Data and Interpreted Structures in Kurupung Batholith is available at the following web link: http://media3.marketwire.com/docs/uwe1030figure1.pdf.

a. Map of magnetic data from the Kurupung Batholith shows interpreted structures (black lines). The margins of the Kurupung Batholith are marked by southeast orientated magnetic anomalies that coincide with the location of shear zones. The open "S"-shaped curves that extend between the bounding shear zones of the Kurupung Batholith are termed sigmoidal structures.

b. Simplified structural interpretation of the Kurupung Batholith show the sigmoidal structures extending between the bounding shear zones with known mineralized zones shown. The mineralized shoot in the Aricheng South structure is located where a splay-fault intersects the principal sigmoidal structure. The mineralized zone at Aricheng South is labeled in red.

Figure 2 - Long Section and VLF-EM Image of the Aricheng South Structure is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig2.pdf.

a. A provisional long section of the principal structure at Aricheng South shows the distribution of grade-thickness values (the product of the width of the mineralized interval and its U3O8 grade in %) on a vertical projection of the structure. The coloured circles demarcate the pierce points on the structure. A pierce point is the approximate location at which each bore hole intersects the structure.

b. A Very Low Frequency Electromagnetic (VLF-EM) image suggests the possible strike extension of the mineralization at Aricheng South both to the east and west of the area in which drilling has been conducted to date. The VLF-EM data shows the location of the bore holes drilled to date that have shown uranium mineralization to lie on the northern contact of the orange-coloured anomaly. Further drilling will test for uranium mineralization along the obvious extensions of the Aricheng South structure.

Figure 3 - Aricheng South compared with the Long Section of Michelin Deposit is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig3.pdf.

The same long section of the Aricheng South structure from Figure 2 is inserted here at the same scale, and using the same colour scheme for uranium grade-thickness values, as are used in the long section of Aurora Energy's 48 million pound Michelin deposit in Labrador(i). Comparison of these long sections shows the similarity in tenor and distribution of mineralization in Aricheng South in relation to the Michelin deposit.

Figure 4 -Drill Hole Locations at Aricheng South is available at the following web link: http://media3.marketwire.com/docs/uwe1030fig4.pdf.

Map shows the ground scintillometer radiometric anomaly at Aricheng South with the location of Phase I, II and previously reported Phase III drill holes labelled in black. The additional ten drill holes, whose results are reported here, are labelled in red.

About U3O8 Corp.

U3O8 Corp. is a Canadian mineral exploration company based in Toronto, Canada. Currently focused on uranium exploration in the Roraima Basin in Guyana, South America, U3O8 Corp's primary business objective is to explore, develop and acquire uranium projects in the Americas. The company is well funded with over $12 million held solely in cash and Canadian chartered bank-backed Guaranteed Investment Certificates. At current rates of exploration expenditure, the company expects to be funded up until 2010.

U308 Corp. has exclusive uranium exploration rights in an area covering approximately 1.3 million hectares that straddles the edge of the Roraima Basin in Guyana. The company is advancing a two-pronged exploration strategy that focuses on:

- Exploration for multiple uranium-bearing structures within structural systems in the basement adjacent to the Roraima Basin with the concept that the individual veins could potentially aggregate to a significant total resource; and

- Exploration for unconformity-style uranium deposits at the base of the Roraima Basin, which are similar to those of the prolific Athabasca Basin in Saskatchewan.

For further information on the company's properties, please refer to the technical report prepared for the company by Dahrouge Geological Consulting Ltd. and dated September 15, 2006 as amended and restated December 12, 2006, available on SEDAR at www.sedar.com and on the company's website www.u3o8corp.com.

(i) Aurora Energy's Michelin resource estimate has not been independently verified by U3O8 Corp. and is based on Aurora's Form 43-101F1 Technical Report dated April 7, 2008 and amended on August 28, 2008. Comparisons of U3O8 Corp's target with Aurora's Michelin deposit are conceptual in nature. There is no certainty that further exploration will result in the delineation of a similar mineral resource.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of U3O8 Corp., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependence upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Basic shares outstanding: 23,057,700

Fully diluted shares outstanding: 25,472,250

SOURCE: U3O8 Corp.

U3O8 Corp.
Nancy Chan-Palmateer
Vice President, Investor Relations
(416) 868-1491
Email: nancy@u3o8corp.com
U3O8 Corp.
Richard Spencer
President & CEO
(416) 868-1491
Email: richard@u3o8corp.com
Website: www.u3o8corp.com

New highlights include:

- 0.17% U3O8 over 34.98 metres in hole M08-106A

- 0.13% U3O8 over 39.08 metres in hole M1

- 0.15% U3O8 over 26.33 metres in hole M08-121

- 0.14% U3O8 over 21.70 metres in hole M08-122A

- 0.13% U3O8 over 31.00 metres in hole M08-119

A total of 7,028.5 metres in seventeen holes has been completed as part of the 2008 Michelin Summer Infill Drill Program initiated in mid-May. The five remaining drill results are listed in the table below. In addition, two holes (M1 and M6) were assayed as part of the 2008 Geotechnical Drill Program, designed to test geotechnical rock properties for use in mine design. Hole M1 supplemented the infill drill campaign and hole M6 added to the confirmation of historical Brinex(i) drill hole assay data. Both of these drill results are included in the table below. (Other 2008 Michelin Summer Infill Drill Program results can be found in the August 5, 2008 news release, "Aurora's Michelin Infill Drill Program Progresses Resource Conversion").

----------------------------------------------------------------
Hole ID          From (m)      To (m)     Length (m)      % U3O8
----------------------------------------------------------------
M08-106A          611.10      646.08          34.98         0.17
----------------------------------------------------------------
M08-117           819.65      820.65           1.00         0.11
----------------------------------------------------------------
                  834.00      835.00           1.00         0.13
----------------------------------------------------------------
                  840.00      841.00           1.00         0.06
----------------------------------------------------------------
M08-119           586.50      617.50          31.00         0.13
----------------------------------------------------------------
 incl             586.50      600.00          13.50         0.19
----------------------------------------------------------------
M08-121           709.79      736.12          26.33         0.15
----------------------------------------------------------------
 incl             715.72      721.60           5.88         0.34
----------------------------------------------------------------
M08-122A          620.00      641.70          21.70         0.14
----------------------------------------------------------------
 incl             627.00      633.22           6.22         0.34
----------------------------------------------------------------
M1                361.50      400.58          39.08         0.13
----------------------------------------------------------------
M6                 16.90       21.90           5.00         0.24
----------------------------------------------------------------
The orientation of the mineralized zones is interpreted to be
moderately to steeply southeast dipping and true widths are
approximately 80% of stated widths. Holes M08-116, M08-118 and
M08-120 were abandoned.

For an updated long section of the Michelin deposit, please use the following link: http://www.aurora-energy.ca/files/MichelinLS_Oct08.jpg.

Planning for Aurora's 2009 work program for Labrador and Nunavut is currently underway.

ABOUT AURORA

Aurora is a uranium exploration and development company active in the Central Mineral Belt of coastal Labrador - one of the world's most promising uranium districts - and in Nunavut, Canada, where it has acquired an interest in the Baker Lake Basin property through a deal with Pacific Ridge Exploration Ltd.

Aurora has completed its 2008 summer drill program in Labrador, which included an infill drill campaign of 13,233 metres at the Jacques Lake and Michelin deposits. Aurora also completed a 2,908 metre geotechnical, environmental and metallurgical drill program in August. Engineering studies, environmental baseline studies and a tailings management options study are continuing, along with community consultations and the selection of members for the Michelin Project Community Panel (see October 15, 2008 news release, "Aurora to Hold Public Information Meetings in Labrador on the Mining Process and the Michelin Project" and October 20, 2008 news release, "Aurora Introduces Michelin Project Community Panel Members").

The Company also recently began an exploration program at Baker Lake Basin and expects to conduct geological mapping, ground and airborne geophysical surveys, and 1,000 metres of drilling in October 2008.

Aurora has no debt and approximately C$105 million in cash that is fully liquid and held with a large Canadian commercial bank.

Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.

(i) British Newfoundland Exploration Limited (Brinex) conducted exploration activities at Michelin deposit in the 1960s and 1970s.

Assay results have been prepared under the guidance of Cameron McLean, P.Geo., Exploration Manager, CMB Project for Aurora Energy Resources Inc., who is designated as a Qualified and has verified the authenticity of and validity of this data. Drill core was prepared and analyzed in accordance with industry standards by Activation Laboratories Ltd, Ancaster, Ontario.

Further details of the geology, mineral occurrences and the nature of the mineralization can be obtained by reading the NI 43-101 compliant technical report entitled, The Exploration Activities of Aurora Energy Resources Inc. on the CMB Uranium Property, Labrador, Canada, During the Period January 1, 2007 to December 31, 2007 dated April 7, 2008 and amended August 28, 2008, which is available for viewing on SEDAR at www.sedar.com.

Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to, those with respect to the timing and amount of estimated future resources and resource conversion rates, future operations, project costs and production, potential for expansion of resources and potential size of future exploration programs and potential timing of receipt of permits and classification of future mineral resources, and potential for future benefits, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Aurora to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Aurora's most recent Annual Information Form available on SEDAR at www.sedar.com. Although Aurora has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts:
Aurora Energy Resources Inc.
Andrea Marshall
Manager, Government and Media Relations
(709) 726-2223

Aurora Energy Resources Inc.
Don Falconer
VP, Corporate Development
(416) 362-5556
Website: www.aurora-energy.ca

SOURCE: Aurora Energy Resources Inc.

http://www.aurora-energy.ca

The Panel will give community representatives from coastal Labrador direct input into project planning and environmental work. It is a vital element of Aurora's work program, which is focused on ensuring the proposed Michelin Project can be developed in a safe and beneficial manner with minimal impact on the land, wildlife and nearby communities.

Aurora completed an extensive community engagement process encouraging community members to submit an Expression of Interest to participate in the Panel. The process resulted in the identification of eight individuals who represent a cross-section of community members, including youth, elders, and volunteers, and have expertise as hunters, fishers, business owners, health care workers, educators and in community development.

The Michelin Project Community Panel members are:

- Mr. Chesley Andersen, VP Labrador Affairs, Aurora Energy (Panel Chair)

- Mr. Josh Pamak, Nain

- Mr. David Igloliorte, Hopedale

- Mr. Randy Edmunds, Makkovik

- Mr. Glen Sheppard, Postville

- Mrs. Charlotte Wolfrey, Rigolet

- Mr. Ernie McLean, North West River

- Mr. Lloyd Mugford, Happy Valley - Goose Bay

- Mr. Daniel Ashini, Sheshatshiu

In addition to the above, both the Postville and Makkovik Inuit Community Governments have the option to appoint a representative from their respective communities.

The Panel is expected to meet six to eight times per year and has a mandate to:

- Communicate information about the proposed Michelin Project to the communities

- Obtain and review community feedback

- Identify opportunities to improve the Project's fit with the communities through discussion of community issues and concerns

- Provide input to the Company on specific project details, such as tailings management, project design, environmental and engineering studies, and community benefits

- Provide input on consultation activities and information materials

The Panel is expected to hold its first meeting in November 2008.

ABOUT AURORA

Aurora is a uranium exploration and development company active in the Central Mineral Belt of coastal Labrador - one of the world's most promising uranium districts - and in Nunavut, Canada, where it has acquired an interest in the Baker Lake Basin property.

Aurora has completed its 2008 summer drill program in Labrador, which included an infill drill campaign of 13,233 metres at the Jacques Lake and Michelin deposits. Aurora also completed a 2,908 metre geotechnical, environmental and metallurgical drill program in August. Engineering studies, environmental baseline studies and a tailings management options study are continuing.

The Company also recently began an exploration program at Baker Lake Basin and expects to conduct geological mapping, ground and airborne geophysical surveys, and 1,000 metres of drilling in October 2008.

Aurora is committed to responsible development, which includes community consultation, lasting local benefits and the highest standards of safety, health, and environmental protection.

Aurora's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance or future actions are "forward-looking" statements. The words "believe", "expect", "will", "anticipate", "contemplate", "budget", "target", "continue", "may", "intend" and similar expressions identify forward looking-statements. All statements contained herein, other than statements of historical fact contained herein, constitute "forward-looking statements". Such forward-looking statements, including but not limited to, those with respect to the timing of future meetings, the timing and amount of estimated future resources and resource conversion rates, future operations, project costs and production, potential for expansion of resources and potential size of future exploration programs, grades and widths and potential timing of receipt of permits and classification of future mineral resources, and potential for future benefits, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Aurora to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of mineralization and mineral resources, changes in project parameters as plans continue to be refined, future prices of uranium, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation as well as those factors discussed in the section entitled "Risk Factors" in Aurora's most recent Annual Information Form available on SEDAR at www.sedar.com. Although Aurora has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Aurora disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts:
Aurora Energy Resources Inc.
Andrea Marshall
Manager, Government and Media Relations
(709) 726-2223

Aurora Energy Resources Inc.
Don Falconer
VP, Corporate Development
(416) 362-5556
Website: www.aurora-energy.ca

SOURCE: Aurora Energy Resources Inc.

http://www.aurora-energy.ca