VANCOUVER, British Columbia, May 17, 2006 (PRIMEZONE) -- Anglo-Canadian Uranium Corp. ("The Company") (TSX-V:URA) is pleased to announce additional information on its Uranium/Vanadium project located in Colorado, USA, previously referred to as the Spider Rock Property. Management has recently acquired a geological report prepared by James Johnston, District Geologist for the region in 1984, with a number of highlights and recommendations for further exploration. Management intends to use this report in conjunction with its geological team to initiate a comprehensive development program designed at outlining a NI 43-101 compliant report and further drill program for identifying additional uranium and vanadium resources.
The Spider Rock Claims were previously explored by Western Nuclear, a subsidiary of Phelps Dodge Corporation, from 1976 to 1984. A comprehensive drill program took place during this period, with the 1984 drill program of 6796 meters returning five (5) holes containing ore grade uranium. Drill depths ranged from 189 meters to 305 meters, with a focus on the Salt Wash member of the Morrison Formation located on the Spider Rock Claims. Preliminary calculations from this data resulted in a historical resource of 185,000 pounds of uranium oxide (averaging 0.20% over 1.83 meters), and a historical resource of 2,000,000 pounds of vanadium oxide (averaging 1.47% over 2.74 meters).
Additional details concerning this project will be released as they occur, as management intends to visit the project area in the next 30 days. The uranium industry estimates that the world grade of uranium mines is 0.15%, and current production will not meet current demand. The current price of uranium is in excess of $40 per pound.
These historic resource estimates reported above were completed by Western Nuclear before the implementation of National Instrument 43-101, and the Company believes that the work was carried out under standard industry practices in use at that time and that they were considered reliable at that time. Although independent verification of the data has not been performed, the resources are considered relevant today. The Company has not completed sufficient work to verify the historical resources and they should not be relied upon. Although the classification of the resources does not meet the current definitions as required by NI 43-101, the Company believes that under the current definitions, the above historic resource estimates would be classified as inferred resources. There are no recent resource estimates or additional drilling other than reported above.
This press release has been reviewed by Jim Turner P.Geo, B.Sc, FGAC, who is the qualified person as defined by National Instrument 43-101.
About Anglo-Canadian Uranium Corp.
Anglo-Canadian is an aggressive uranium and gold exploration company with several properties located in Canada and the United States. The Company's current projects include uranium projects located in Utah, Quebec and Colorado, and gold projects in British Columbia. The Company's mission is to acquire uranium and gold deposits in strategic locations through acquisition and option arrangements, and further develop these projects with experienced management teams.
For more information on the Company and its projects, please visit the website at www.anglocanex.com
ON BEHALF OF THE BOARD OF DIRECTORS:
"Len J. Harris"
Len J. Harris, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.