TSX Venture: TSA
VANCOUVER, Dec. 10 /CNW/ - Trans America Industries wishes to announce
that its uranium exploration joint venture partner in the Western United
States, Neutron Energy Inc. (NEI), has successfully closed a financing of
$10,593,000 at $1.50 per share, bringing its total cash position to
approximately $15.6 million.
NEI is planning an aggressive work program on its extensive portfolio of
strategically located uranium properties in the Western U.S. including its
Ambrosia Lake Project in New Mexico which is the subject of a joint venture
with Trans America.
The 2008 Ambrosia Lake exploration program will concentrate on three
property areas, the Frosty-Ox, the adjoining ZAC claims and East Roca Honda.
The programs are estimated to cost approximately $2.2 million US and could
include up to 70,000 feet of rotary drilling.
In terms of historical production, the Ambrosia Lake area - and more
specifically the Grants District - has been the largest uranium producing
region in the United States. Just recently Uranium Resources, a Texas-based
uranium producer, announced plans to construct a toll mill in the region which
would be available to process feedstock from a number of independent sources.
TSA holds 10,750,000 shares of NEI and retains the right to earn a 50%
interest in the Ambrosia Lake Project which will be the subject of a major
exploration program in the coming months. TSA has working capital and
marketable securities of over $10 million.
The technical information contained in this news release, has been
reviewed, approved, and deemed relevant by Stephen Kenwood P. Geo., a
qualified person as defined under National Instrument 43-101.
TRANS AMERICA INDUSTRIES LTD.
"John K. Campbell"
Per: John K. Campbell, President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS
For further information:
For further information: regarding Trans America Industries Ltd., refer
to the Company's website at www.trans-america.ca or refer to the Company's
profile on the SEDAR website at www.sedar.com; John K. Campbell, President,
Telephone: (604) 688-8042