Uravan to Exchange Boomerang Interest
December 29 2010 - 1:52PM
PR Newswire (Canada)
CALGARY, Dec. 29 /CNW/ -- (TSXV: UVN) CALGARY, Dec. 29 /CNW/ -
Uravan Minerals Inc. ("Uravan") has signed a non-binding Letter of
Intent (LOI) with Cameco Corporation ("Cameco") to exchange it's
49% joint venture interest in the Boomerang uranium project in the
southwest Thelon Basin, Northwest Territories (NT) for Cameco's
100% interest in the various mineral dispositions making up the
Halliday Lake, Popular Point, Stewardson Lake and Thluicho Lake
uranium projects in the Athabasca Basin, Saskatchewan. A
definitive exchange agreement between Cameco and Uravan is
anticipated to be signed in January 2011. Cameco currently holds a
51% joint venture interest in the Boomerang uranium project. The
acquisition of Uravan's 49% interest will provide Cameco with a
100% interest in the various mining leases and claims making up the
Boomerang project and the Boomerang Joint Venture assets. In 2010
it became clear that access to the Boomerang project area for
conducting exploration could be on hold due to land access concerns
for an unknown period of time. The issues surrounding the
land access concerns are complex but centered on unresolved
Aboriginal land claims and Aboriginal concerns regarding uranium
exploration and development in the upper Thelon River Basin. The
resolution of these land access issues are between governments and
largely beyond our control. Although Uravan believes the Boomerang
project holds good potential for finding unconformity-type uranium
deposits, the area is currently not open for exploration. Uravan's
management felt it was in the best interest of the shareholders to
move on. The properties to be acquired by Uravan from the trade
with Cameco will provide Uravan with a much larger project
footprint in the Athabasca Basin. The properties are considered
highly prospective and immediately accessible for uranium
exploration in this uranium endowed region. It is Uravan's plan to
move quickly to assess these new acquisitions using surface
geochemical methods. The objective is to evaluate the most probable
location of buried uranium mineralization and, pending positive
results, be drilling potential mineral targets by late summer 2011.
One of Uravan's key strategies as an R&D uranium exploration
company, with its focus in developing innovative surface
geochemical techniques, is to advance the detection of uranium
mineralization at greater depths versus targeting blind geophysical
conductors. Additional land acquisitions by Uravan in the Athabasca
Basin are anticipated in the near future. Uravan is a Calgary
Alberta based R&D mineral exploration company specializing in
developing new uranium exploration technologies. Our vision is to
get to discovery faster and more cost effectively in under-explored
frontier areas. Uravan is pursuing exploration for potential
high-grade unconformity-related uranium deposits in the Athabasca
and Thelon Basins in Canada and other basin environments globally.
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 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 use of proceeds of the
Offering. 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 Service Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for
the adequacy or accuracy of this release. To view this news release
in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/29/c8028.html
pLarry Lahusen, CEObr/ Uravan Minerals Inc.br/ Tel: 403-264-2630br/
Email: a
href="mailto:llahusen@uravanminerals.com"llahusen@uravanminerals.com/a,br/
Website: a
href="http://www.uravanminerals.com"www.uravanminerals.com/a/p
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