Uravan Minerals Inc. - Garry Lake Uranium Project - INAC Minister Decision



    TSXV: UVN

    CALGARY, Oct. 6 /CNW/ - On January 25, 2008 Uravan Minerals Inc.
("Uravan) (TSXV: UVN) submitted a Land Use Permit (LUP) application to Indian
and Northern Affairs Canada (INAC) and the Government Nunavut Territory (GNU)
for its Garry Lake project proposal. The Garry Lake LUP application was
subsequently reviewed by INAC, GNU and other land use regulators such as the
Nunavut Impact Review Board (NIRB or Board), Kivalliq Inuit Association (KIA),
Nunavut Planning Commission (NPC) and Nunavut Water Board (NWB) as follows:

    
    -   On April 1, 2008 the NPC completed its review, as required by the
        Keewatin Regional Land Use Plan and the Nunavut Land Claims Agreement
        (NLCA); and provided NIRB with a positive conformity determination
        for the Garry Lake project proposal.
    -   On May 23, 2008, subsequent to the NIRB conducting a Screening review
        of the project proposal, NIRB requested further input from all
        interested parties regarding potential cumulative impacts on caribou
        herds and caribou calving in the area of the Garry Lake project
        proposal.
    -   On June 27, 2008, subsequent to the NIRB's review of further input
        from all interested parties (including Uravan's response), NIRB
        submitted a "Screening Decision Report" to the Honourable INAC
        Minister with a recommendation that a 'public review' be held for the
        Garry Lake project proposal in accordance with Part 5 of Article 12
        of the NLCA. ("Public Review").
    

    On September 25, 2008, Honourable Chuck Strahl, Minister of INAC
indicated that the Garry Lake project proposal shall be subject to Public
Review, as described above, however the Minister proposed.... "that the Board
structure the review in a manner that will facilitate a thorough , yet
expeditious review of the project". Further, the Minister made note of.....
"the Boards acknowledgement in its decision report that it is unusual for a
project of this size to be recommended for review". The Minister supported
focusing the scope of the Public Review on the Garry Lake project proposal's
impacts and cumulative impacts on wildlife habitat and Inuit wildlife
harvesting.
    What this may mean for Uravan and the Garry Lake project is uncertain.
Clearly the current planned exploration work will be delayed until the 2009
field season. Exploration in the Canadian 'barren-lands' or sub-arctic areas
of Nunavut (NU) and Northwest Territories (NT) are significant undertakings
that have to be planned and carried out during a limited field season. During
the Public Review process Uravan has minimal control over the scheduling or
outcome of these proceedings, therefore, cannot be certain its 2009
exploration plans can be met.
    The Garry Lake property consists of mining claims located on Crown lands
(Government of Canada). These claims are granted under the Territorial Lands
Act and approved by the NU Mining Recorder. To explore these claims the Crown
has granted reasonable access to the land. To hold these mining claims in good
standing, Uravan must incur exploration expenditures amounting to $2.00 per
acre annually (the "Assessment Work") or forfeit the claims. To incur
appropriate exploration expenditures to fulfill the Assessment Work required,
Uravan must access the land with an approved LUP. To hold the Garry Lake
property in good standing during the Public Review process, as described
above, Uravan applied for and was granted relief from Assessment Work by INAC
under Section 81 of the Northwest Territories and Nunavut Mining Regulations.
    In Nunavut and the Northwest Territories the approval for land access to
conduct exploration has become more arduous and difficult to complete. Land
access concerns have been raised primarily by Federal and Territorial
Government boards and bureaucratic oversight. As a result, Uravan's effort to
gain access to lands covered by its Garry Lake mineral claims, which provides
potential for uranium discovery, has become difficult and unclear.
Unfortunately for Uravan, these delays and uncertainties have effectively
frozen its assets and sterilized its sunk cost on the Garry Lake project
amounting to about $4 million dollars. Depending on the outcome of the Public
Review of the Garry Lake project proposal, Uravan may seek compensation.
    Larry Lahusen, Uravan's CEO, said "I greatly appreciate the INAC
Ministers office participating in this review process as I believe this will
provide better insight for the Canadian Government into these, not fully
understood, land use issues. One of Uravan's greatest concerns in working in
this remote region are the regulatory delays and uncertainties it now
undertakes to gain access to mining claims to conduct low impact entry level
exploration programs. Uravan's reality is that the capital markets that
provide the funds to explore in this high risk remote area will not support
companies experiencing lengthy land use debates. Clearly, under these
circumstances, Uravan and others cannot afford the additional capital risk to
invest in Canada's Northern Territories. Given this knowledge prior to entry
into this highly prospective area; other jurisdictional choices would have
been made".

    TECHNICAL UPDATE
    ----------------
    The Garry Lake project owned 100% by Uravan and is located about
245 kilometers NW of Baker Lake, NU and consists of 355 mineral claims
covering about 829,170 acres located on the northern margin of the Thelon
Basin. The most significant results from historical exploration activity on
the Garry Lake uranium property were the discovery of 19 uraniferous boulders
that define a 3 kilometer long dispersal train. The 19 uraniferous boulders
were discovered by Kidd Creek Minerals in 1981, which yielded assays ranging
from 0.87% U3O8 to 27.12% U3O8 with an average of 7.19% U3O8. Uranium soil
anomalies collected in the area define the geometry of this train, and also
suggest the presence of a second uraniferous boulder train located several
100 meters to the west of the original train. This uraniferous boulder train
is oriented parallel to the interpreted ice flow direction of 330 degrees and
located near the erosional edge of the northern Thelon Basin.
    In 2007 Uravan completed a property-wide multi-phased airborne
geophysical survey (EM, Mag and Radiometric surveys) plus created a GIS
database by compiling all historic geological, structural and surface
geochemical data over the northern Thelon Basin. The interpretation and
integration of these multiple data sets have identified a number of uranium
anomalies and trends that highlights specific drill targets.
    In 2008 Uravan planned a multi-phase exploration program consisting of
further surface geochemical sampling, structure-geological mapping,
ground-truthing of specific anomalies and trends, and additional ground
geophysics followed by diamond drilling. In preparation for the drilling,
Uravan purchased a 20-man camp and helicopter-flyable Boyles A25 diamond drill
and auxiliary equipment. In the late winter 2008, the camp and drilling
equipment was mobilized to the Garry Lake camp area where it is currently
stored pending an approved LUP. This planned drill program would have
represented the first exploration on this prospective property since its
discovery in the 1980s.
    In 2008, Uravan completed a short summer field program that included the
review and collection of historical drill cores from the project area to
facilitate the development of innovative exploration technologies in
association with Dr. Kurt Kyser and the Queen's Facility for Isotope Research
(QFIR), and the assessment of surficial geology in preparation for future
biogeochemical, and lithogeochemical sampling programs.
    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 $54.00
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

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Uravan Minerals Inc.

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