UVN Uravan Minerals Inc

CALGARY, March 28 /CNW/ -- (TSXV: UVN) CALGARY, March 28 /CNW/ - In December 2010, Uravan Minerals Inc. ("Uravan") 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, Poplar Point, Stewardson Lake and Thluicho Lake uranium projects in the Athabasca Basin, Saskatchewan.  Effective March 25, 2011, a definitive exchange agreement (the "Purchase and Sale Agreement") between Cameco and Uravan has been signed. Prior to the Purchase and Sale Agreement, Cameco held a 51% joint venture interest in the Boomerang uranium project. The acquisition of Uravan's 49% interest now provides 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 in the Northwest Territories for conducting exploration could be on hold for an unknown period of time.  The issues surrounding the land access concerns are complex; involving 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 Southwest Thelon Basin is currently not open for exploration. Uravan's management felt it was in the best interest of the shareholders to divest away from Thelon Basin and focus on projects that are readily accessible. The properties to be acquired by Uravan from the exchange with Cameco will provide Uravan with a much larger project footprint in the Athabasca Basin, Saskatchewan. 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 the potential of these new acquisitions. Programs and budgets are in place for 2011 to complete multifaceted surface geochemical sampling programs on the Halliday and Stewardson Lake projects. The objective is to evaluate the most probable location of buried uranium mineralization and, pending positive results, to drill potential mineral targets by late summer 2011. One of Uravan's key strategies is to engage in applied research to developing innovative surface geochemical techniques 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 mineral exploration company that engages in applied research to develop new innovative technologies to identify buried uranium deposits in under-explored areas. Our vision is to get to discovery faster and more cost effectively in 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/March2011/28/c6934.html p Larry 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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