Boomerang Uranium Project - 2007 Drilling Update


    CALGARY, Aug. 29 /CNW/ - In July 2007 Uravan Minerals Inc. ("Uravan") and
Cameco Corporation ("Cameco") commenced a reconnaissance diamond drill program
on the Boomerang Uranium Project, Southwest Thelon Basin, NT. To date a total
of four (4) diamond drill holes (BL07-67 to BL07-70) have been completed
amounting to 1574.3 meters drilled. Specific drill targets were selected by
employing a TDEM (Time Domain Electromagnetic) large fixed-loop ground
geophysical survey technique over the most favorable conductive 'peaks'
identified in an earlier 2005 MEGATEM airborne survey. Peak conductive-sites
along the G-trend were surveyed using two survey-lines, 200 meters apart,
oriented approximately NW-SE. The survey-lines were 1000 or 2000 meters long
incorporating two 800 x 400 meter transmitter-loops positioned at the end of
the lines.
    An additional three (3) diamond drill holes are proposed for the
remaining field season, which will focus on the F-Trend and Edge anomalies.
    The F- and G- conductive trends (including the G-extension and H series
conductors) are two major subparallel basement-hosted EM conductive anomalies
that were identified from a 2005 and 2006 airborne MEGATEM geophysical survey.
Based on the interpretive work from the merged 2005 and 2006 MEGATEM
geophysical data, both anomalous conductive trends have substantial strike
lengths, individually measuring over 50 kilometers and striking in a northeast
direction across the entire northern Boomerang uranium property. The F- and
G-conductive trends (including their extensions) are 2 to 3 kilometers wide
and lie within broader structural corridors that are comprised in part of
prospective graphite-bearing pelitic metasedimentary basement rocks that
underlie sandstones of the Thelon Basin. The F- and G- conductive trends
(including their extensions) are interpreted to be major basement-hosted
conductive anomalies that have the potential to host unconformity-type uranium
deposits analogous to the high-grade unconformity uranium deposits of the
Athabasca Basin.

    Program Highlights:

    -  The 2007 drill program has been conducted using widely-spaced drill
       patterns, focused along the southwestern segment of the G-conductive
       trend with individual drill holes located on 'peak' conductive images
       as described above. All four of the 2007 drill holes combined with the
       three holes drilled in 2006 have explored about 8.0 kilometers of the
       over 50 kilometer long corridor that includes the G-Trend and its
       laterally continuous G-Extension to the northeast.
    -  Drilling results continue to expand Uravan's and Cameco's technical
       understanding of the G-Tend corridor, a structurally complex basement
       metasedimentary belt underlying the younger sandstones of the Thelon
       Basin. This metasedimentary belt is comprised of quartzite-pelite-
       psammite-graphitic schists that have structural and lithological
       similarities to quartzite-dominated metasedimentary domains associated
       with world-class unconformity-related deposits in the Athabasca Basin,
       particularly the Key Lake to McArthur River trend.
    -  Drilling has confirmed that the Thelon sandstone - basement
       unconformity contact has been significantly faulted thus providing a
       conduit for post-Thelon hydrothermal fluids along reactivated
       structures. Evidence of these events is observed in the intense
       sandstone 'bleaching', and importantly, the identification of illite-
       enriched clay alteration hosted in the basal Thelon sandstone-
       conglomerate section at the unconformity. The illite-enriched section
       is comparable to the clay alteration trends in the Athabasca Basin and
       remains open along the G-Trend to the northeast.
    -  All drill holes are gamma probed subsequent to completion and all
       drill cores are extensively sampled and submitted for major oxides and
       trace elements analysis. Based on field spectrometer measurements no
       major uranium mineralization has been intersected, however, the
       presence of intense reduction in sandstone-conglomerate within the
       illite-enriched alteration corridor is considered highly encouraging.

    Uravan currently holds an approved Land Use Permit (LUP) for its
Boomerang project, which is in effect through May 2008, and under which Uravan
commenced its 2007 drilling operations. In late April 2007 Uravan submitted
two additional LUP applications to the Mackenzie Valley Land and Water Board
(MVLWB) that would extend the existing LUP to cover the northerly extensions
of the F- and G-conductive trends (i.e. G-extension and H series conductors).
In the Northwest Territories 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
unsettled land claim negotiations between the Government of Canada and the
Akaitcho First Nations (AKFN). Uravan has been persistent and diligent in
moving its LUP applications forward and believes it is a leader in building
positive relationships with its aboriginal neighbors and stakeholders in the
    Recently the MVLWB met and determined, based on comments received from
the AKFN communities regarding Uravan's LUP applications, there was cause for
'potential public concern'. Based on 'public concern' issues the MVLWB
referred the Uravan LUPs to the Mackenzie Valley Environmental Impact Review
Board (the "Review Board") for an environmental assessment (EA), pursuant to
the Mackenzie Valley Resource Management Act. The scope and work plan of the
EA will be determined in the near future by consultation with Uravan, AKFN
community interest, and the Review Board.
    The Review Board estimates the EA process could take 9 to 12 months to
complete. Given the seasonality of Uravan's exploration activities on its
Boomerang uranium project, Uravan is hopeful that the EA process can be
completed and an approved LUP issued prior to the commencement of its proposed
exploration activities by summer 2008. However, Uravan has not yet been
provided the Terms of Reference and Workplan of the EA, has no control over
the scheduling of these procedures and corresponding activities and,
therefore, cannot be certain its 2008 exploration objectives on the Boomerang
uranium project can be met in the time frame required.
    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 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. 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. Cameco is expected to fund 100% of
the 2007 exploration expenditure.

    This press release has been prepared under the supervision of Dr. Allan
Miller, P. Geo., and a Qualified Person as defined by National instrument

    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 persistent increase in
the spot uranium prices, going from $7.10 per pound U(3)O(8) in 2000 to $90.00
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 26,557,614 shares outstanding and
approximately $11.0 million in working capital. All of the mineral properties
Uravan owns are considered in the exploration stage of 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, President, Uravan Minerals Inc.,
Tel: (403) 264-2630, Email:, Website:

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Uravan Minerals Inc.

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