Uravan Minerals Inc. - Boomerang Uranium Property Update


    CALGARY, Nov. 23 /CNW/ - Uravan Minerals Inc. ("Uravan") and Cameco
Corporation ("Cameco") recently completed a multi-phased exploration program
on the Boomerang Uranium Project, Southwest Thelon Basin, Northwest
Territories (NT). This exploration program consisted of:

    -   The completion of multiple Fixed-Loop TDEM (Time Domain
        Electromagnetic) surveys over individual EM (electromagnetic)
        conductive 'peaks' located along the F, G, G extension and H
        conductive trend. In total 120.4 line kilometers were complete on 22
        individual 'peak' EM targets; each target was profiled using
        500 meter X 800 meter grids. These conductive trends and EM 'peak'
        anomalies were interpreted based on a previously completed MEGATEM
        airborne geophysical survey.

    -   The completion of 5 reconnaissance diamond drill holes (BL07-67, 68,
        69, 70, 72) amounting to 1882.40 meters drilled. Specific drill
        targets were selected based on the results of the multiple Fixed-Loop
        ground TDEM geophysical survey technique as noted above.

    -   A 2000 square kilometer surface geochemical sampling program covering
        the southern part of the Boomerang property. Lake water and surface
        vegetation samples were collected on a 1 kilometer x 1 kilometer pre-
        established GPS grid resulting in the collection of 605 lake water
        samples and 985 vegetation samples over the area noted above. All
        samples (water and vegetation) are being analyzed by Acme Analytical
        Laboratories Ltd, Vancouver, B.C. using a specified trace element
        analytical package designed to determine uranium pathfinder
        geochemical anomalies and trends.

    -   A 100 sample reconnaissance orientation soil sampling program.

    -   Geological and structural mapping program over select areas on the

    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 greater than 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.
    The 2007 drill program focused on the G-conductive trend with individual
drill holes located on 'peak' conductive images using widely-spaced drill
patterns (~2000m). All 2007 drill holes were gamma probed subsequent to
completion and all cored intervals were extensively sampled through the Thelon
sandstone and basement rock sections and submitted for major oxides and trace
elements analysis. The analytical work is currently in process, the results of
which will be used for interpretive work to refine future drill-hole targets.
Based on field spectrometer measurements no major uranium mineralization was
intersected in the 2007 drill program, however, drill data collected continues
to expand Uravan's and Cameco's technical understanding and uranium bearing
potential of the G- and F-Tend corridors.
    The 2006 and 2007 drill programs have explored about eight (8) kilometers
of the greater than 50 kilometer long corridor that includes the G-Trend and
its laterally continuous G-Extension to the northeast. These drilling programs
have confirmed that the Thelon sandstone - basement unconformity contact
comprising the area associated with the G-Trend, G-Trend Extension and F-Trend
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 in the 2006 and 2007 drill results of illite-enriched clay
alteration hosted in the basal Thelon sandstone-conglomerate section at the
unconformity along the G- and F-Trends. The illite-enriched sections
associated with reactivated structures at the unconformity contact are 'key'
alteration and structural components associated with uranium mineralization in
the Athabasca Basin. The recognition in 2007 that a pervasively illitized
sandstone section is present in the G-Trend conclusively upgrades the
potential of the G-Trend structural corridor. This illitic sandstone sequence
remains open along trend to the northeast.
    Exploration planning for 2008 will focus on additional reconnaissance
drilling to the northeast on the G-Trend, G-Extension and H series conductors
using the same drill targeting procedure as noted above. Given this objective,
Uravan's greatest challenge for 2008 will be to: (1) increase the number of
drill holes in the available season and (2) gain access to the most
technically favorable land areas with approved land use permits (LUP).
    It is Uravan's objective to increase the drilling season on the Boomerang
project from the current 2 to 3 months to 6 months (April - September), reduce
the use of aircraft by developing a land-based operation and to increase the
efficiency of the drilling operation with the use of owner operated drilling
equipment and personnel. This strategy will be developed over the next year
with the objective to increase the meters drilled per season, cost
effectively, from the current 1700 meter average to +5000 meter average.
    In the Northwest Territories (NT) 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 'public concern' issues raised by the Aboriginal communities
and other non-government organizations (NGOs). Therefore, Uravan's efforts to
gain access to land areas covered by its Boomerang property that provides
potential for uranium discovery has become more challenging. Although Uravan
holds an approved Land Use Permit (LUP) for its Boomerang project, this permit
expires in May 2008 and does not cover a number of favorable areas that
require drill testing. To obtain drilling access to favorable un-permitted
areas, Uravan submitted two new LUP applications in late April 2007 to the
Mackenzie Valley Land and Water Board (MVLWB) that would provide LUP coverage
over the northerly extension of the F- and G-conductive trends (i.e.
G-extension and H series conductors).
    As noted in previous press releases, in August 2007 the MVLWB determined
there was cause for 'potential public concern', based on comments received
from the Aboriginal communities regarding Uravan's LUP applications. 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 is presently being
determined by consultation with Uravan, Aboriginal community interests, and
the Review Board. However, Uravan has no control over the scheduling of these
procedures and corresponding activities and, therefore, cannot be certain its
2008 exploration plans and objectives on the Boomerang uranium project can be
met in the time frame required. Also, Uravan believes its EA process may be
complicated and potentially compromised by the recent approval by the Minister
of Indian and Northern Affairs Canada (INAC) of the Review Board's
recommendation to reject Ur-Energy's LUP application on a property located in
the area of the Boomerang property.
    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.

    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 U3O8 in 2000 to $92.00
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, Executive Chairman, Uravan
Minerals Inc., Tel: (403) 264-2630, Email: llahusen@uravanminerals.com,
Website: www.uravanminerals.com

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Uravan Minerals Inc.

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