LAS VEGAS, Dec. 19, 2007 (PRIME NEWSWIRE) -- CanAm Uranium Corp. (OTCBB:CAUI) is pleased to announce a Corporate Update.
CanAm is pleased to inform the public of the completion of its airborne EM survey for the Wheeler Beckett and Don McCarthy claims in the eastern Athabasca Basin and the commencement of a third party interpretation. Both claims have shown potential to host unconformity-style uranium mineralization associated with conductive zones, similar to that discovered by IUC/JNR Resources at Moore Lake, which lies just to the southwest. A total of approximately 4600 flight line kilometers were completed. CanAm received the survey dataset in late November and expects to receive a third party interpretation from Wallcott & Associates before year end.
"The availability of the data opens up the opportunity for CanAm to enter into joint venture discussions and to plan the financial projections for the 2008 work programs on the properties. This is a positive development and achievement for the company," says Ryan Gibson, Chairman of CanAm Uranium Corp.
CanAm Uranium has an option to acquire a 100% interest in the Wheeler-Beckett claims consisting of 11 contiguous claims, which cover approximately 51,100 hectares of real property, located on the eastern edge of the Athabasca Basin, Province of Saskatchewan, Canada. The Property is located on the eastern edge of the Athabasca Basin approximately 40 kilometers from the McArthur River Mine (Cameco/Cogema).
CanAm Uranium also has an option to acquire a 100% interest in the Don McCarthy Claim, which is a single 4087-hectare claim (10100 acres), previously controlled by International Uranium Corp/Denison Mines Corp., which still has a significant presence in the area. 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 Claim is located on the eastern edge of the Athabasca Basin, approximately 15.8 miles (25.5km) southeast of Cigar Lake and 25.5 miles (41km) east of the McArthur River Mine (Cameco/Cogema). The McArthur River Mine (Cameco/Cogema) is the largest, high-grade uranium mine in the World (reserves of 389.1 million lbs with an average grade of 24.3% U3O8 and producing 18.7 million lbs per annum). The Athabasca Basin accounts for approximately 30% of the world's uranium supply.
For more information on CanAm Uranium Corp, please go to the website www.canamuranium.com and join the company newsletter.
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", "could" 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 volatility of uranium prices, the possibility that exploration efforts will not yield economically recoverable qualities of uranium, accidents and other risks associated with uranium exploration and development operations, the risk that CanAm will encounter unanticipated geological factors, CanAm Uranium's need to obtain additional financing, the possibility that CanAm may not be able to secure permitting and other governmental clearances necessary to carry out CanAm Uranium's exploration and development plans, and other risks factors discussed in greater detail in CanAm Uranium's filings with the U.S. Securities and Exchange Commission. 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 Uranium'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 159,000 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.