Uravan and Mantis Sign Letter of Intent on Rottenstone Property


    CALGARY, Sept. 5 /CNW/ - Uravan Minerals Inc. ("Uravan" TSX-V: UVN) and
Mantis Mineral Corporation ("Mantis" CNQ: MINT)) recently entered into a
"Letter of Intent" (the "LOI") whereby Mantis was granted an option (the
"Option") to earn an aggregate 60% interest on Uravan's 100% owned Rottenstone
nickel - copper - platinum group element (Ni-Cu-PGE) property (the
"Rottenstone Property"), northern Saskatchewan by funding a cumulative ten
million dollars ($10,000,000) in exploration expenditures. The LOI consists of
two options: (1) the first option grants Mantis the exclusive right to earn a
50% interest in the Rottenstone Property by funding $6,000,000 in exploration
expenditures over five year and (2) the second option grants Mantis the
exclusive right to earn an additional 10% interest in the Rottenstone Property
by funding an additional $4,000,000 in exploration expenditures and completing
a bankable feasibility report. Upon Mantis earning either a 50% or 60%
interest a joint venture will be formed between Uravan and Mantis
(collectively the "Parties) with the Parties funding their pro-rata share of
future exploration expenditures. At its election, Mantis shall be the operator
during the earn-in period of the Option.
    The Rottenstone Property is located about 130 kilometers north of
La Ronge, SK and consists of 8 Mineral Dispositions covering about
13,364 hectares of mineral claims. The Rottenstone Property lies within the
Rottenstone domain, a northeast trending arcuate tonalite-migmatite belt. This
belt lies between the plutonic rocks of the Wathaman batholith (1855-6 Ma) to
the northwest and the metavolcanic-metasedimentary rocks and granitoid plutons
of the La Ronge domain to the southeast.
    Uravan's previous Rottenstone property exploration focused on delineating
zones that could host magmatic nickel-copper-platinum/palladium (Ni-Cu-PGE)
bearing net textured, semi-massive to massive sulphide within ultramafic
intrusive rocks similar to the Rottenstone deposit. The Rottenstone deposit
was mined in the mid-late 1960's, producing approximately 40,000 tons of
high-grade ore grading 3.28% Ni, 1.83% Cu and 9.63 g/t PGE. The extremely high
Ni-Cu-PGE grades in association with high contained sulphides (40% to 60%)
hosted in a small ultramafic body strongly indicates that the Rottenstone
deposit is an extension of a much larger ultramafic intrusive body hosting a
much larger high-grade Ni-Cu-PGE deposit in the area or at depth.
    The most significant exploration work previously completed by Uravan
consists of: (1) a 2,776 line Km airborne Magnetic and VLF-EM geophysical
survey, (2) a 130 square kilometre helicopter-borne treetop biogeochemical
survey, (3) several ground geophysical surveys consisting of TEM, Magnetic,
MaxMin, IP and gravity surveys, (4) several local area B-horizon soil
geochemical surveys and, (5) several drill programs resulting in forty (40)
BQ-size diamond drill holes completed totaling 5242.7 metres drilled. This
exploration work was equally divided between reconnaissance work on a property
wide basis and more focused exploration activity conducted within a one-square
kilometre area around the previously mined Rottenstone deposit.
    The first phase of exploration that Mantis proposes to complete on the
Rottenstone Property is a deep penetrating high-resolution VTEM B-field
electromagnetic (EM) +Magnetic airborne geophysical survey with a follow-up
drill program.
    Uravan is looking forward to working with Mantis' exploration personnel
and together Uravan and Mantis are committed to working closely to bring the
highest level of technical knowledge and Ni-Cu-PGE exploration experience into
the annual exploration programs.
    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 increase in the uranium
spot prices, going from $7.10 per pound U(3)O8 in 2000 to $90.00 recently,
Uravan has focused on 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

    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: llahusen@uravanminerals.com, Website:

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