VANCOUVER, Sept. 21, 2015 /CNW/ - Uracan Resources Ltd. (TSX.V:URC) ("Uracan") announces that due to the ongoing de facto moratorium on uranium exploration in Quebec, significant uncertainty surrounds the future of uranium exploration and mining in Quebec. The Quebec Ministry of Environment is refusing to issue permits to any company engaged in uranium exploration in the province. In addition, the recent BAPE public consultation has recommended against allowing uranium exploration and mining in the province. These events have caused Uracan to be severely restricted in its ability to do any work on the North Shore Property, and make it appear unlikely that Uracan will be able to do so in the future.
Uracan has written off the North Shore Property in its financial statements effective July 31st, 2012. Given these facts regarding the project, Uracan now considers the previous uranium resources to no longer be uranium resources due to the uncertainties laid out above.
Marc Simpson, P. Geo, Uracan's President and CEO is the Qualified Person who has reviewed and approved the contents of this news release.
About Uracan Resources Ltd.
Uracan Resources Ltd. (TSX.V:URC, OTC:URCFF) is a Canadian-based exploration company focused on exploring for uranium deposits in Saskatchewan and Quebec, Canada. In early 2013, Uracan signed an agreement with UEX Corporation, whereby Uracan acquired the option to earn from UEX a 60% participating interest in the Black Lake Property along the northern margin of the Athabasca Basin. UEX currently holds an 89.99% interest in the Black Lake Project with AREVA Resources Canada Inc. ("AREVA") holding the remaining 10.01% interest.
In July 2014, Uracan signed an agreement with Forum Uranium whereby Uracan can acquire up to a 70% interest in the Clearwater Property near the southwestern margin of the Athabasca Basin, immediately adjacent to Fission Uranium's Patterson Lake South discovery. Forum is the 100% owner of the Clearwater Property.
Uracan continues to review additional opportunities worldwide to capitalize on management's exploration and financing capabilities.
ON BEHALF OF URACAN RESOURCES LTD.
President and CEO
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
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. The foregoing information may contain forward-looking information relating to the future performance of the Company. Forward looking information is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Such risks and other factors include, among others, the actual results of exploration activities, changes in world commodity markets or equity markets, the risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes, change in government and changes to regulations affecting the mining industry, and other risks and uncertainties detailed from time to time in the Company's filings with the Canadian securities administrators (available at www.SEDAR.com ). Forward-looking statements are made based on various assumptions and on management's beliefs, estimates and opinions on the date the statements are made. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information contained herein. The Company undertakes no obligation to update forward-looking statements if these assumptions, beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE Uracan Resources Ltd.
For further information: Marc Simpson, President and CEO, Uracan Resources Ltd., 604-506-6996, www.uracan.ca