Uravan Signs Halliday/Stewardson Option Agreement
July 14 2012 - 10:28AM
PR Newswire (Canada)
CALGARY, July 17, 2012 /CNW/ - Uravan Minerals Inc. ("Uravan ") and
Cameco Corporation ("Cameco") have signed the Halliday/Stewardson
Option Agreement dated effective June 21, 2012 (the "Option
Agreement"). The Option Agreement includes the same general terms
and conditions as the interim "Term Sheet Memorandum" agreement
announced in April 2012 [Press Release link], whereby Uravan
granted Cameco the exclusive option ("Option") to earn an aggregate
70% interest in Uravan's 100% follows the signing of a owned
Halliday and Stewardson uranium projects (the "Mineral
Properties"), Athabasca Basin, Northern Saskatchewan [map link] by
Cameco funding a cumulative twenty-two million dollars
($22,000,000) in exploration expenditures. The Option Agreement
consists of two Options: (1) the first option grants Cameco the
exclusive right to earn a 51% interest in the Mineral Properties by
funding seven million dollars ($7,000,000) in exploration
expenditures over four years, and Cameco shall incur a minimum
expenditure of $1,250,000 on the Halliday project; and (2) a second
option grants Cameco the exclusive right to earn an additional 19%
in the Mineral Properties by funding an additional fifteen million
dollars ($15,000,000) in exploration expenditures. Upon Cameco
earning either a 51% or 70% interest in the Mineral Properties,
Cameco and Uravan (collectively the "Parties") shall enter into a
joint venture agreement to form a joint venture in relation to the
Mineral Properties, with the Parties funding their pro-rata share
of future exploration expenditures. Uravan shall be the operator
for the first four years of the Option, after which Cameco may
elect to become the operator. Uravan is currently in the final
planning and mobilization stages of commencing a five (5) hole
diamond drill program on the Halliday project. For technical
details on the drill program please see Uravan's recent press
release dated July 3, 2012 [Press Release link] or visit our
website at www.uravanminerals.com. ------------------------------
(1)The Athabasca Basin is an ancient (Paleoproterozoic) sandstone
basin located in northern Saskatchewan, Canada. The Athabasca
Basin hosts high-grade Uravan is a Calgary Alberta based
diversified mineral exploration company that utilizes applied
research to develop new innovative exploration technologies to
identify buried uranium, rare earth elements (REE) and
nickel-copper-platinum group element (Ni-Cu-PGE) deposits in
under-explored areas. Our exploration focus in uranium is for
potential high-grade unconformity-related uranium deposits in the
Athabasca and Thelon Basins in Canada and other basin environments
globally. Uravan is expanding its acquisition efforts toward REE
geological domains in North America and specific areas globally.
The REE and uranium mineralization occur in related geological
environments thereby complementing Uravan's uranium exploration
efforts with a strategy to add diversification to its portfolio.
Further, Uravan is pursuing the exploration of its advanced- stage
Rottenstone Ni-Cu-PGE project supported by the development of new
drill targets defined by recent geophysical
re-interpretation. 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. Uravan Minerals Inc. CONTACT: Larry
Lahusen, CEOUravan Minerals Inc.Tel: 403-264-2630Email:
llahusen@uravanminerals.com,Website: www.uravanminerals.com
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