January 17, 2003

News Release: Total Gold and Base Metal Land Position in Mongolia at 4.8 Million Hectares

International Uranium Corporation (the 'Company') is pleased to announce that the major exploration land acquisition program initiated in March in Mongolia is now completed. Nineteen exploration licenses were recently issued in five separate areas, which have increased the company's land position in Mongolia by 1,305,000 hectares. The Company approached the 2002 season with the objective to establish a significant and prospective land position that is favorable for precious metals and copper (alone or in combination). The Company now holds 4.8 million hectares under 59 licenses. To view the map please go to the company's website at http://www.intluranium.com .

The processing backlog of exploration license applications is clearing in Mongolia. In addition to filing applications in four new target areas, in its most recent filings, the Company also obtained licenses to cover gaps and to pick up discreet targets within or adjoining other lands previously licensed by the Company.


The licenses recently approved are located in north central and northwest Mongolia.


The Huvsgol area (4 licenses, 309,000 hectares) licenses cover numerous gold steam-sediment anomalies, as well as combined showings of copper skarns, iron skarns, and rare earth prospects. A stockwork fracture system was located in an extensive zone of alteration in Triassic sandstones, conglomerate and rhyolite. The major zone of strong alteration is about 1.8 km long and 0.4 km wide and is located along an E-W major fault zone. Although surface geochemistry sampling results did not show a strong geochemical signature, the intensity of the stockworking and the leached nature of the surface alteration has encouraged the Company to plan an IP geophysical survey in the next field season. Field examination also located a 1.5 km by 0.7 km hydrothermal system in Proterozoic sandstone and quartzite with disseminated and stockworked magnetite, abundant epidote/magnetite/quartz, and traces of pyrite and chalcopyrite. Geochemical sampling here yielded values up to .26 ppm Au, 28 ppm Ag, and .18% Cu. The character of mineralization warrants follow up work to identify other targets in this area.


The West Huvsgol licenses (3 licenses, 305,000 hectares) were taken in an area of Precambrian phyllites, schists, and Cambrian flysch-like sediments. Mongolian government surveys in this area document an extensive regional stream sediment geochemical anomaly. The government information includes a 36 sample drainage gold anomaly within a 30 x 10 km region and evaluation of two placer resources. Of particular note from the Company's preliminary field work is a 250 m wide shear zone, in quartz-feldspar-biotite schists, which has associated gold placers. Initial field work was limited in this area due to the end of the field season, and follow up geochemical sampling is planned to focus efforts in this large anomalous target. The area is believed to be favorable for mesothermal and/or intrusion related gold occurrences.


The Davaa license (228,000 hectares) was selected based on reported copper and molybdenum porphyry occurrences associated with an alkaline system of intrusives, suggesting potential for alkaline gold and alkaline porphyry copper-gold deposits. The licensed area covers two extensive areas of alteration. The Tagin Nuur area hosts argillized and silicified rhyodacite and rhyolite. The Shumuultai-Quartzitic alteration system consists of argillic, phyllic, and silicic alteration and minor stockwork features in Devonian intrusives and volcanics; this area has anomalous and also exhibits very high potassium assays, suggestive of a highly alkaline granite and/or potassic alteration. Only very limited site investigative work has been conducted on the Davaa license.


The Burkheer Khar area (4 licenses, 446,000 hectares) covers a large WNW-striking regional aeromagnetic anomaly in metamorphosed sediments and volcanics and in abundant Precambrian and Paleozoic intrusives. Numerous lode gold and placer gold occurrences listed in government surveys are suggestive of potential for mesothermal gold deposits. The company is preparing plans for geophysical surveys, surface mapping, and additional geochemical sampling.


Initial prospecting within the Company's Ulziit licenses discovered anomalous gold in mesothermal quartz veins, up to 6.1 gm/t in narrow vein outcrops. Work also discovered anomalous molybdenum (up to 950 ppm) in small surface showings. The Company is planning follow up work consisting of mapping and sampling on the 2003 field season.


The Company is now compiling the extensive geochemical, geologic and geophysical data set it generated this season in Mongolia. Several high-ranking prospects have emerged and will be the initial focus of more detail site investigation in next year's field season. The Company office in Mongolia will be the center of efforts to process data from the field work and to review new opportunities and specific property additions.

ON BEHALF OF THE BOARD

Ron F. Hochstein, President

FOR FURTHER INFORMATION PLEASE CONTACT: International Uranium Corporation Sophia Shane Corporate Development (604) 689-7842 (604) 689-4250 (FAX) Website: www.intluranium.com

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