Trading Symbol WCU.V
VANCOUVER, June 1, 2012 /CNW/ - WestCan Uranium Corp is pleased to announce that a large Canadian based gold mining company recently approached WestCan's management concerning a review of the 16,000 hectare Hedley Gold Project which WestCan has under option in the Hedley Gold Basin of Southern British Columbia, located 230 kilometres east of Vancouver. The major, which cannot be named in view of confidentiality agreements, has sent two geologists to the area who are currently evaluating the historical data which has been assembled over the winter, by Mr. Grant Crooker, P. Geo., WestCan's Qualified Person for the project, and the Vendor of 11,000 of the 16,000 hectares.
The area concerned has been broken down into six target areas; the WP, Chevron, Blitz, Lookout, Paul and Kel, based on geological, geochemical and geophysical parameters. WestCan has issued a news release on the WP target (Stockwatch Feb 8 2012) and has finished the examination of the second of the six target areas, the Chevron target. (Stockwatch February 23, 2012). This target covers an area 1500 metres long by 1000 metres wide and contains the Speculator, Don, and Lost Horse 86 showings. The target area is underlain by Hedley Formation sedimentary and Whistle Formation volcanic rocks of the Nicola Group that have been intruded by diorite of the Hedley intrusions and granodiorite of the Cahill Creek pluton.
The Hedley Formation is considered to be the most favourable host rock for gold-skarn type deposits in the Hedley District, and hosts the strata-bound gold-skarn deposits at Nickel Plate Mountain. Gold production at Nickel Plate Mountain commenced in 1904 and continued until 1996 with production of 2,524,313 ounces of gold from the Nickel Plate and Hedley-Mascot mines.
Discussions between the two companies are still in the early stages and there is no assurance that a definitive agreement will be reached. However, the initial evaluation has shown to be positive and a report is being prepared for presentation to both Boards of Directors.
Technical material in this news release has been prepared and/or reviewed by Mr. Grant F. Crooker, P.Geo., an independent Qualified Person as defined in NI 43-101.
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. In particular, there is no assurance that the Company will reach a definitive agreement with respect to its Hedley properties.
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.
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