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CALGARY, May 18, 2016 /CNW/ - Uravan Minerals Inc.
("Uravan" or the "Corporation") is pleased to
announce that it has closed the second tranche of a non-brokered
private placement by issuing 1,995,000 units ("Units"). The
Units were issued at a price of $0.10
per Unit for aggregate proceeds of $199,500 (the "Offering"). Each Unit
consists of one common share of the Corporation ("Common
Share") and one Common Share purchase warrant
("Warrant"). Each whole Warrant will expire 24 months from
the closing date, and will entitle the holder to acquire one Common
Share of the Corporation at a price of $0.20 per Common Share. The securities issued
pursuant to the Offering are subject to a four month hold period.
Total proceeds raised under the financing were $300,000.
Proceeds of the Offering will be used by Uravan to finance a
property-wide helicopter-borne electromagnetic (EM) geophysical
survey over the Outer Ring project, Athabasca Basin, Northern Saskatchewan [map link]. The survey
will be completed using Geotech Ltd.'s natural source Z-Axis
Tipper Electromagnetic (ZTEM) system. Geotech's ZTEM system is
considered ideal for imaging basement conductors where the
unconformity depths are greater than 800 m.
The ZTEM geophysical survey is the next requirement to advance
the Outer Ring project for drill targeting. The main area of focus
is a discrete southwest-trending corridor of anomalous
concentrations of radiogenic 207Pb/206Pb
ratios (<0.60) occurring in the clay-size fraction from soils
(ORX Anomaly) (map link).
The ZETM survey commenced on May
17th and is expected to be completed next week.
Subsequently, the processing and evaluation of the geophysical data
is expected to be completed by late June
2016. The integration and compilation of the EM geophysical
and surface geochemical data sets is anticipated to be completed by
late July 2016. Contingent on the
surface geochemical anomalous trends and specifically the ORX
Anomaly being supported by basement EM conductive signatures, as
identified by the ZTEM data, drill targeting will be immediate.
Larry Lahusen, CEO for Uravan,
states, "Our experience tells us that the occurrence of
tightly-patterned surface anomalies, consisting of radiogenic
207Pb/206Pb ratios in soil clay-size fraction
and other supporting pathfinder elements, quickly defines highly
prospective areas for the potential occurrence of uranium
mineralization at depth. Contingent on positive results from
the ZTEM survey, a late summer drill program to test the ORX
anomaly is anticipated".
In the interest of expanding market awareness of Uravan's
exploration approach and surface geochemical techniques for
identifying potential unconformity-type uranium deposits at depth
in the Athabasca Basin, Uravan has
hire an IR firm under the direction of Louis Morin, from Montreal, QE. Mr. Morin and his group
have extensive experience guiding junior mineral exploration
companies toward broader market exposure in Canada.
Uravan is a Calgary,
Alberta-based diversified mineral exploration company that
utilizes applied research to develop innovative exploration
technologies to identify buried uranium deposits in under-explored
areas. Our exploration focus in uranium is for potential high-grade
unconformity-related uranium deposits in the Athabasca Basin in Canada. 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 to be 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 reasonable commercial efforts financing activities,
including the ability to raise sufficient funds, timing of closing
the Offering, receipt of all required regulatory and other
approvals, securities and other market conditions and economic
factors, business and operations strategies, future exploration and
potential for mineral deposits. 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.
SOURCE Uravan Minerals Inc.