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CALGARY, Sept. 29, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan" or the "Corporation") is pleased to
announce that it has closed the private placement announced on
August 12, 2016, by issuing 1,120,000
units ("Units"). The Units were issued at a price of
$0.30 per Unit for aggregate proceeds
of $336,000 (the "Offering").
Each Unit consists of one common share of the Corporation
("Common Share") and one-half of one Common Share purchase
warrant ("Warrant"). Each whole Warrant will expire 24
months from the closing date of the Offering, and will entitle the
holder to acquire one Common Share of the Corporation at a price of
$0.45 per Common Share. The
securities issued pursuant to the Offering are subject to a
four-month hold period.
Proceeds of the Offering will be used by Uravan to fund its
drilling and exploration activities on Uravan's 100% owned ORX
project, Athabasca
Basin1, Saskatchewan
(map link).
The ORX drill program commenced on September 27, 2016. Drill-hole targeting is very
focused over the ORX Anomaly (map link), an area measuring
approximately 2 sq. km, consisting of a discrete southwest-trending
corridor of anomalous concentrations of radiogenic
207Pb/206Pb ratios2 (<0.61)
occurring in the clay-size fraction from soils. This focused target
has the highest positive correlation with the ORX
(ZTEM3) conductive system and the L-1 lineament (map
link). The completion of this program is anticipated by mid-October
2016.
Larry Lahusen, CEO for Uravan,
states, "Uravan appreciates the interest and support of the
participants in this private placement. We continue to seek
additional financing opportunities to allow us to move forward. The
current drilling on the ORX Anomaly is a significant and very
focused test of a well-defined surface geochemical signature that
is highly supported by structure and a coincident conductive
system. This combination provides an opportunity to substantially
advance this project".
Dr. Colin Dunn, P. Geo.,
technical advisor for Uravan, is the Qualified Person for the
purposes of NI 43-101 with respect to the technical information in
this press release. Dr. Colin Dunn,
an independent specialist in biogeochemistry, is working closely
with Uravan's technical group to advance the evaluation and
interpretation of surface geochemical data.
1The Athabasca Basin is an ancient
(Paleoproterozoic) sandstone basin located in northern Saskatchewan, Canada. The Athabasca
Group sandstone and the underlying crystalline basement rocks host
high-grade uranium deposits, either at the sandstone-basement
unconformity (sandstone-hosted mineralization) or within the
underlying structurally disrupted crystalline basement lithologies
(basement-hosted mineralization). These unconformity-related
uranium deposits account for about 20 percent of the world's
natural uranium production. The ore grades are high, typically
grading 2% to 20% U308.
2Natural uranium is primarily composed of
two isotopes: 235 U = 0.72%, the fissile fraction, and
238U = 99.284%, is the non-fissile fraction. The
lead (Pb) isotopes 207Pb and 206Pb are the
radioactive (radiogenic) decay products of natural uranium:
235 U decays to 207Pb and 238U
decays to 206Pb. The presence of low
207Pb/206Pb isotopic ratios (< approx.
0.60) is used to identify possible U deposits because this ratio is
unique and distinctively low for Pb derived from a U deposit
relative to any other geological source.
3The airborne natural source Z-Axis
Tipper Electromagnetic (ZTEM) system provides high resolution EM
data at depths >1500 m and excellent resistivity discrimination
for detection of conductive basement anomalies and low-resistivity
signatures in the overlying sandstone.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. Uravan is a
publicly listed company on the TSX Venture Exchange under the
trading symbol UVN. All of the mineral properties Uravan owns are
considered to be in the exploration stage of
development.
This press release may contain forward looking statements
including those describing Uravan's future plans and the
expectations of management that a stated result or condition will
occur. Any statement addressing future events or conditions
necessarily involves inherent risk and uncertainty. Actual results
can differ materially from those anticipated by management at the
time of writing due to many factors, the majority of which are
beyond the control of Uravan and its management. In
particular, this news release contains forward-looking statements
pertaining, directly or indirectly, to the following: business and
operations strategies, future exploration strategies and potential
for mineral deposits. Readers are cautioned that the
foregoing list of risk factors should not be construed as
exhaustive. These statements speak only as of the date of this
release or as of the date specified in the documents accompanying
this release, as the case may be. The Corporation undertakes no
obligation to publicly update or revise any forward-looking
statements except as expressly required by applicable securities
laws.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Uravan Minerals Inc.