Trading Symbol TSX-V: WCU
VANCOUVER, April 26, 2012 /CNW/ - WestCan Uranium Corp. (TSX-V:WCU) is pleased to announce an agreement has been reached with an arm's length vendor, whereby the Company has purchased 33 claims representing 1,947 hectares in the Laurentides region of the Province of Quebec, known as the "Dominion Lake Property".
The Dominion Lake Property
The property is located approximately 30 km east of the town of Mont-Laurier and 10 km north of the village of Ste-Veronique, along the banks of the Kiamika Reservoir in the Quebec Laurentides region. The access to the property is via paved and gravel road and is adjacent to Standard Graphite's newly acquired Mousseau East Property.
The property consists of 3 blocks of map-designated claims, and is located on the western edge of the Mousseau East Deposit, that was discovered in 1983. Work conducted by Exploration Graphicor consisted of a systematic exploration in the area between 1989 and 1994 along with extensive geophysics and a 4,996 metre drill program.
The regional geology is dominated by the Central Metasedimentary Belt, located in the Grenville geological province. These metasediments consist of calcsilicates, quartzites and biotite gneisses.
Terms of the acquisition agreement
Pursuant to the terms of the agreement, WestCan will pay $35,000 to the vendor, with 50% due within 45 days of regulatory approval of the agreement, and the balance upon successful completion of a financing. As well, 1,000,000 common shares are to be issued to the vendors, within 45 days of regulatory approval of this agreement. The property is subject to a 2.5% NSR agreement the terms of which are to be agreed upon by all parties, within 60 days of the completion of a financing. If the Company establishes a resource equal to or greater than 5 million tonnes of Graphite Carbon in any NI 43-101 category of resources on the property, or if any subsequent buyer does, the Company will issue an additional 5 million common shares of the Company or its equivalent to the vendors. The Company must also complete a minimum of $500,000 in exploration within 24 months of the approval of this agreement. Finder's fees of $11,000 are payable, subject to regulatory approval.
President Chris England stated: "WestCan has now assembled an extensive and diversified property portfolio consisting of Copper (TAS Property - BC); Gold and Silver (Hedley Properties - BC); and Graphite (Mathieu and Dominion Lake Properties - Quebec). The upcoming exploration season will be demanding and management is planning several strategic alliances to develop the prospects to their fullest extent."
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.
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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