URAVAN AND ESO EXECUTE OPTION AGREEMENT
February 03 2011 - 2:55PM
PR Newswire (Canada)
CALGARY, Feb. 3 /CNW/ -- TSVX: UVN CALGARY, Feb. 3 /CNW/ - Uravan
Minerals Inc. (Uravan) and ESO Uranium Corporation (ESO) entered
into an Option to Purchase Agreement (the "Option") whereby ESO
granted Uravan an exclusive Option to acquire 100% interest in
their Mathison Lake mining claims (S-108465 and S-108466) (the
"MATH project") in the Athabasca Basin, Northern Saskatchewan. The
MATH project totals 8121 hectares and adjoins Uravan's Outer Ring
(OR) project on the north. The OR property is owned 100% by Uravan
and located along the Cable Bay shear zone in the Pasfield Lake
area. The Option is exercisable by Uravan over a three (3) year
term conditional on: (1) Uravan making a one time cash payment to
ESO amounting to Twenty-five Thousand Dollars ($25,000), (2) Uravan
issuing an aggregate of 1,000,000 Uravan Common Shares to ESO, in
four tranches of 250,000 Common Shares over three years, and (3)
Uravan incurring an aggregate exploration expenditure on the MATH
project of not less than Two Hundred Thousand Dollars
($200,000). Subject to Uravan fulfilling the terms of the
Option, as described above, Uravan will acquire 100% interest in
the MATH project and ESO will retain a 2% Uranium Royalty, a 2% Net
Smelter Royalty on other non-uranium Mineral Products and a 5%
Diamond Royalty. The Option is subject to the approval by the TSX
Venture Exchange and any other appropriate regulatory
body. When issued, all Uravan Common Shares issuable to ESO
shall be subject to a four month hold period from the date of
issue. A surface geochemical program was completed over the OR
project area in July 2010. The geochemical data from the Outer Ring
sampling program capitalized on new technology developed from a
pilot study conducted on the Cigar West uranium deposit (Cigar West
Study)( 1). The Cigar West Study was a collaborative applied
research program conducted by Uravan and QFIR (Queen's Facility for
Isotope Research) in 2009 over a known high-grade uranium deposit.
The study was designed to develop new surface geochemical
techniques that can better identify bedrock sources of uranium
mineralization at greater depths. This research clearly
identified distinctive elements and isotopic compositions that have
been mobilized from the deposit to the surface media from depths
450 meters. A similar surface geochemical survey is planned for the
MATH project in early June 2011. (1)The Cigar Lake deposit is on
the Waterbury/Cigar uranium property; a joint venture partnership
between Cameco Corporation, AREVA, Idemitsu Kosan Co. Ltd., and
Tokyo Electric Power Co. [TEPCO]) located in the Athabasca Basin,
Saskatchewan. Uravan thanks both AREVA and Cameco for their
collaboration and gracious support for the Cigar West Study; and
the support provided by the Cigar Lake facility during our field
operations. The Queen's Facility for Isotope Research (QFIR) at
Queen's University, Ontario is a state-of-the-art research
facility, comprising a group of highly experienced research
geochemists. The QFIR lab contains some of the most technologically
advanced analytical equipment in Canada. Under the direction of Dr.
Kurt Kyser, the QFIR research team is working collaboratively with
Uravan's technical group to develop new exploration technologies
using applied research. Dr. Colin Dunn, an independent specialist
in biogeochemistry, is working closely with Uravan's technical
group and QFIR to advance the interpretation of biogeochemical
results. Dr. Kurt Kyser and Dr. Colin Dunn are key technical
advisors for Uravan. 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 following: risks associated with future
issuances of Uravan Common Shares, work commitments and the receipt
of all required regulatory and other approvals as well as
securities and other market conditions and economic factors,
business and operations strategies. 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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/03/c7783.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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