CALGARY, Jan. 7, 2016 /CNW/ - In December 2015, Uravan Minerals Inc. ("Uravan")
presented a 2016 exploration program and budget for its Stewardson
Project to Cameco Corporation (Cameco) (press release link). The
2016 exploration drill-hole targeting strategy has been identified
in Area B [map link], however, the exploration program has been
paused by Cameco for the 2016 exploration season.
The Stewardson Project (web link) is a joint exploration effort
between Uravan and Cameco pursuant to the Halliday/Stewardson
Option Agreement [press release link]. Uravan owns 100% of the
Stewardson property and Cameco is earning an interest. Cameco has
until April 2018 to complete the
First Option. Uravan is the operator and Cameco is funding the
program.
Larry Lahusen, CEO for Uravan,
states, "These are challenging times for mineral commodities and
set backs in exploration plans are inevitable. The decision to
defer the 2016 exploration program on Stewardson is not due to any
lack of technical merit but for priorities internal to Cameco.
Again I want to emphasize that all the key requirements in Uravan's
exploration strategy for vectoring to uranium deposits under cover
on the Stewardson project are intact. More drilling is
certainly required in Area B as we move closer to potential
discovery."
For 2016, Uravan will shift its exploration priorities to its
Outer Ring project, specifically the ORX surface geochemical
anomaly located on the southern part of the property (web
link). Our strategy and time-lines for moving forward in 2016
on the ORX surface anomaly will be announced in the near
future.
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.
SOURCE Uravan Minerals Inc.