Uravan Minerals Inc. Update - Garry Lake Uranium Property


    CALGARY, Nov. 28 /CNW/ - In 2007 Uravan Minerals Inc. ("Uravan")
(TSXV: UVN) completed a multi-phased airborne geophysical survey plus created
a GIS database by compiling all historic geological, structural and surface
geochemical data over the Garry Lake uranium property, northern Thelon Basin,
Nunavut (NU). The interpretation and integration of these multiple data sets
have identified a number of uranium anomalies and trends that highlights
specific drill targets to be tested in 2008. The work completed is summarized

    -   Helicopter borne high-resolution electromagnetic (EM) survey using
        Aeroquest Limited proprietary Aerotem III system consisting of
        controlled traverses on 400 meter line-spacing resulting in a
        7,325 line-kilometer survey.

    -   Fixed-wing high-resolution airborne survey by Terraquest Ltd
        consisting of Aeromagnetic, Horizontal Gradiometer and Radiometric
        geophysical surveys. A total of 10,446.3 line-kilometers were
        surveyed using controlled traverses on 400 meter line-spacing.

    -   The creation of a GIS database based on the research and compilation
        of all historical geological, structural and surface geochemical data
        over about 7000 square kilometers in the Garry Lake area. The
        historical geochemical data base consists of approximately 6800
        geochemical sample points, consisting of uranium in lake water and
        lake sediment sample data.

    The multi-phased airborne geophysical surveys as noted above have
identified certain basement hosted conductors and structures coincident with a
number of surface geochemical trends, radiometric anomalies, basin and
basement geology and other alteration features that seem to occur in the
overlying Thelon sandstone. The interpretation and integration of the
geophysical survey data and the geological-structural-geochemical database has
provided Uravan's technical team with a number coincident anomalies and trends
for selecting drill targets that appear favourable for sandstone and
basement-hosted unconformity-related uranium mineralization.
    In 2008 Uravan plans a multi-phase exploration program consisting of
further surface geochemical sampling, structure-geological mapping and to
ground-truth specific anomalies and trends, additional ground geophysics
followed by diamond drilling. In preparation for the drill program on the
Garry Lake property, Uravan purchased a helicopter-flyable Boyles A25 diamond
drill and auxiliary equipment, which is currently stacked in Baker Lake, NU.
It is Uravan's plan to position the diamond drill plus camp to the Garry Lake
property this winter in preparation for the multi-phased exploration program
in the spring and summer of 2008. This drill program will represent the first
exploration on this prospective property since its discovery in the 1980s.
    The most significant results from historical exploration activity on the
Garry Lake uranium property were the discovery of 19 uraniferous boulders that
define a 3 kilometer long dispersal train. The 19 uraniferous boulders were
discovered by Kidd Creek Minerals in 1981, which yielded assays ranging from
0.87% U3O8 to 27.12% U3O8 with an average of 7.19% U3O8. Uranium soil
anomalies collected in the area define the geometry of this train, and also
suggest the presence of a second uraniferous boulder train located several
hundred meters to the west of the original train. This uraniferous boulder
train is oriented parallel to the interpreted ice flow direction of 330
degrees and located near the erosional edge of the northern Thelon Basin. The
elemental signature of individual mineralized boulders is
U-Pb-Se-Te-Ag-Cu-As-S. This polymetallic elemental signature along with the
carbonate gangue and clay alteration composition of the boulders indicates
that this mineralization belongs to the fracture-controlled basement hosted
unconformity-related uranium deposit type (Miller, 1996). This surface
polymetallic unconformity-type mineralization is hosted in favourable basement
metasedimentary rocks belonging to the lower Proterozoic Amer Group, which is
in part overlain by coarse-grained fluvial clastic rocks of the Thelon
    The Garry Lake property consists of 355 mineral claims in the NE Thelon
Basin, NU totaling 829,170 acres. The property covers the northern faulted
margin of the Thelon Basin and extends southward into the basin. The Thelon
sandstone - basement contact remains highly prospective for unconformity-type
uranium mineralization and the discovery of high-grade uranium deposits. The
high potential for additional uranium discoveries within the Thelon Basin is
supported and strengthened by striking similarities in sedimentology,
diagenesis and pro- and retrograde evolution of the basement complexes when
compared to similar features for the Athabasca Basin. Uranium mineralization
occurring at the unconformity on Uravan's Boomerang Lake property and the
Kiggavik-Andrews Lake basement-hosted mineralization, which occurs near and
beneath the sub-Thelon paleosurface, remain the preferred high priority
targets for uranium exploration in the Thelon Basin.

    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 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 $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: llahusen@uravanminerals.com, Website:

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