LAS VEGAS, May 24, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. ("CanAm" or the "Company") (OTCBB:CAUI), is pleased to announce the results of a Preliminary Property Evaluation of the Wheeler-Beckett Claims Northern Saskatchewan by Dr. Peter Born, P.Geo. The evaluation has confirmed that there are several compelling reasons for exploration activity on the Wheeler-Beckett Claims, Northern Saskatchewan.
Dr. Born noted:
* a 3.7 mile (6 km) long northeast conductive zone: potentially a graphitic horizon, analogous with the nearby Hook Lake Showing, which sampled greater than 40% U3O8, and the Eagle Point Uranium deposit, * a prominent derivative gravity anomaly (high values) which could be related to the unconformity, and * a significant arsenic anomaly at the northwest boundary of the property, at the edge of the basin
CanAm Uranium Corp.'s Wheeler-Beckett Claims cover approximately 51,100 hectares on the eastern edge of the Athabasca basin in Northern Saskatchewan. The Claim is considered to be a high priority target due to its proximity to large, high-grade uranium mines and its potential to host similar mineralization. The Athabasca Basin has become one of the fastest growing areas for Uranium exploration in the world, especially with the increase in Uranium prices, which currently has a Spot Price of $125 per pound. The Wheeler-Beckett is approximately 37 miles (60km) east of the McArthur River Mine (the largest, high-grade uranium mine in the World with reserves of 389.1 million lbs with an average grade of 24.3% U3O8 and producing 18.7 million lbs per annum) and is approximately 9 miles (14 km) northeast of, and on strike with, the Hook Lake Showing.
Dr. Born's findings are consistent with the Company's plans to perform a heliborne EM, Mag and radiometric survey and the subsequent ground survey follow-up to identify potential diamond drill targets.
The Property Evaluation summary is available at the following link: http://www.canamuranium.com/page157.htm.
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 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 136,000 acres of claims collectively within the Saskatchewan Athabasca Basin, Ontario and British Columbia, with significant interest in prolific uranium mining areas.