Trading Symbol WCU.V
VANCOUVER, June 1, 2012 /CNW/ - WestCan Uranium Corp is pleased to
announce that a large Canadian based gold mining company recently
approached WestCan's management concerning a review of the 16,000
hectare Hedley Gold Project which WestCan has under option in the
Hedley Gold Basin of Southern British Columbia, located 230 kilometres
east of Vancouver. The major, which cannot be named in view of
confidentiality agreements, has sent two geologists to the area who are
currently evaluating the historical data which has been assembled over
the winter, by Mr. Grant Crooker, P. Geo., WestCan's Qualified Person
for the project, and the Vendor of 11,000 of the 16,000 hectares.
The area concerned has been broken down into six target areas; the WP,
Chevron, Blitz, Lookout, Paul and Kel, based on geological, geochemical
and geophysical parameters. WestCan has issued a news release on the WP
target (Stockwatch Feb 8 2012) and has finished the examination of the
second of the six target areas, the Chevron target. (Stockwatch
February 23, 2012). This target covers an area 1500 metres long by 1000
metres wide and contains the Speculator, Don, and Lost Horse 86
showings. The target area is underlain by Hedley Formation sedimentary
and Whistle Formation volcanic rocks of the Nicola Group that have been
intruded by diorite of the Hedley intrusions and granodiorite of the
Cahill Creek pluton.
The Hedley Formation is considered to be the most favourable host rock
for gold-skarn type deposits in the Hedley District, and hosts the
strata-bound gold-skarn deposits at Nickel Plate Mountain. Gold
production at Nickel Plate Mountain commenced in 1904 and continued
until 1996 with production of 2,524,313 ounces of gold from the Nickel
Plate and Hedley-Mascot mines.
Discussions between the two companies are still in the early stages and
there is no assurance that a definitive agreement will be reached.
However, the initial evaluation has shown to be positive and a report
is being prepared for presentation to both Boards of Directors.
Technical material in this news release has been prepared and/or
reviewed by Mr. Grant F. Crooker, P.Geo., an independent Qualified
Person as defined in NI 43-101.
On behalf of the Board of Directors
President and CEO
WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and are
subject to change at any time, the Company's actual results may differ
materially from the expected results. In particular, there is no
assurance that the Company will reach a definitive agreement with
respect to its Hedley properties.
Neither 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 WestCan Uranium Corp.
For further information:
Phone: (604) 694 0888