Trading Symbol WCU.V
Claims Located in the Historic Hedley Gold Basin
VANCOUVER, Nov. 15, 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 Claims, located 7
kilometres south of Hedley, in the Hedley Gold Basin of southern
British Columbia. The project encompasses approximately 11,000 hectares
in the Similkameen and Osoyoos Mining Divisions.
The Hedley Gold Basin has been an active area for gold exploration and
production since the 1860s, when placer gold mining was first carried
out at "20 Mile Creek". The interest in placer mining led to the
discovery of lode gold on "Nickle Plate Mountain" in the 1890s.
Production commenced in 1904 and continued until 1996. During this
period over 2.5 million ounces of gold was produced, with about 90
percent coming from The Nickle Plate and Hedley-Mascot Mines.
Extensive exploration has been conducted on the acquired claims, the
latest being in June of 2011, which consisted of a detailed soil
geochemical survey, and conducting a VLF electromagnetic geophysical
survey. 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.
Under the terms of the agreement, WestCan will pay the Optionor a total
of $150,000 in cash; issue 800,000 shares; and incur a minimum of
$1,500,000 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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