/C O R R E C T I O N from Source -- Uravan Minerals Inc./
July 17 2012 - 10:21AM
PR Newswire (Canada)
In c8995 transmitted at 18:28e today, an error occured in the first
paragraph. The middle of the second sentence should have read "70%
interest in Urvan's 100% owned Halliday and Stewardson uranium
projects" instead of "70% interest in Urvan's 100% follows the
signing of a owned Halliday and Stewardson uranium projects".
Corrected copy follows: Uravan Signs Halliday/Stewardson Option
Agreement 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% 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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