COMPANY'S 2008 EXPLORATION SEASON BEGINS IN ATHABASCA BASIN
Trading Symbol WCU.V
Frankfurt Symbol IAR.F
VANCOUVER, Jan. 21 /CNW/ - Mr. Chris England, President of WestCan
Uranium Corp., ("WestCan") is pleased to announce that the Company has started
mobilizing for a two hole drill program on the Key Lake Uranium Property which
consists of five claims lying between 5 and 23 kilometres from the formerly
producing Key Lake Uranium Mine, in the Athabasca Basin of Northern
Saskatchewan. The mine produced over 200 million pounds of U3O8 before its
closure in 1997.
Two targets have been identified from an interpretation carried out under
the supervision of CanAlaska Uranium Ltd of Vancouver, British Columbia, the
project's operator, and Dr. Colin Bowdidge Ph.D., P. Geo., a director of
WestCan and project manager for the Company's Saskatchewan holdings. Maxwell
Modeling of the VTEM anomalies has produced results showing the southern
target zone sits on a conductor entering the property at its southern tip,
curving eastwards and leaving the property 1.5 km further north.
The northern target is a conductor within a magnetic low in the core of
what has been mapped by previous workers as an Archean dome. It is striking
NE-SW, more or less in the same direction as the Key Lake Mine structure.
Previously, five short vertical holes were drilled in the vicinity, but were
not deep enough to reach the target identified from the VTEM survey. The
Maxwell Modeling puts the top of the plates at about 300 metres in depth and
they have a dip of approximately 20 degrees to the SE. The two holes are
proposed to test this northern target. Access to the drilling area is from
Highway 914, along old drill roads.
The property is under option from CanAlaska Uranium Corp. Under the terms
of the Agreement, WestCan will pay to CanAlaska, a total of $100,000 (Cdn);
issue 300,000 shares and commit to $2 million (Cdn) in expenditures on the
claims in exchange for receiving a 50% interest in the Project. The
commitments are to be staged over a 3 year period. CanAlaska will also receive
a 3% net smelter royalty.
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.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Mr. Chris England (President), Phone: (604)
694-0888, Email: firstname.lastname@example.org, Website: www.westcanuranium.com