Trading Symbol WCU.V
Hedley Gold Basin Holdings Total 16,000 Hectares
VANCOUVER, Nov. 17, 2011 /CNW/ - WestCan Uranium Corp. (the "Company")
("WestCan") (WCU.V) is pleased to announce it has entered into an
Option Agreement with an arms-length individual on additional gold
Claims, located south of Hedley, in the Hedley Gold Basin of southern
British Columbia. The project encompasses approximately 5,000 hectares
in the Similkameen and Osoyoos Mining Divisions, bringing the total
holdings in the area to slightly more than 16,000 hectares.
Management has received detailed reports of previous programs, and is
currently reviewing the data with a view to preparing a comprehensive
exploration program to be carried out in the near future.
President and CEO Chris England stated, "We have been fortunate to
option a large tract of land with a long history of gold exploration
and production. The area around our current holdings has been heavily
staked and we are expecting exploration in the area will be brisk. The
increased activity has undoubtedly been spurred by the substantial
increase in gold prices in the past year. We are anticipating we will
be a major part of this activity."
Under the terms of the agreement, WestCan will pay the Optionor a total
of $100,000 in cash; issue 500,000 shares; and incur a minimum of
$1,000,000 of exploration expenditures in exchange for receiving a 100%
interest in the project. The commitments are to be staged over a four
year period. The Optionor will also receive a 2% Net Smelter Royalty.
The agreement is subject to regulatory approval.
On behalf of the Board of Directors
President and CEO
WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and are
subject to change at any time, the Company's actual results may differ
materially from the expected results.
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.
SOURCE WestCan Uranium Corp.
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