CALGARY, Oct. 5 /CNW/ - Uravan Minerals Inc. (UVN-TSXV) (the "Uravan")
announces that it has executed an agreement to extend its option to earn an
undivided 100% percent right, title interest in and to certain mineral claims
held by Claude Resources Inc.
The option extension agreement provides that the original expiry date of
the agreement of November 30, 2008 will be extended to November 30, 2013. To
earn its right, Uravan must carry out $150,000 worth of exploration
expenditures on the claim (mineral disposition S-106565) by November 30, 2011
and complete a feasibility report upon completion of such expenditures prior
to November 30, 2013. In consideration for agreeing to the extension, the
Corporation has agreed to issue 50,000 common shares of Uravan to Claude
Resources Inc. at present market price. This claim makes up part of Uravan's
13,364 hectare Rottenstone nickel-copper-platinum group element property
located in northern Saskatchewan.
About Uravan Minerals Inc.
Uravan Minerals Inc. ("Uravan") is a Calgary, Alberta based 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 increase in the uranium
spot prices, going from $7.10 per pound U(3)O8 in 2000 to $75.00 recently,
Uravan has focused on 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 26,557,614
shares outstanding and approximately $11.0 million in working capital. All of
the mineral properties Uravan owns are considered in the exploration stage of
This press release may contain forward looking statements including those
describing the Company'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 the Company 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, President, Uravan Minerals Inc.,
Tel: (403) 264-2630, Fax: (403) 264-2629, Email: email@example.com,