Uravan - Boomerang Uranium Project Update



    TSXV: UVN

    CALGARY, Aug. 27 /CNW/ - Uravan Minerals Inc. ("Uravan") and Cameco
Corporation ("Cameco") recently completed a multi-faceted surface sampling
program on the Boomerang North Uranium Project, Southwest Thelon Basin,
Northwest Territories (NT). This exploration program consisted of about 600
square kilometers of surface soil and vegetation sampling covering the
Northern Boomerang project area. Approximately 2500 soil and 2500 vegetation
samples were collected based on a pre-established grid, with grid spacing of
500 meters X 500 meters. All grids were designed to cover substantial surface
corridors over the G-, F-, H4 & 5 series- and Edge-conductive trends plus over
the T-grid, a new anomalous area identified in 2007.
    All samples collected (soils and vegetation) are being analyzed by Acme
Analytical Laboratories Ltd (ACME), Vancouver, BC using a specified
ultra-trace 52-element ICP/MS analytical package and Pb isotope analysis. A
split-sample of all the soils collected is being analyzed by Environmental
BioTechnologies, Inc (EBT), Lodi, CA using a proprietary hydrocarbon gas
seepage technology. Most importantly, the Queen's Facility for Isotope
Research (QFIR), Queen's University, Kingston, ON will be conducting separate
but collaborative analysis and studies on all surface samples collected (soils
and vegetation) under a research grant agreement between QFIR and Uravan.
    The analytical work by ACME and EBT and the collaborative analysis and
studies conducted by QFIR is designed to determine and locate uranium
pathfinder geochemical anomalies and trends in order to provide specific drill
hole targeting through geochemical vectoring. Uravan's goal in developing this
technology is to reduce, by two-thirds, the number of drill holes required to
get an economic intersection. Diamond drilling on the Boomerang project is
scheduled to re-commence in early 2009. It is anticipated that this new
surface geochemical data base and technology will provide enhanced imaging,
thereby highlighting specific 'peak' conductive anomalies for drill hole
targeting along the F-, G-, H series- and Edge-conductors and other 'off
conductor' anomalies.
    Uravan's 2008 Northern Boomerang surface sampling program was completed
in the absence of a land use permit (LUP). The program was conducted under a
restricted activity threshold allowed by the Canadian Mining Regulations.
Uravan is currently prohibited from carrying out diamond drill programs on its
Boomerang project while the Mackenzie Valley Environmental Impact Review Board
(the "Review Board") deliberates on Uravan's North and South Boomerang
Environmental Assessment (Uravan EA).
    Uravan held an approved Land Use Permit (LUP) for its Boomerang project,
which expired in May 2008. In April 2007, Uravan submitted two new LUP
applications to the Mackenzie Valley Land and Water Board (MVLWB) to provide
drilling access to favorable un-permitted areas on the North Boomerang
project. These LUP applications, if approved, would provide LUP coverage over
the northern extension of the F- and G-conductive trends (i.e. G-extension and
H series conductors). As noted in previous press releases, in August 2007 the
MVLWB determined there was cause for 'potential public concern', based on
comments received from the Aboriginal communities regarding Uravan's LUP
applications. Based on 'public concern' issues the MVLWB referred the Uravan
LUPs to the Review Board for an environmental assessment (EA), pursuant to the
Mackenzie Valley Resource Management Act. As determined through various
submissions between Uravan, Aboriginal community interests, and the Review
Board, the scope and work plan of the Uravan EA were defined and commented on
by various interested parties. All comments and submissions by interested
parties were concluded June 16, 2008 and the Review Board closed the public
record on June 26, 2008. The Review Board is currently proceeding with its
deliberations on the Uravan EA based on the information it has received by all
parties throughout the EA process. During the Review Board's deliberations,
Uravan has no control over the scheduling of these procedures and
corresponding activities and, therefore, cannot be certain when a
determination by the Review Board will occur. Uravan is optimistic that the
Review Board will render a decision in the near future.
    In the Northwest Territories (NT) and specifically the upper Thelon River
watershed region, where Uravan is actively exploring its Boomerang uranium
project, the LUP approval process has become more arduous and difficult to
complete due to 'public concern' issues raised by the Aboriginal communities,
other non-government organizations (NGOs) and Federal Government bureaucratic
oversight. Therefore, Uravan's efforts to gain access to lands covered by its
Boomerang mining claims, which provides potential for uranium discovery, has
become more challenging. Further, Uravan is unaware of any other jurisdiction
in the world where an EA is required at the entry level exploration drilling
stage. Uravan does not agree that an EA was necessary or required for either
Uravan LUP application given the low impact nature of this project and the
environmental safeguards currently in place, to include: company operating
standards, government requirements and established government and industry
best management practices and the substantial amount of regulatory oversight
currently in place.
    Larry Lahusen, Uravan's CEO, said "To be clear, all stakeholders must
realize Uravan is highly committed and heavily invested in the Thelon Basin
and the Boomerang uranium project, and is not going anywhere, and has no
intent to abandon its tenure, as Uravan believes in the potential of this
project for the company, for all stakeholders and for Canada".
    The Boomerang uranium project is located about 300 miles east of
Yellowknife, NT and consists of 5 mineral leases and 253 contiguous mining
claims covering about 647,003 acres located along the southwestern margin of
the Thelon Basin, NT. The Boomerang Uranium Project is a joint exploration
effort between Cameco Corporation ("Cameco") and Uravan whereby Uravan granted
Cameco an option to earn 60% interest in the Boomerang uranium property by
funding an aggregate of $10,000,000. Currently Cameco has completed the first
earn-in option by incurring $6,000,000 in exploration expenditures to earn a
51% interest and has committed to spend an additional $4,000,000 to earn an
additional 9% interest in the Boomerang property.Uravan is currently the
operator with the responsibility to plan, organize and carry out exploration
programs on the Boomerang property in consultation with and on behalf of
Cameco.
    This press release has been prepared under the supervision of Garth
Drever, P. Eng., Manager Global Exploration for Uravan and a Qualified Person
as defined by National instrument 43-101.

    
    About Uravan Minerals Inc.
    --------------------------
    

    Uravan Minerals Inc. ("Uravan") is a Calgary, Alberta based R&D mineral
exploration company specializing in uranium, base metal (nickel, copper) and
precious metal (gold, platinum, and palladium) exploration. Uravan's principal
assets are the Boomerang uranium project, the Garry Lake uranium property and
the Rottenstone Nickel-Copper-PGE project. Due to the persistent increase in
the spot uranium prices, going from $7.10 per pound U(3)O8 in 2000 to $64.50
recently, Uravan has become highly focused in pursuing exploration for
potential high-grade unconformity-type uranium deposits on its joint
Cameco-Uravan Boomerang uranium project and its Garry Lake uranium project
plus acquiring additional uranium properties in other potential geological
domains. Uravan is a publicly listed company on the TSX Venture Exchange under
the trading symbol UVN. Uravan has 26,707,614 shares outstanding and
approximately $11.0 million in working capital. All of the mineral properties
Uravan owns are considered 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.

    
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    





For further information:

For further information: Larry Lahusen, CEO, Uravan Minerals Inc., Tel:
(403) 264-2630, Email: llahusen@uravanminerals.com, Website:
www.uravanminerals.com

Organization Profile

Uravan Minerals Inc.

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