LAS VEGAS, May 1, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI) is pleased to announce that six holes have been completed to test the Halo property, with assay results reported for the first four.
* First round of drilling on Halo confirms historical results by intercepting average grade of 0.09% (1.6 lbs) U3O8 over 8.9 meters (34 feet) * Including 0.31% U3O8 ( 6.2 lb ton over 1.52 meters) * Drill program continues on second of seven other known historical targets * Bancroft is home to four past producing mines between 1956 and 1982 * Uranium price reaches new high of $113 per lb * El Nino is the project operator
Best results to date have been achieved in DDH H-4, the upper hole on the second or easternmost section drilled. Eight radioactive pegmatite dykes were intersected within an interval of 24 meters. Assays/width ranged from 0.01% U3O8 (0.2 lb/ton) / 0.11 meters to 0.31% U308 (6.2 lb/ton) / 1.52 meters. Average weighted grade of the dykes was 0.09% U3O8 (1.8 lb/ton) with a cumulative width of 8.9 meters. Anomalous amounts of certain heavy rare earth elements have been noted. In Sample 8027 from DDH H-4 18g/t Scandium was reported along with 0.10% U3O8 (2.0 lb/ton) across an interval of 1.31 meters.
The objective of the phase one drill program has been achieved. We have reconfirmed historical values on the property which has not been drilled over 20 years. The non compliant 43-101 reserve estimate in 1957 on the Halo project was 472,000 tons grading 0.112% (2.24 lbs per ton U3O8). No exploration has been done on the property in the last 30 years due to low prices of uranium. The objective of the second phase of drilling will be to define reserves and resources in addition to historical estimates.
Second Drill Target (ARE#2)
The drill is currently being moved to the second target which is the Amalgamated Rare Earth Project (ARE#2). Between 1952 and 1957, diamond drilling and underground development identified three zones of uranium mineralization in pegmatite, and a shaft was sunk on the Main Zone to 440 feet, with a total of 5,871 feet of underground development completed at three levels. In 1957, the resource was estimated at 292,444 tons at a grade of 0.095% (1.9 lbs/ton) (non 43-101 compliant).
Quality Control
Mr. Tim J. Beesley, P.Eng.,a qualified person as defined in National Instrument 43-101, has reviewed the contents of this release.
About Bancroft
Known as "the Mineral Capital of Canada" (Bancroft & District Chamber of Commerce) due to the abundance of minerals found in the area, Bancroft was especially well known for its uranium production, once home to four past producing mines, producing a total of 14,862,653 lbs U3O8 between 1956-1982.
Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on CanAm's website does not constitute a part of this release.
About El Nino Ventures Inc. (Operator and Joint Venture Partner)
El Nino Ventures is an exploration stage company whose corporate objective is to revisit former mining regions and apply the latest technologies to advanced stage exploration targets. El Nino Ventures has entered into an Option / Joint Venture Agreement with Xstrata Zinc Canada to explore the world class Bathurst Zinc / Base Metals Mining Camp in Bathurst, New Brunswick, Canada. El Nino will commence a 25,000 meter drill program on the Bathurst mining camp. El Nino continues to negotiate land positions in base metals outside of North America.
About Us
CanAm Uranium Corp. is a Nevada incorporated junior resource company with a corporate objective focused on the strategic acquisition and development of exploration properties in well-known prolific mining areas, especially known for Uranium, of Canada, Southern Africa, Australia and the United States. CanAm Uranium Corp has optioned over 136,825 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific Uranium mining areas. http://www.CanAmUranium.com