VANCOUVER, June 7, 2011 /CNW/ - Global Uranium Corporation (the "Company") announces that the British Columbia Securities Commission ("BCSC") has revoked the cease trade order (the "CTO") issued against the
Company on September 27, 2010.
The CTO was issued by the BCSC as a result of the Company's failure to
file a technical report related to the Anderson uranium project (the "Anderson Property") that was compliant with the published requirements under National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") related to the mineral resource estimate.
The Company has filed with the BCSC a NI 43-101 compliant technical
report dated May 2, 2011, entitled "Anderson Uranium Project, Yavapai
County, Arizona, USA" (the "2011 Technical Report") prepared by Dr. Gilles Arseneau, P.Geo, Associate Consultant
(Resource Geology) of SRK Consulting (Canada) Inc. The 2011 Technical
Report remedies the deficiencies in the Company's previous technical
report related to the Anderson Property filed in 2010. As a result of
the filing of the 2011 Technical Report, the BCSC fully revoked the CTO
on June 6, 2011.
The 2011 Technical Report related to the Anderson Property can be found
under the Company's SEDAR profile located on SEDAR www.sedar.com.
On September 28, 2010, the TSX Venture Exchange (the "Exchange") suspended the Company's common shares from trading on the Exchange as
a result of the CTO. Since the CTO has now been revoked by the BCSC,
the Company intends to apply to the Exchange for re-instatement of
trading in the Company's shares.
The Company also intends to arrange and complete a private placement of
its securities to raise funding to identify and acquire interests in
new mineral projects, to fund future exploration and development of any
such project, and for general working capital.
To that end, the Company is currently investigating metallurgical coal
development projects in both North America and Asia.
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 Global Uranium Corporation
For further information:
George Heard, CEO, President & Director, Phone: 604-632-0085 or email firstname.lastname@example.org